Mohammad Gulistan Khan Family Estates Limited


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Registered number: 4701392
Mohammad Gulistan Khan Family Estates Limited
Abbreviated accounts
For The Year Ended 30 April 2016
Charts Accountants LLP

Chartered Certified Accountants

17-19 Church Road,
Northfield,
Birmingham
West Midlands
B31 2JZ
Abbreviated Balance Sheet
2016 2015
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 2 1,777,990 1,777,990
1,777,990 1,777,990
CURRENT ASSETS
Debtors 29,504 15,059
Cash at bank and in hand 290,716 205,628
320,220 220,687
Creditors: Amounts Falling Due Within One Year (1,011,029 ) (1,026,041 )
NET CURRENT ASSETS (LIABILITIES) (690,809 ) (805,354 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,087,181 972,636
NET ASSETS 1,087,181 972,636
CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and Loss Account 1,087,081 972,536
SHAREHOLDERS' FUNDS 1,087,181 972,636
For the year ending 30 April 2016 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 in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Mr Qaiser Khan
26th January 2017
Page 1
Notes to the Abbreviated Accounts
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2. Statement of Cash Flow
The company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.3. Turnover
Turnover represents rents receivable and expenses recharged to tenants including value added tax not remitted to HM Revenue & Customs under the flat rate scheme.
1.4. Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6. Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.7. Freehold investment properties
In accordance with Statement of Standard Accounting Practice No. 19, the company's freehold properties are held for long term investment and are included in the Balance Sheet at their open market value. The surplus or deficit on annual revaluation of the properties is transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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2. Tangible Assets
Total
Cost £
As at 1 May 2015 1,777,990
As at 30 April 2016 1,777,990
Net Book Value
As at 30 April 2016 1,777,990
As at 1 May 2015 1,777,990

Cost or valuation at 30 April 2016 is represented by:

Cost - £1,777,990

The directors consider the open market value of the investment property at the year end to be equivalent to the original cost. The property has been valued by the directors at the year end on the basis of existing use. The valuation is equal to the original cost.
3. Secured Creditors
The following secured debts are included within creditors:
2016 2015
£ £
Bank loans and overdrafts - 14,635
4. Share Capital
Value Number 2016 2015
Allotted, called up and fully paid £ £ £
Ordinary shares 1.00 100 100 100
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