Registered number
SC434476
KOMAL LTD
406-408 Glasgow Road
Paisley
Filleted Accounts
for the year ended 31 January 2022
Prepared by :
Yousaf & Co Ltd
Chartered Certified Accountants
298-300 Maxwell Road
Glasgow
G41 1PJ
IA/K117 -22
KOMAL LTD
Registered number: SC434478
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 27,497 27,497
Tangible assets 4 6,163 6,848
33,660 34,345
Current assets
Stock 26,147 24,995
Debtors 5 59,562 45,742
Cash at bank and in hand 10,906 23,619
96,615 94,356
Creditors: amounts falling due within one year 6 (21,290) (22,164)
Net current assets/(liabilities) 75,325 72,192
Total assets less current liabilities 108,985 106,537
Creditors: amounts falling due after more than one year 7 (55,853) (62,189)
Net assets/(liabilities) 53,132 44,348
Capital and reserves
Called up share capital 100 100
Profit and loss account 53,032 44,248
Shareholders' funds 53,132 44,348
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 Gurbachan Singh
Director
Approved by the board on 30 May 2022
KOMAL LTD
Notes to the Accounts
for the year ended 31 January 2022
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Fixtures, fittings, tools and equipment 10% 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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2021 27,497
At 31 January 2022 27,497
Net book value
At 31 January 2022 27,497
At 31 January 2021 27,497
4 Tangible fixed assets
Fixtures& fittings
£
Cost
At 1 February 2021 15,820
At 31 January 2022 15,820
Depreciation
At 1 February 2021 8,972
Charge for the year 685
At 31 January 2022 9,657
Net book value
At 31 January 2022 6,163
At 31 January 2021 6,848
5 Debtors 2022 2021
£ £
Other debtors 59,562 45,742
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 10,415 9,787
Corporation Tax 2,065 3,657
Other creditors 8,810 8,720
21,290 22,164
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loan 44,518 50,000
Director's Loan Account 11,335 2,919
Other loans - 9,270
55,853 62,189
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