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Registration number: 11076870

Asiana Foods Limited

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 July 2023

 

Asiana Foods Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Asiana Foods Limited

Company Information

Directors

Mrs S K Lathia

Mr A Joshi

Mr K Lathia

Registered office

Asiana Hypermarket
108 Woodborough Road
Nottingham
NG3 1AR

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Asiana Foods Limited

(Registration number: 11076870)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

31,325

41,825

Tangible assets

5

130,453

152,933

 

161,778

194,758

Current assets

 

Stocks

6

379,311

377,400

Debtors

7

699,907

656,339

Cash at bank and in hand

 

74,409

60,105

 

1,153,627

1,093,844

Creditors: Amounts falling due within one year

8

(1,006,192)

(954,530)

Net current assets

 

147,435

139,314

Total assets less current liabilities

 

309,213

334,072

Creditors: Amounts falling due after more than one year

8

(214,142)

(278,932)

Provisions for liabilities

(24,302)

(28,489)

Net assets

 

70,769

26,651

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

70,669

26,551

Shareholders' funds

 

70,769

26,651

 

Asiana Foods Limited

(Registration number: 11076870)
Balance Sheet as at 31 July 2023

For the financial period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 

.........................................

Mrs S K Lathia
Director

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Asiana Hypermarket
108 Woodborough Road
Nottingham
NG3 1AR

These financial statements were authorised for issue by the Board on 7 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

20% straight line basis

Plant and machinery

20% reducing balance basis

Furniture and fixtures

10/6.67% straight line basis

Leasehold improvements

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Website and software development

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 27 (2022 - 27).

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2022

27,000

30,000

57,000

At 31 July 2023

27,000

30,000

57,000

Amortisation

At 1 October 2022

11,925

3,250

15,175

Amortisation charge

7,500

3,000

10,500

At 31 July 2023

19,425

6,250

25,675

Carrying amount

At 31 July 2023

7,575

23,750

31,325

At 30 September 2022

15,075

26,750

41,825

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

10,537

200,981

8,772

220,290

Additions

-

3,277

-

3,277

At 31 July 2023

10,537

204,258

8,772

223,567

Depreciation

At 1 October 2022

8,024

56,372

2,961

67,357

Charge for the period

2,062

22,727

968

25,757

At 31 July 2023

10,086

79,099

3,929

93,114

Carrying amount

At 31 July 2023

451

125,159

4,843

130,453

At 30 September 2022

2,513

144,609

5,811

152,933

Included within the net book value of land and buildings above is £452 (2022 - £2,514) in respect of short leasehold land and buildings.
 

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

6

Stocks

2023
£

2022
£

Other inventories

379,311

377,400

7

Debtors

2023
£

2022
£

Trade debtors

181,054

134,316

Prepayments

6,860

22,515

Other debtors

511,993

499,508

699,907

656,339

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

84,000

98,625

Trade creditors

 

770,779

705,700

Taxation and social security

 

101,264

112,434

Accruals and deferred income

 

44,615

9,238

Other creditors

 

5,534

28,533

 

1,006,192

954,530

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

214,142

278,932

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,000

24,625

Other borrowings

74,000

74,000

84,000

98,625

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

21,667

30,000

Other borrowings

192,475

248,932

214,142

278,932

Secured Liabilities

Hire purchase contracts £31,667 (2022: £54,625) are secured over the assets to which they relate.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

11

Related party transactions

Included within other creditors are the following balances, in respect of companies which are related by virtue of common ownership and directorshp:

At the year end, an amount of £1,175 was owed to (2022: £26,415 was owed by) Asiana Peterborough Limited which is made up of loans, trade debtors less trade creditors.

 

Asiana Foods Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 July 2023

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mrs S K Lathia

Loan on which interest is charged at 2% or 2.25%

293,333

21,973

(14,958)

300,348