AL HAFIDHOON LIMITED UNAUDITED FINANCIAL STATEMEh'TS R THE YEAR ENDED T202
AL HAFIDHOON LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
DIRECTORS
K Ahmed N Ali I Baksh I Mustafa (Retired 26 August 2020
REGISTERED OFFICE
Second Floor Greencoat House 261-271 Stratford Road Birmingham B11 1QS
COMPANY REGISTERED NUMBER
10925410
ACCOUNTANTS
Accountancy Professionals (UK) Limited Financial Accountants 1 Monks Park Wembley Middlesex HA9 6JD
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AL HAFIDHOON LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
CONTENTS
| Pages | |
|---|---|
| 3 | Directors' Report |
| 4 | Accountants' Report |
| 5 | Income Statement |
| 5 | Other Comprehensive Income |
| 6 | Statement of Financial Position |
| 7 | Statement of Changes in Equity |
| 8-11 | Notes to the Financial Statements |
The following do not form part of the statutory financial statements:
| 12 | Trading and Profit and Loss Account |
|---|---|
| 13 | Profit and Loss Account Summaries |
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AL HAFIDHOON LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2020
The directors present their report and the financial statements of the company for the year ended 31 August 2020.
PRINCIPAL ACTIVITIES
The principal activities of the company continued to be the teaching and helping the community.
DIRECTORS
The directors who served during the year were as follows:
K Ahmed N Ali I Baksh I Mustafa (Retired 26 August 2020
SMALL COMPANY EXEMPTIONS
This report has 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.
This report was approved by the board on 21 May 2021 and signed on their behalf.
Signed K Ahmed
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FINANCIAL ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF AL HAFIDHOON LIMITED FOR THE YEAR ENDED 31 AUGUST 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AL Hafidhoon Limited for the year ended 31 August 2020 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Financial Accountants, we are subject to its ethical and other professional requirements laid down by the Institue relating to members undertaking the compilation of financial statements.
This report is made solely to the Board of Directors of AL Hafidhoon Limited, as a body, in accordance with the terms of our engagement letter dated 1 July 2018. Our work has been undertaken solely to prepare for your approval the accounts of AL Hafidhoon Limited and state those matters that we have agreed to state to the Board of Directors of AL Hafidhoon Limited, as a body, in this reportand for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AL Hafidhoon Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that AL Hafidhoon Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AL Hafidhoon Limited. You consider that AL Hafidhoon 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 accounts of AL Hafidhoon 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 accounts.
Accountancy Professionals (UK) Limited Financial Accountants
1 Monks Park Wembley Middlesex HA9 6JD
21 May 2021
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AL HAFIDHOON LIMITED INCOME STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020
| Note | 2020 | 2019 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| TURNOVER | 52,229 | 31,960 | |||
| Cost of sales | 13,581 | 9,620 | |||
| GROSS PROFIT | 38,648 | 22,340 | |||
| Administrative expenses | 37,452 | 21,478 | |||
| Other operating income | (1,814) | - | |||
| OPERATING PROFIT | 3,010 | 862 | |||
| PROFIT BEFORE TAXATION | 3,010 | 862 | |||
| Taxation | - | - | |||
| PROFIT AFTER TAXATION | 3,010 | 862 | |||
| PROFIT FOR THE FINANCIAL YEAR | £ | 3,010 | £ | 862 |
The notes on pages 8-11 form part of these financial statements
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Company registered number: 10925410
AL HAFIDHOON LIMITED
STATEMENT OF FINANCIAL POSITION AT 31 AUGUST 2020
| Note FIXED ASSETS Property, plant and equipment CURRENT ASSETS Debtors Cash at bank and in hand CREDITORS: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS CAPITAL AND RESERVES Called up share capital Retained earnings SHAREHOLDERS' FUNDS |
2020 2019 £ £ £ 1,959 562 - 103 3,062 958 3,062 1,061 801 413 2,261 648 4,220 £ 1,210 £ 4 4 4,216 1,206 4,220 £ 1,210 £ |
|---|---|
In approving these financial statements as directors of the company we hereby confirm the following:
For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and
2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the 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 the financial statements, so far as they are applicable to the company.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The accounts were approved by the board of directors on 21 May 2021
K Ahmed, Director
The notes on pages 8-11 form part of these financial statements
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AL HAFIDHOON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2020
| Called-up | Called-up | Retained | Retained | Total | ||
|---|---|---|---|---|---|---|
| share | earnings | equity | ||||
| capital | ||||||
| £ | £ | £ | ||||
| At | 1 | 344 | ||||
| New shares issued | 3 | - | 3 | |||
| Profit for the year | - | 862 | 862 | |||
| At 31 August 2019 and 1 September 2019 | 4 | 1,206 | 1,210 | |||
| Profit for the year | 3,010 | 3,010 | ||||
| At 31 August 2020 | £ | 4 | £ | 4,216 | £ | 4,220 |
The notes on pages 8-11 form part of these financial statements
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AL HAFIDHOON LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020
1. SIGNIFICANT ACCOUNTING POLICIES
1a. Statement of compliance
AL Hafidhoon Limited is a private limited company incorporated in England and Wales.
