Ishtiyak Mahomed Limited - Period Ending 2018-03-31

Registration number: 07539433

Ishtiyak Mahomed Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Ishtiyak Mahomed Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Ishtiyak Mahomed Limited

(Registration number: 07539433)
Balance Sheet as at 31 March 2018

	Note	2018		2017
		£	£	£	£
Fixed assets
Tangible assets	4		1,981		1,492
Current assets
Debtors	5	104,831		81,518
Cash at bank and in hand		63,999		50,169
		168,830		131,687
Creditors: Amounts falling due within one year	6	(57,882)		(64,261)
Net current assets			110,948		67,426
Total assets less current liabilities			112,929		68,918
Provisions for liabilities			(376)		(298)
Net assets			112,553		68,620
Capital and reserves
Called up share capital	7	1,000		1,000
Profit and loss account		111,553		67,620
Total equity			112,553		68,620

For the financial year ending 31 March 2018 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 of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 December 2018 and signed on its behalf by:
 

......................................... I Mahomed Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Ishtiyak Mahomed Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
c/o York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

The principal place of business is:
Kipping Barn
Lower Kipping Lane
Bradford
West Yorkshire
BD13 3JT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 2

Ishtiyak Mahomed Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	3 years straight line

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 3

Ishtiyak Mahomed Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2017 - 4).

Page 4

Ishtiyak Mahomed Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 April 2017	12,728	12,728
Additions	1,853	1,853
Disposals	(7,386)	(7,386)
At 31 March 2018	7,195	7,195
Depreciation
At 1 April 2017	11,236	11,236
Charge for the year	1,364	1,364
Eliminated on disposal	(7,386)	(7,386)
At 31 March 2018	5,214	5,214
Carrying amount
At 31 March 2018	1,981	1,981
At 31 March 2017	1,492	1,492

5

Debtors

	2018 £	2017 £
Trade debtors	42,506	29,254
Other debtors	62,325	52,029
Prepayments	-	235
	104,831	81,518

6

Creditors

	2018  £	2017  £
Due within one year
Loans and borrowings	78	62
Other current financial liabilities	-	201
Social security and other taxes	202	-
Corporation tax liability	52,208	58,998
Accruals and deferred income	5,394	5,000
	57,882	64,261

Page 5

Ishtiyak Mahomed Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

8	Related party transactions

Transactions with directors

2018	At 1 April 2017 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2018 £
Directors loan account - interest free	31,887	288	(232)	-	31,943
	31,887	288	(232)	-	31,943

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 March 2017 £
Directors loan account - interest free	1,947	29,940	-	-	31,887
	1,947	29,940	-	-	31,887

Page 6