Bahar Money Transfer Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Revenue |
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Revenue from services is valued at the amount received after deducting discounts and value-added taxes. The company only offers services, and revenue is recognized when the contract is completed. This is determined by comparing the actual cost of the work completed to the total estimated cost of the contract. |
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Tangible fixed assets |
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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: |
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Fixtures, fittings, tools and equipment |
20% Straight Line |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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Current tax liabilities account for taxes on current and past taxable profits, while current tax assets arise from applicable tax losses. Deferred tax recognises timing differences in income and expenses between financial statements and tax assessments. Unutilised tax losses and deferred tax assets are acknowledged only if probable for recovery against future taxable profits. Deferred tax is measured using enacted or substantively enacted tax rates, except for revalued land and investment property. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
5 |
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5 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 April 2022 |
8,279 |
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Additions |
773 |
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At 31 March 2023 |
9,052 |
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Depreciation |
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At 1 April 2022 |
3,834 |
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Charge for the year |
1,810 |
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At 31 March 2023 |
5,644 |
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Net book value |
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At 31 March 2023 |
3,408 |
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At 31 March 2022 |
4,445 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
720 |
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- |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Taxation and social security costs |
5,755 |
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14,596 |
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Other creditors |
5,147 |
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- |
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10,902 |
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14,596 |
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6 |
Other information |
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Bahar Money Transfer Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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45 Station Road |
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Edgware |
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Middlesex |
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England |
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HA8 7HX |