Registered office: Second Floor Greencoat House 261-271 Stratford Road Birmingham B11 1QS
These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 September 2019.
The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes and below.
Basis of accounting
These financial statements have been prepared in accordance with the provisions of Section 1A 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. The presentation currency is £ sterling.
1c. Revenue recognition
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
1d. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1e. Taxation
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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AL HAFIDHOON LIMITED NOTES TO THE ACCOUNTS (CONT.) FOR THE YEAR ENDED 31 AUGUST 2020
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
1f. Property, plant and equipment
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery Vehicles Fixtures and fittings Equipment
Reducing balance 25% Reducing balance 25% Reducing balance 15% Reducing balance 15%
1g. Inventories
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.
1h. Short term debtors and creditors
Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.
1i. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.
1j. Interest bearing borrowings
All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.
1k. Leased assets
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
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AL HAFIDHOON LIMITED NOTES TO THE ACCOUNTS (CONT.) FOR THE YEAR ENDED 31 AUGUST 2020
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
1l. Foreign currencies
Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
1m. Employee benefits
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.
1n. Discontinued operations
A discontinued operation is a component of the Company's business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a signal coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale.
1o. Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
1p. Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
2. DIRECTORS AND EMPLOYEES
The average weekly number of employees during the year were as follows:
| 2020 | 2019 |
|---|---|
| No. | No. |
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AL HAFIDHOON LIMITED NOTES TO THE ACCOUNTS (CONT.) FOR THE YEAR ENDED 31 AUGUST 2020
3. PROPERTY, PLANT AND EQUIPMENT
| 3. | PROPERTY, PLANT AND EQUIPMENT | ||||
|---|---|---|---|---|---|
| Fixtures & | |||||
| Equipment | Total | ||||
| £ | £ | ||||
| Cost | |||||
| At 1 September 2019 | 726 | 726 | |||
| Additions other than through business combinations | 1,742 | 1,742 | |||
| At 31 August 2020 | 2,468 | 2,468 | |||
| Depreciation | |||||
| At 1 September 2019 | 164 | 164 | |||
| For the year | 345 | 345 | |||
| At 31 August 2020 | 509 | 509 | |||
| Net Book Amounts | |||||
| At 31 August 2020 | £ | 1,959 | £ | 1,959 | |
| At 31 August 2019 | £ | 562 | £ | 562 | |
| 4. | DEBTORS | 2020 | 2019 | ||
| £ | £ | ||||
| Other debtors | - | 103 | |||
| £ | - | £ | 103 | ||
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Trade creditors | - | 160 | |||
| Other taxes and social security | 1 | - | |||
| Other creditors | 800 | 253 | |||
| £ | 801 | £ | 413 |
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AL HAFIDHOON LIMITED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020
| Turnover Cost of sales: Purchases Gross profit Other income Less: Administrative expenses Depreciation and amortisation Net profit for the year before taxation Net profit for the year after taxation Retained profits brought forward Retained profits carried forward |
2020 £ £ 52,229 13,581 13,581 13,581 38,648 1,814 40,462 37,107 345 37,452 3,010 3,010 1,206 4,216 £ |
2019 £ £ 31,960 9,620 9,620 9,620 22,340 - 22,340 21,378 100 21,478 862 862 344 1,206 £ |
|---|---|---|
This page does not form part of the Company's Statutory Financial Statements and is prepared for the information of the Directors only.
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AL HAFIDHOON LIMITED PROFIT AND LOSS ACCOUNT SUMMARIES FOR THE YEAR ENDED 31 AUGUST 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other income | ||||
| Sundry income | (1,814) | - | ||
| £ | 1,814 | £ | - | |
| Administrative expenses: | ||||
| Rent payable | 11,820 | 5,344 | ||
| General and water rates | 6,125 | 5,397 | ||
| Insurance | 4,198 | 3,035 | ||
| Repairs & renewals | 2,930 | 3,046 | ||
| Social and culltural activities | 512 | 427 | ||
| General wages | 4,962 | 602 | ||
| Computer server and software | 1,971 | 1,517 | ||
| Motor expenses | 989 | 424 | ||
| Travelling expenses | 20 | 337 | ||
| Accountancy | 120 | 120 | ||
| Printing, postage and stationery | 1,347 | 858 | ||
| Telephone | 1,456 | 217 | ||
| Sundry expenses | 14 | 13 | ||
| Licences | - | 30 | ||
| Security and safety | 527 | - | ||
| Bank charges | 116 | 11 | ||
| £ | 37,107 | £ | 21,378 | |
| Depreciation and amortisation: | ||||
| Depreciation of fixtures and equipment | 345 | 100 | ||
| £ | 345 | £ | 100 |
This page does not form part of the Company's Statutory Financial Statements and is prepared for the information of the Directors only.
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