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COMPANY REGISTRATION NUMBER: 13928656
ASI Traders Limited
Unaudited Financial Statements
31 May 2023
ASI Traders Limited
Financial Statements
Period from 21 February 2022 to 31 May 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered tax advisers report to the director on the preparation of the unaudited statutory financial statements
9
ASI Traders Limited
Director's Report
Period from 21 February 2022 to 31 May 2023
The director presents his report and the unaudited financial statements of the company for the period ended 31 May 2023 .
Principal activities
The principal activity of the company during the year was that of operating a convenience store.
Incorporation
The company was incorporated on 21st February 2022 and commenced trading with effect from 1st June 2022.
Directors
The directors who served the company during the period were as follows:
MR A S Khurana
(Appointed 14 February 2023)
Mr A S Nangpal
(Served from 21 February 2022 to 14 February 2023)
Mr P S Grover
(Served from 21 February 2022 to 10 June 2022)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 November 2023 and signed on behalf of the board by:
MR A S Khurana
Director
Registered office:
20 High Street
High Wycombe
England
HP11 2BE
ASI Traders Limited
Statement of Income and Retained Earnings
Period from 21 February 2022 to 31 May 2023
Period from
21 Feb 22 to
31 May 23
Note
£
Turnover
294,715
Cost of sales
222,435
---------
Gross profit
72,280
Administrative expenses
74,104
Other operating income
5,653
--------
Operating profit
3,829
--------
Profit before taxation
5
3,829
Tax on profit
840
-------
Profit for the financial period and total comprehensive income
2,989
-------
Retained earnings at the start of the period
-------
Retained earnings at the end of the period
2,989
-------
All the activities of the company are from continuing operations.
ASI Traders Limited
Statement of Financial Position
31 May 2023
31 May 23
Note
£
Fixed assets
Tangible assets
6
27,031
Current assets
Stocks
42,923
Debtors
7
15,782
Cash at bank and in hand
6,817
--------
65,522
Creditors: amounts falling due within one year
8
52,371
--------
Net current assets
13,151
--------
Total assets less current liabilities
40,182
Creditors: amounts falling due after more than one year
9
37,093
--------
Net assets
3,089
--------
Capital and reserves
Called up share capital
100
Profit and loss account
2,989
-------
Shareholders funds
3,089
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ASI Traders Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
MR A S Khurana
Director
Company registration number: 13928656
ASI Traders Limited
Notes to the Financial Statements
Period from 21 February 2022 to 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 High Street, High Wycombe, HP11 2BE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
21 Feb 22 to
31 May 23
£
Depreciation of tangible assets
5,921
-------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 21 February 2022 and 31 May 2023
3,347
29,605
32,952
-------
--------
--------
Depreciation
At 21 February 2022
Charge for the period
5,921
5,921
-------
--------
--------
At 31 May 2023
5,921
5,921
-------
--------
--------
Carrying amount
At 31 May 2023
3,347
23,684
27,031
-------
--------
--------
7. Debtors
31 May 23
£
Other debtors
15,782
--------
8. Creditors: amounts falling due within one year
31 May 23
£
Corporation tax
840
Social security and other taxes
481
Other creditors
51,050
--------
52,371
--------
9. Creditors: amounts falling due after more than one year
31 May 23
£
Other creditors
37,093
--------
10. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 May 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
MR A S Khurana
( 37,093)
( 37,093)
----
--------
--------
ASI Traders Limited
Management Information
Period from 21 February 2022 to 31 May 2023
The following pages do not form part of the financial statements.
ASI Traders Limited
Chartered Tax Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of ASI Traders Limited
Period from 21 February 2022 to 31 May 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 31 May 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
SK ASSOCIATES LTD Chartered Tax Advisers
1 Agincourt Villas Uxbridge Road Hillingdon Middlesex UB10 0NX
20 November 2023