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Registration number: 01693939

David Malik and Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2019

 

David Malik and Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

David Malik and Son Limited

Company Information

Directors

Ms S L Malik

Mr N D Malik

Company secretary

Ms P L Malik

Registered office

5 Metro Centre
Britannia Way
Park Royal
London
NW10 7PA

 

David Malik and Son Limited

(Registration number: 01693939)
Balance Sheet as at 31 December 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

197,568

197,832

Current assets

 

Stocks

5

30,000

36,000

Debtors

6

14,567

7,212

Cash at bank and in hand

 

11,201

3,238

 

55,768

46,450

Creditors: Amounts falling due within one year

7

(157,399)

(147,607)

Net current liabilities

 

(101,631)

(101,157)

Net assets

 

95,937

96,675

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

94,937

95,675

Shareholders' funds

 

95,937

96,675

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

 

David Malik and Son Limited

(Registration number: 01693939)
Balance Sheet as at 31 December 2019

.........................................
Ms S L Malik
Director

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5 Metro Centre
Britannia Way
Park Royal
London
NW10 7PA

These financial statements were authorised for issue by the Board on 28 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not provided

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2018 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2019

196,776

13,815

8,349

218,940

At 31 December 2019

196,776

13,815

8,349

218,940

Depreciation

At 1 January 2019

-

13,138

7,970

21,108

Charge for the year

-

169

95

264

At 31 December 2019

-

13,307

8,065

21,372

Carrying amount

At 31 December 2019

196,776

508

284

197,568

At 31 December 2018

196,776

677

379

197,832

Included within the net book value of land and buildings above is £196,776 (2018 - £196,776) in respect of freehold land and buildings.
 

5

Stocks

2019
£

2018
£

Raw materials and consumables

30,000

36,000

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

6

Debtors

Current

2019
£

2018
£

Trade debtors

14,567

3,971

Prepayments

-

3,241

 

14,567

7,212

7

Creditors

Creditors: amounts falling due within one year

2019
£

2018
£

Due within one year

Trade creditors

9,594

33,323

Taxation and social security

29,410

25,992

Accruals and deferred income

1,500

5,000

Other creditors

116,895

83,292

157,399

147,607

8

Share capital

Allotted, called up and fully paid shares

2019

2018

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Non adjusting events after the financial period

The freehold property was sold in May 2025.