Registered number
07319401
Medina Continental Foodstore Limited
Filleted Accounts
30 November 2022
Medina Continental Foodstore Limited
Registered number: 07319401
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 374 467
Tangible assets 4 202,956 209,945
203,330 210,412
Current assets
Stocks 378,931 362,941
Debtors 5 1,351 -
Cash at bank and in hand 44,918 61,747
425,200 424,688
Creditors: amounts falling due within one year 6 (153,741) (179,136)
Net current assets 271,459 245,552
Total assets less current liabilities 474,789 455,964
Net assets 474,789 455,964
Capital and reserves
Called up share capital 100 100
Profit and loss account 474,689 455,864
Shareholders' funds 474,789 455,964
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.
Khalil Ahmed
Director
Approved by the board on 23 October 2023
Medina Continental Foodstore Limited
Notes to the Accounts
for the year ended 30 November 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.
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 over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2021 5,438
At 30 November 2022 5,438
Amortisation
At 1 December 2021 4,971
Provided during the year 93
At 30 November 2022 5,064
Net book value
At 30 November 2022 374
At 30 November 2021 467
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 175,000 54,162 17,836 246,998
At 30 November 2022 175,000 54,162 17,836 246,998
Depreciation
At 1 December 2021 - 26,260 10,793 37,053
Charge for the year - 5,580 1,409 6,989
At 30 November 2022 - 31,840 12,202 44,042
Net book value
At 30 November 2022 175,000 22,322 5,634 202,956
At 30 November 2021 175,000 27,902 7,043 209,945
5 Debtors 2022 2021
£ £
Other debtors 1,351 -
1,351 -
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 136,349 155,560
Taxation and social security costs 5,230 7,132
Other creditors 12,162 16,444
153,741 179,136
Medina Continental Foodstore Limited 07319401 false 2021-12-01 2022-11-30 2022-11-30 VT Final Accounts October 2023 Khalil Ahmed No description of principal activity 07319401 2020-12-01 2021-11-30 07319401 core:WithinOneYear 2021-11-30 07319401 core:ShareCapital 2021-11-30 07319401 core:RetainedEarningsAccumulatedLosses 2021-11-30 07319401 2021-12-01 2022-11-30 07319401 bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 07319401 bus:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 07319401 bus:Director40 2021-12-01 2022-11-30 07319401 1 2021-12-01 2022-11-30 07319401 2 2021-12-01 2022-11-30 07319401 core:Goodwill 2021-12-01 2022-11-30 07319401 core:LandBuildings 2021-12-01 2022-11-30 07319401 core:PlantMachinery 2021-12-01 2022-11-30 07319401 core:Vehicles 2021-12-01 2022-11-30 07319401 bus:FRS102 2021-12-01 2022-11-30 07319401 bus:FullAccounts 2021-12-01 2022-11-30 07319401 2022-11-30 07319401 core:WithinOneYear 2022-11-30 07319401 core:ShareCapital 2022-11-30 07319401 core:RetainedEarningsAccumulatedLosses 2022-11-30 07319401 core:Goodwill 2022-11-30 07319401 core:LandBuildings 2022-11-30 07319401 core:PlantMachinery 2022-11-30 07319401 core:Vehicles 2022-11-30 07319401 2021-11-30 07319401 core:Goodwill 2021-11-30 07319401 core:LandBuildings 2021-11-30 07319401 core:PlantMachinery 2021-11-30 07319401 core:Vehicles 2021-11-30 iso4217:GBP xbrli:pure