Malik Holdings Commercial Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07470217 (England and Wales)

MALIK HOLDINGS COMMERCIAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr Z A Malik

Mrs S A Malik

Mr J Z R Malik

REGISTERED OFFICE:

81 Burton Road

Derby

DE1 1TJ

REGISTERED NUMBER:

07470217 (England and Wales)

ACCOUNTANTS:

Johnson Tidsall Limited

Chartered Accountants

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Tangible assets

4

1,151,899

1,015,427

CURRENT ASSETS

Debtors

5

47,288

31,288

Cash at bank

308

248

47,596

31,536

CREDITORS

Amounts falling due within one year

6

968,476

802,513

NET CURRENT LIABILITIES

(920,880

)

(770,977

)

TOTAL ASSETS LESS CURRENT LIABILITIES

231,019

244,450

CREDITORS

Amounts falling due after more than one year

7

279,397

295,744

NET LIABILITIES

(48,378

)

(51,294

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(48,478

)

(51,394

)

(48,378

)

(51,294

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 May 2018 and were signed on its behalf by:

Mr Z A Malik - Director

1.	STATUTORY INFORMATION

Malik Holdings Commercial Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year in which the financial statements have been prepared under FRS102 1A. Refer to

the notes to the financial statements for an explanation of the transition.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument

is any contract that evidences a residual interest in the assets of the company after deducting all of

its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 September 2016

984,584

68,217

1,052,801

Additions

115,416

42,817

158,233

At 31 August 2017

1,100,000

111,034

1,211,034

DEPRECIATION

At 1 September 2016

-

37,374

37,374

Charge for year

-

21,761

21,761

At 31 August 2017

-

59,135

59,135

NET BOOK VALUE

At 31 August 2017

1,100,000

51,899

1,151,899

At 31 August 2016

984,584

30,843

1,015,427

Cost or valuation at 31 August 2017 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2017

1,100,000

-

1,100,000

Cost

-

111,034

111,034

1,100,000

111,034

1,211,034

Freehold property was valued by the Directors on 31 August 2017 at its market value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

15,913

5,880

Other debtors

31,375

25,408

47,288

31,288

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

342,454

96,153

Trade creditors

1

198,860

Corporation tax

-

67

VAT

6,173

2,879

Other creditors

400,740

464,944

Directors' current accounts

217,808

38,610

Accruals and deferred income

1,300

1,000

968,476

802,513

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans more 5yrs instal

279,397

295,744

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

279,397

295,744

8.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Section 1A of

Financial Reporting Standard 102 (FRS102 1A) issued by the Financial Reporting Council. The last

financial statements, for the year ended 31 August 2016, were prepared under previous UK GAAP.

The transition date to FRS102 1A is therefore 1 September 2015.

Adopting FRS102 1A has resulted in the following changes to the accounting policies.

Reconciliation of equity

1 Sept 2015

31 Aug 2016

£

£

As previously reported

9,888

15,108

Impairment of Freehold Property

(66,403

)

(66,403

)

As reported under FRS 102 1A

(56,515

)

(51,295

)

Reconciliation of profit

Year ended

31 Aug 2016

£

As previously reported

5,220

Impairment of Freehold Property

(66,403

)

As reported under FRS 102 1A

(61,182

)