55 Hamid Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10635164 (England and Wales)

Financial Statements for the Period 23 February 2017 to 31 March 2018

for

55 Hamid Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Hamid

REGISTERED OFFICE:

363 Desborough Avenue

High Wycombe

Buckinghamshire

HP11 2TG

REGISTERED NUMBER:

10635164 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

FIXED ASSETS

Tangible assets

4

833

CURRENT ASSETS

Stocks

5

394,731

Debtors

6

2,309

Cash at bank

15,318

412,358

CREDITORS

Amounts falling due within one year

7

206,873

NET CURRENT ASSETS

205,485

TOTAL ASSETS LESS CURRENT LIABILITIES

206,318

CREDITORS

Amounts falling due after more than one year

8

226,834

NET LIABILITIES

(20,516

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(20,517

)

(20,516

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 19 November 2018 and were signed by:

S R Hamid - Director

1.	STATUTORY INFORMATION

55 Hamid 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The financial statements have been prepared on a going concern basis, as the director has confirmed that they

will continue to provide financial support to the company, as is necessary, to enable the company to meet its

liabilities as they fall due, for a period of at least twelve months from the approval date.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on

the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction. Such assets are subsequently carried at amortised cost using the

effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Such instruments are subsequently carried at amortised cost using the effective interest method, less any

impairment.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

1,249

At 31 March 2018

1,249

DEPRECIATION

Charge for period

416

At 31 March 2018

416

NET BOOK VALUE

At 31 March 2018

833

5.

STOCKS

£

Stocks

394,731

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

VAT

993

Prepayments and accrued income

1,316

2,309

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other loans

70,000

Trade creditors

1,431

Directors' current accounts

134,091

Accruals and deferred income

1,350

Accrued expenses

1

206,873

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans more 5 years

226,834

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 years

226,834

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

226,834

The bank loan is secured by way of a fixed charges over the stock of property held by the company.