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REGISTERED NUMBER: 12449275 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Mithaiwala & Sons Ltd

Mithaiwala & Sons Ltd (Registered number: 12449275)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mithaiwala & Sons Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Yunus Patel
Zahida Patel





REGISTERED OFFICE: 2A Highgate Avenue
Preston
PR2 8LL





REGISTERED NUMBER: 12449275 (England and Wales)





ACCOUNTANTS: Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

Mithaiwala & Sons Ltd (Registered number: 12449275)

Balance Sheet
28 February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,000 7,500
Tangible assets 5 21,455 32,183
Investment property 6 935,000 935,000
961,455 974,683

CURRENT ASSETS
Stocks 2,211 1,365
Cash at bank 29,110 8,819
31,321 10,184
CREDITORS
Amounts falling due within one year 7 87,168 77,902
NET CURRENT LIABILITIES (55,847 ) (67,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

905,608

906,965

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 889,304 889,304
Retained earnings 16,104 17,461
SHAREHOLDERS' FUNDS 905,608 906,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Mithaiwala & Sons Ltd (Registered number: 12449275)

Balance Sheet - continued
28 February 2023


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 Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Yunus Patel - Director


Mithaiwala & Sons Ltd (Registered number: 12449275)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Mithaiwala & Sons Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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
Turnover represents net income receivable from sale of goods and services in the year, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Depreciation is provided on the following basis:
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Mithaiwala & Sons Ltd (Registered number: 12449275)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The total current liabilities exceeds the total current assets of the company as at 28 February 2023. The directors have confirmed that the company will have continuous support from the creditors. It is on this basis the accounts have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 12,500
AMORTISATION
At 1 March 2022 5,000
Charge for year 2,500
At 28 February 2023 7,500
NET BOOK VALUE
At 28 February 2023 5,000
At 28 February 2022 7,500

Mithaiwala & Sons Ltd (Registered number: 12449275)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 42,911
DEPRECIATION
At 1 March 2022 10,728
Charge for year 10,728
At 28 February 2023 21,456
NET BOOK VALUE
At 28 February 2023 21,455
At 28 February 2022 32,183

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 935,000
NET BOOK VALUE
At 28 February 2023 935,000
At 28 February 2022 935,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Taxation and social security (5,534 ) (9,082 )
Other creditors 92,702 86,984
87,168 77,902

Mithaiwala & Sons Ltd (Registered number: 12449275)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28/2/23 28/2/22
£    £   
Yunus Patel and Zahida Patel
Balance outstanding at start of year (25,307 ) (2,436 )
Amounts advanced 768 10,672
Amounts repaid (6,386 ) (33,543 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,925 ) (25,307 )