Pabla Impex LTD |
Notes to the Accounts |
for the year ended 31 October 2021 |
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1 |
Accounting policies |
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Turnover |
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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. |
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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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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Stocks |
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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. |
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2 |
Employees |
2021 |
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2020 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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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 November 2020 |
2,000 |
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Additions |
4,500 |
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At 31 October 2021 |
6,500 |
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Depreciation |
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At 1 November 2020 |
380 |
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Charge for the year |
612 |
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At 31 October 2021 |
992 |
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Net book value |
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At 31 October 2021 |
5,508 |
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At 31 October 2020 |
1,620 |
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4 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
210 |
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160 |
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5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
£ |
£ |
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Bank loans and overdrafts |
4,929 |
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- |
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Trade creditors |
13,250 |
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12,997 |
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Taxation and social security costs |
1,359 |
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1,373 |
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Other creditors |
2,507 |
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9,250 |
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22,045 |
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23,620 |
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6 |
Controlling party |
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The Company is Controlled by the director who owns 100% of the called up share capital. |
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7 |
Other information |
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Pabla Impex LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 7-8-10 |
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New Railway Street |
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Willenhall |
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West Midlands |
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WV13 1LJ |