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Registration number: 01693939

David Malik and Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

David Malik and Son Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

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 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

197,207

197,350

Current assets

 

Stocks

5

20,000

22,000

Debtors

6

24,319

47,392

Cash at bank and in hand

 

1,557

1,120

 

45,876

70,512

Creditors: Amounts falling due within one year

7

(169,244)

(162,716)

Net current liabilities

 

(123,368)

(92,204)

Total assets less current liabilities

 

73,839

105,146

Creditors: Amounts falling due after more than one year

7

(15,910)

(21,463)

Net assets

 

57,929

83,683

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

56,929

82,683

Shareholders' funds

 

57,929

83,683

For the financial year ending 31 December 2022 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.

 

David Malik and Son Limited

(Registration number: 01693939)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

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

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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 2 June 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 2022

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 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

196,776

14,044

8,349

219,169

At 31 December 2022

196,776

14,044

8,349

219,169

Depreciation

At 1 January 2022

-

13,630

8,189

21,819

Charge for the year

-

103

40

143

At 31 December 2022

-

13,733

8,229

21,962

Carrying amount

At 31 December 2022

196,776

311

120

197,207

At 31 December 2021

196,776

414

160

197,350

Included within the net book value of land and buildings above is £196,776 (2021 - £196,776) in respect of freehold land and buildings.
 

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Stocks

2022
£

2021
£

Raw materials and consumables

20,000

22,000

6

Debtors

Current

2022
£

2021
£

Trade debtors

24,319

47,392

 

24,319

47,392

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

6,176

6,176

Taxation and social security

 

54,719

50,742

Accruals and deferred income

 

7,000

5,000

Other creditors

 

101,349

100,798

 

169,244

162,716

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

15,910

21,463

8

Share capital

Allotted, called up and fully paid shares

2022

2021

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2022
£

2021
£

Bank borrowings

15,910

21,463

Current loans and borrowings

 

David Malik and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Bank borrowings

6,176

6,176

10

Non adjusting events after the financial period

The freehold property was sold in May 2025.