Registered number
08143634
Azo Supermarket Limited
Filleted Accounts
31 July 2023
Azo Supermarket Limited
Registered number: 08143634
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 20,153 1,339
Current assets
Stocks 125,095 101,895
Debtors 4 10,985 5,345
Cash at bank and in hand 3,847 2,666
139,927 109,906
Creditors: amounts falling due within one year 5 (24,149) (11,738)
Net current assets 115,778 98,168
Total assets less current liabilities 135,931 99,507
Creditors: amounts falling due after more than one year 6 (124,921) (89,119)
Net assets 11,010 10,388
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,910 10,288
Shareholders' funds 11,010 10,388
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 Ibrahim AYGUN
Director
Approved by the board on 6 October 2023
Azo Supermarket Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows:
Fix, fittings & equipment 18% 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.
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 corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Corporation tax liabilty is not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Fix, fittings & equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2022 9,750 - 9,750
Additions 5,000 14,650 19,650
At 31 July 2023 14,750 14,650 29,400
Depreciation
At 1 August 2022 8,411 - 8,411
Charge for the year 616 220 836
At 31 July 2023 9,027 220 9,247
Net book value
At 31 July 2023 5,723 14,430 20,153
At 31 July 2022 1,339 - 1,339
4 Debtors 2023 2022
£ £
Deposit & prepayments 10,985 5,345
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans (current liability) 10,648 -
Obligations under finance lease and hire purchase contracts 2,845 -
Corporation tax 4,837 4,117
Other taxes and social security costs 21 778
Accrued expenses & other creditors 5,798 6,843
24,149 11,738
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (non-current liability) 18,349 38,619
Obligations under finance lease and hire purchase contracts 11,272 -
Other creditors 95,300 50,500
124,921 89,119
7 Other information
Azo Supermarket Limited is a private company limited by shares and incorporated in England. Its registered office is:
818 Hertford Road
Enfield
London
EN3 6UE
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