Registered number
01407370
ASHRAF & SONS LIMITED
Filleted Accounts
31 December 2024
ASHRAF & SONS LIMITED
Registered number: 01407370
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 156,629 156,021
Current assets
Stocks 142,650 121,450
Debtors 4 93,459 123,652
Cash at bank and in hand 54,008 54,098
290,117 299,200
Creditors: amounts falling due within one year 5 (64,294) (78,303)
Net current assets 225,823 220,897
Net assets 382,452 376,918
Capital and reserves
Called up share capital 2 2
Profit and loss account 382,450 376,916
Shareholder's funds 382,452 376,918
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Ihsan Ashraf
Director
Approved by the board on 5 June 2025
ASHRAF & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 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
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. No depreciation is provided on land & building which is a departure from Companies Act 2016. This treatment is not in accordance with the Companies Act 2016 but directors consider that this accounting policy results in the accounts showing a true and fair view at the balance sheet date.
Freehold buildings nil
Plant and machinery 10% of cost of reducing balance 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2024 189,289 20,076 209,365
Additions - 703 703
At 31 December 2024 189,289 20,779 210,068
Depreciation
At 1 January 2024 33,516 19,828 53,344
Charge for the year - 95 95
At 31 December 2024 33,516 19,923 53,439
Net book value
At 31 December 2024 155,773 856 156,629
At 31 December 2023 155,773 248 156,021
4 Debtors 2024 2023
£ £
Trade debtors 93,095 123,297
Other debtors 364 355
93,459 123,652
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 42,512 55,593
Taxation and social security costs 3,355 7,484
Other creditors 18,427 15,226
64,294 78,303
6 Controlling party
Ihsan Ashraf is the controlling parties as they own 100% issued share capital of the company.
7 Other information
ASHRAF & SONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
22-24 Chatley Street
Off Cheetham Hill Road
Manchester
M3 1HX
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