Registered number
04883932
Aagrah (Leeds) Limited
Filleted Accounts
for the year ended
31 July 2017
Aagrah (Leeds) Limited
Registered number: 04883932
Balance Sheet
as at 31 July 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 346,370 371,727
Current assets
Stocks 18,190 18,555
Debtors 3 1,760 10,566
Cash at bank and in hand 13,370 14,534
33,320 43,655
Creditors: amounts falling due within one year 4 (84,921) (87,080)
Net current liabilities (51,601) (43,425)
Total assets less current liabilities 294,769 328,302
Creditors: amounts falling due after more than one year 5 (286,370) (298,667)
Net assets 8,399 29,635
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,299 29,535
Shareholders' funds 8,399 29,635
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Mohammed Naeem Aslam
Director
Approved by the board on 26 April 2018
Aagrah (Leeds) Limited
Notes to the Accounts
for the year ended 31 July 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Leasehold Premises over 23 years lease term
Fixtures & Equipment 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 Tangible fixed assets
Leasehold Premises Fixtures & Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2016 548,801 133,682 20,346 702,829
Additions - 4,264 - 4,264
At 31 July 2017 548,801 137,946 20,346 707,093
Depreciation
At 1 August 2016 211,074 105,134 14,894 331,102
Charge for the year 23,337 4,921 1,363 29,621
At 31 July 2017 234,411 110,055 16,257 360,723
Net book value
At 31 July 2017 314,390 27,891 4,089 346,370
At 31 July 2016 337,727 28,548 5,452 371,727
3 Debtors 2017 2016
£ £
Trade debtors 1,760 10,566
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 18,883 25,512
Trade creditors 35,020 27,737
Taxation and social security costs 26,418 29,331
Other creditors 4,600 4,500
84,921 87,080
5 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 72,251 83,748
Other creditors 214,119 214,919
286,370 298,667
6 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 85,421 96,918
The bank has secured a debenture against the companies assets.
7 Other information
Aagrah (Leeds) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 St Peter Square
Leeds
LS9 8AH
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