Registered number
04057669
TAYYABAH BAKERY LIMITED
Filleted Accounts
31 March 2022
TAYYABAH BAKERY LIMITED
Registered number: 04057669
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 15,000 17,500
Tangible assets 4 615,424 548,541
630,424 566,041
Current assets
Stocks 61,775 67,740
Debtors 5 351,915 256,310
Cash at bank and in hand 117,033 80,209
530,723 404,259
Creditors: amounts falling due within one year 6 (267,650) (256,351)
Net current assets 263,073 147,908
Total assets less current liabilities 893,497 713,949
Creditors: amounts falling due after more than one year 7 (167,398) (88,513)
Provisions for liabilities (12,088) (10,632)
Net assets 714,011 614,804
Capital and reserves
Called up share capital 100 100
Profit and loss account 713,911 614,704
Shareholders' funds 714,011 614,804
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.
Aisha Ahmed
Director
Approved by the board on 12 September 2022
TAYYABAH BAKERY LIMITED
Notes to the Accounts
for the year ended 31 March 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Freehold buildings 1% straight line
Plant and machinery over 20 years
Fixtures, fittings, tools and equipment over 20 years
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 42 44
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 52,500
At 31 March 2022 52,500
Amortisation
At 1 April 2021 35,000
Provided during the year 2,500
At 31 March 2022 37,500
Net book value
At 31 March 2022 15,000
At 31 March 2021 17,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 537,139 736,184 40,666 1,313,989
Additions - 108,643 10,000 118,643
At 31 March 2022 537,139 844,827 50,666 1,432,632
Depreciation
At 1 April 2021 74,184 666,895 24,369 765,448
Charge for the year 5,371 41,322 5,067 51,760
At 31 March 2022 79,555 708,217 29,436 817,208
Net book value
At 31 March 2022 457,584 136,610 21,230 615,424
At 31 March 2021 462,955 69,289 16,297 548,541
5 Debtors 2022 2021
£ £
Trade debtors 249,201 204,589
Corporation tax 22,845 24,210
Prepayments 31,222 -
Other debtors 48,647 27,511
351,915 256,310
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 12,880 23,980
Bounce bank loan 10,648 50,000
Credit card - 2,418
Private loans 10,000 10,000
Loan Mr Kadwa 520 520
Obligations under finance lease and hire purchase contracts 21,335 4,885
Trade creditors 144,933 90,398
Taxation and social security costs 10,711 10,136
Other creditors 56,623 64,014
267,650 256,351
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 51,314 56,364
Bounce Back Loan 31,447 -
Loan Abubakar Patel 20,000 20,000
Director's loan 4,352 4,502
Obligations under finance lease and hire purchase contracts 60,285 7,647
167,398 88,513
8 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 64,194 80,344
The bank loans are secured by legal mortgage on company assets
9 Other information
TAYYABAH BAKERY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
26 Higher Eanam
Blackburn
Lancashire
BB1 3AZ
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