REGISTERED NUMBER: NI072701 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 May 2018

for

A&G Rasool Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Rasool

Mrs G Rasool

SECRETARY:

Mrs G Rasool

REGISTERED OFFICE:

Unit 4 Woodbourne Crescent

Belfast

Antrim

BT11 9TG

REGISTERED NUMBER:

NI072701 (Northern Ireland)

ACCOUNTANTS:

Toman Accountancy Services Ltd

Unit HF 9, Twin Spires Complex

Howard Buildings

155 Northumberland Street

Belfast

Antrim

BT13 2JF

BANKERS:

Ulster Bank Ltd

Glengormley Branch

2 Farnley Road

Glengormley

Antrim

BT36 7QU

SOLICITORS:

Elliott Duffy Garrett

Royston House

34 Upper Queen Street

Belfast

Co. Antrim

BT1 6FD

FIXED ASSETS

Intangible assets

4

10,500

14,000

Tangible assets

5

40,952

47,544

51,452

61,544

CURRENT ASSETS

Stocks

47,600

51,600

Debtors

6

42,430

35,834

Cash at bank and in hand

10,563

4,914

100,593

92,348

CREDITORS

Amounts falling due within one year

7

118,186

109,023

NET CURRENT LIABILITIES

(17,593

)

(16,675

)

TOTAL ASSETS LESS CURRENT LIABILITIES

33,859

44,869

PROVISIONS FOR LIABILITIES

7,781

9,033

NET ASSETS

26,078

35,836

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

26,076

35,834

SHAREHOLDERS' FUNDS

26,078

35,836

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 and authorised for issue by the Board of Directors on 27 February 2019 and were signed on its behalf by:

A Rasool - Director

1.	STATUTORY INFORMATION

A&G Rasool Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

Determine whether there are indicators of impairment of the company's fixed assets. Factors taken into account

include economic viability and future expected financial performance of the business in general. Estimates are

made in respect of the recoverable value of stock. When assessing the level of provisions required, factors

considered include age and condition of stock. Amounts identified as irrecoverable will be provided against in

the relevant period.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that

the estimates remains reasonable.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten 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

-

20% on reducing balance

Stocks

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

moving items.

Financial instruments

All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at

transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in

the profit and loss account.

-Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance

sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of

the future holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

35,000

AMORTISATION

At 1 June 2017

21,000

Charge for year

3,500

At 31 May 2018

24,500

NET BOOK VALUE

At 31 May 2018

10,500

At 31 May 2017

14,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

73,807

Additions

3,500

At 31 May 2018

77,307

DEPRECIATION

At 1 June 2017

26,263

Charge for year

10,092

At 31 May 2018

36,355

NET BOOK VALUE

At 31 May 2018

40,952

At 31 May 2017

47,544

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Other debtors

42,430

35,834

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade creditors

51,039

54,122

Taxation and social security

33,840

34,811

Other creditors

33,307

20,090

118,186

109,023