REGISTERED NUMBER: SC351446 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

ABDUL MAJID & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

A Majid

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC351446 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Intangible assets

5

24,000

26,000

Tangible assets

6

240,360

256,915

Investments

7

16,200

16,200

280,560

299,115

CURRENT ASSETS

Stocks

50,821

62,236

Debtors

8

25,463

39,370

Cash in hand

12,275

10,616

88,559

112,222

CREDITORS

Amounts falling due within one year

9

271,812

372,166

NET CURRENT LIABILITIES

(183,253

)

(259,944

)

TOTAL ASSETS LESS CURRENT LIABILITIES

97,307

39,171

PROVISIONS FOR LIABILITIES

27,282

28,053

NET ASSETS

70,025

11,118

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

70,019

11,112

SHAREHOLDERS' FUNDS

70,025

11,118

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director on 18 December 2017 and were signed by:

A Majid - Director

1.	STATUTORY INFORMATION

Abdul Majid & Son Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from the supply of groceries, tobacco and alcohol by the company.

Turnover is measured at the fair value of the groceries, tobacoo and alcohol supplied, net of discounts and

excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

10% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and

accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is

not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of

the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets

below this threshold is charged directly to the profit and loss account in the period it is incurred.

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 (net realisable

value). Costs, which comprise direct production costs, are based on the method appropriate to the type of

inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net

realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an

expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 10 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

40,000

AMORTISATION

At 1 April 2016

14,000

Charge for year

2,000

At 31 March 2017

16,000

NET BOOK VALUE

At 31 March 2017

24,000

At 31 March 2016

26,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

440,429

Additions

9,703

At 31 March 2017

450,132

DEPRECIATION

At 1 April 2016

183,514

Charge for year

26,258

At 31 March 2017

209,772

NET BOOK VALUE

At 31 March 2017

240,360

At 31 March 2016

256,915

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

and 31 March 2017

16,200

NET BOOK VALUE

At 31 March 2017

16,200

At 31 March 2016

16,200

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

25,463

39,370

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

15,386

33,970

Trade creditors

78,197

104,883

Taxation and social security

35,870

13,119

Other creditors

142,359

220,194

271,812

372,166

10.	RELATED PARTY DISCLOSURES

The company operates a loan account with the director, A Majid.

During the year, the company repaid loans totalling £79,346 to the director. At the year end, the balance due to

the director was £104,730 (2016 - £184,076).

There are no fixed repayment terms and no interest was charged.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Abdul Majid & Son Limited for the year ended 31 March 2017 which comprise the Profit &

Loss Account, Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Abdul Majid & Son Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abdul Majid & Son Limited and state those matters that we have agreed to state to the director of Abdul Majid & Son Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Abdul Majid & Son Limited 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 Abdul Majid & Son Limited. You consider that Abdul Majid & Son Limited 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 Abdul Majid & Son Limited. 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.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

18 December 2017