M HUSSAIN ACCOUNTANTS LTD 31/03/2021 iXBRL

M HUSSAIN ACCOUNTANTS LTD 31/03/2021 iXBRL

STERLING WISE LTD - Company Information

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Company registration number: 12493488
M HUSSAIN ACCOUNTANTS LTD
Trading as M HUSSAIN CHARTERED CERTIFIED ACCOUNTANTS
Unaudited filleted financial statements
31 March 2021
M HUSSAIN ACCOUNTANTS LTD
Contents
Directors and other information
Director's report
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
M HUSSAIN ACCOUNTANTS LTD
Directors and other information
Director Mr Munawar Hussain
Company number 12493488
Registered office 47 Hillfiled Avenue
London
NW9 6NY
Business address 47 Hillfield Avenue
London
NW9 6NY
Accountants M Hussain
Chartered Certified Accountants
47 Hillfiled Avenue
London
NW9 6NY
Bankers Barclays Bank
M HUSSAIN ACCOUNTANTS LTD
Director's report
Year ended 31 March 2021
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2021.
Director
The director who served the company during the year was as follows:
Mr Munawar Hussain
Director's responsibilities statement
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 May 2021 and signed on behalf of the board by:
Mr Munawar Hussain
Director
M HUSSAIN ACCOUNTANTS LTD
Report to the director on the preparation of the
unaudited statutory financial statements of M HUSSAIN ACCOUNTANTS LTD
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M HUSSAIN ACCOUNTANTS LTD for the year ended 31 March 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of M HUSSAIN ACCOUNTANTS LTD, as a body, in accordance with the terms of our engagement letter dated 2 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of M HUSSAIN ACCOUNTANTS LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M HUSSAIN ACCOUNTANTS LTD and its director as a body for our work or for this report.
It is your duty to ensure that M HUSSAIN ACCOUNTANTS LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M HUSSAIN ACCOUNTANTS LTD. You consider that M HUSSAIN ACCOUNTANTS LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M HUSSAIN ACCOUNTANTS LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M Hussain
Chartered Certified Accountants
47 Hillfiled Avenue
London
NW9 6NY
31 May 2021
M HUSSAIN ACCOUNTANTS LTD
Statement of financial position
31 March 2021
2021
Note £ £
Fixed assets
Tangible assets 5 4,274
_______
4,274
Current assets
Debtors 6 29,450
Cash at bank and in hand 33,042
_______
62,492
Creditors: amounts falling due
within one year 7 ( 66,574)
_______
Net current liabilities ( 4,082)
_______
Total assets less current liabilities 192
_______
Net assets 192
_______
Capital and reserves
Called up share capital 100
Profit and loss account 92
_______
Shareholder funds 192
_______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2021 , and are signed on behalf of the board by:
Mr Munawar Hussain
Director
Company registration number: 12493488
M HUSSAIN ACCOUNTANTS LTD
Statement of changes in equity
Year ended 31 March 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 - - -
Profit for the year 76,592 76,592
_______ _______ _______
Total comprehensive income for the year - 76,592 76,592
Issue of shares 100 100
Dividends paid and payable ( 76,500) ( 76,500)
_______ _______ _______
Total investments by and distributions to owners 100 ( 76,500) ( 76,400)
_______ _______ _______
At 31 March 2021 100 92 192
_______ _______ _______
M HUSSAIN ACCOUNTANTS LTD
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in Englend. The address of the registered office is 47 Hillfiled Avenue, London, NW9 6NY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil.
The aggregate payroll costs incurred during the year were:
2021
£
Wages and salaries 18,000
_______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2020 - -
Additions 5,699 5,699
_______ _______
At 31 March 2021 5,699 5,699
_______ _______
Depreciation
At 1 April 2020 - -
Charge for the year 1,425 1,425
_______ _______
At 31 March 2021 1,425 1,425
_______ _______
Carrying amount
At 31 March 2021 4,274 4,274
_______ _______
6. Debtors
2021
£
Trade debtors 26,647
Other debtors 2,803
_______
29,450
_______
7. Creditors: amounts falling due within one year
2021
£
Bank loans and overdrafts 711
Trade creditors 3,320
Corporation tax 16,963
Social security and other taxes 11,848
Other creditors 33,732
_______
66,574
_______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Munawar Hussain - ( 33,732) ( 33,732)
_______ _______ _______