Registered number
02356945
Registered in England and Wales
Mounirs Design Limited
Filleted Accounts
31 August 2024
Mounirs Design Limited
Report to the directors on the preparation of the unaudited statutory accounts of Mounirs Design Limited for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mounirs Design Limited for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
S Asghar and Co
Chartered Certified Accountants
85 Station Rd
Harrow
HA2 7SW
9 May 2025
Mounirs Design Limited
Registered number: 02356945
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 303,481 177,830
Current assets
Stocks 17,000 18,500
Debtors 4 22,571 33,337
Cash at bank and in hand 18,922 23,544
58,493 75,381
Creditors: amounts falling due within one year 5 (26,971) (28,929)
Net current assets 31,522 46,452
Total assets less current liabilities 335,003 224,282
Creditors: amounts falling due after more than one year 6 (21,363) (46,325)
Net assets 313,640 177,957
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 244,051 119,051
Profit and loss account 69,489 58,806
Shareholders' funds 313,640 177,957
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M E Srouji
Director
Approved by the board on 9 May 2025
Mounirs Design Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% Reducing Balance
Motor Vehicles 18% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 175,000 9,425 12,235 196,660
Additions - 1,414 - 1,414
Surplus on revaluation 125,000 - - 125,000
At 31 August 2024 300,000 10,839 12,235 323,074
Depreciation
At 1 September 2023 - 6,851 11,979 18,830
Charge for the year - 717 46 763
At 31 August 2024 - 7,568 12,025 19,593
Net book value
At 31 August 2024 300,000 3,271 210 303,481
At 31 August 2023 175,000 2,574 256 177,830
4 Debtors 2024 2023
£ £
Trade debtors 22,571 33,337
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 14,159 10,819
Taxation and social security costs 7,812 18,110
Other creditors 5,000 -
26,971 28,929
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,111 21,351
Director's Loan Account 7,252 24,974
21,363 46,325
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 119,051 119,051
Gain on revaluation of land and buildings 125,000 -
At 31 August 2024 244,051 119,051
8 Other information
Mounirs Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Lower Richmond Road
London
SW15 1JP
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