Safwan M Baig Limited - Filleted accounts

Safwan M Baig Limited - Filleted accounts


Registered number
08847079
Safwan M Baig Limited
Filleted Accounts
30 November 2017
Safwan M Baig Limited
Registered number: 08847079
Balance Sheet
as at 30 November 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 2 16,399 16,399
Tangible assets 3 158,918 172,735
175,317 189,134
Current assets
Stocks 9,684 8,963
Debtors 4 11,825 3,012
Cash at bank and in hand 2,483 3,757
23,992 15,732
Creditors: amounts falling due within one year 5 (321,444) (313,745)
Net current liabilities (297,452) (298,013)
Total assets less current liabilities (122,135) (108,879)
Creditors: amounts falling due after more than one year 6 (270,318) (106,496)
Net liabilities (392,453) (215,375)
Capital and reserves
Called up share capital 1 1
Profit and loss account (392,454) (215,376)
Shareholder's funds (392,453) (215,375)
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.
Miss Ismat Shanaz
Director
Approved by the board on 28 August 2018
Safwan M Baig Limited
Notes to the Accounts
for the year ended 30 November 2017
1 Accounting policies
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2016 16,399
At 30 November 2017 16,399
Amortisation
At 30 November 2017 -
Net book value
At 30 November 2017 16,399
At 30 November 2016 16,399
3 Tangible fixed assets
Equipments Motor vehicles Total
£ £ £
Cost
At 1 December 2016 201,316 3,121 204,437
At 30 November 2017 201,316 3,121 204,437
Depreciation
At 1 December 2016 31,011 690 31,701
Charge for the year 13,624 194 13,818
At 30 November 2017 44,635 884 45,519
Net book value
At 30 November 2017 156,681 2,237 158,918
At 30 November 2016 170,305 2,431 172,736
4 Debtors 2017 2016
£ £
Other debtors 11,825 3,012
5 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 12,454 1,672
Trade creditors 6,276 4,809
Taxation and social security costs 7,220 6,400
Other creditors 295,494 300,864
321,444 313,745
6 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 92,137 106,496
Other creditors 178,181 -
270,318 106,496
7 Controlling party
Miss Ismat Shanaz has a controlling interest in the company by the virtue of her 100% each holding of the ordinary shares of the company.
8 Other information
Safwan M Baig Limited is a private company limited by shares and incorporated in England. Its registered office is:
56 Bury New Road
Prestwich
Manchester
M25 0JU
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