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REGISTERED NUMBER: SC681656 (Scotland)



















TAAKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2022






TAAKS LIMITED (REGISTERED NUMBER: SC681656)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TAAKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2022







DIRECTOR: Ms Stveara Kaur





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC681656 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

BALANCE SHEET
31 JULY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 23,669 -

CURRENT ASSETS
Stocks 252,000 -
Debtors 4 218,995 8,664
Cash at bank and in hand 18,595 8,282
489,590 16,946
CREDITORS
Amounts falling due within one year 5 506,384 17,266
NET CURRENT LIABILITIES (16,794 ) (320 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,875

(320

)

PROVISIONS FOR LIABILITIES 1,381 -
NET ASSETS/(LIABILITIES) 5,494 (320 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,394 (420 )
5,494 (320 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

BALANCE SHEET - continued
31 JULY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 November 2023 and were signed by:





Ms Stveara Kaur - Director


TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. A sale is recognised at the point where a payment is made in the shop or where an internet order is placed by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost
Motor Vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Going concern
The financial statements have been prepared on the going concern basis which assumes the company will continue to operate for the foreseeable future. In order to do so the company will require the continued support of its director and creditors. The director has indicated she will continue to support the company for the foreseeable future and are confident of the continued support of the creditors.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - NIL ) .

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022


3. TANGIBLE FIXED ASSETS
Equipment
and Motor
Fittings Vehicles Totals
£    £    £   
COST
Additions 3,911 20,000 23,911
At 31 July 2022 3,911 20,000 23,911
DEPRECIATION
Charge for year 242 - 242
At 31 July 2022 242 - 242
NET BOOK VALUE
At 31 July 2022 3,669 20,000 23,669

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Related company loan 58,911 8,313
Credit card debtors 44,756 -
Director's current accounts 2,614 -
Prepayments 112,714 351
218,995 8,664

The director's loan and related company loan are interest free and repayable on demand.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 379,048 -
Corporation Tax 4,956 -
Social security and other taxes 2,229 -
VAT 47,693 -
Shareholders' loans - 16,846
Accrued expenses 72,458 420
506,384 17,266

The shareholders' loans are interest free and repayable on demand.

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022


6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 190,833 -
Between one and five years 703,540 -
In more than five years 1,131,368 -
2,025,741 -

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 July 2022 and the period ended 31 July 2021:

2022 2021
£    £   
Ms Stveara Kaur
Balance outstanding at start of year - -
Amounts advanced 448,164 -
Amounts repaid (445,550 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,614 -

8. RELATED PARTY DISCLOSURES

The loan balance due from the director amounted to £2,614 (2021 : nil) at the year end.

The loan balance due to shareholders amounted to nil (2021 : £16,846) at the year end.