Registered number
SC297040
KHALSA RETAIL LTD
Filleted Accounts
28 February 2023
KHALSA RETAIL LTD
Registered number: SC297040
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 215,177 154,191
Current assets
Stocks 85,808 67,926
Debtors 4 1,000 2,400
Cash at bank and in hand 41,257 42,172
128,065 112,498
Creditors: amounts falling due within one year 5 (305,341) (260,914)
Net current assets/(liabilities) (177,276) (148,416)
Total assets less current liabilities 37,901 5,775
Creditors: amounts falling due after more than one year 6 (192,007) (142,348)
Net assets/(liabilities) (154,106) (136,573)
Capital and reserves
Called up share capital 100 100
Profit and loss account (154,206) (136,673)
Shareholders' funds (154,106) (136,573)
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.
Mr Pargan Singh Cheema
Director
Approved by the board on 28 November 2023
KHALSA RETAIL LTD
Notes to the Accounts
for the year ended 28 February 2023
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.
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:
Fixtures, fittings, tools and equipment 10% Reducing Balance Method
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 20
3 Tangible fixed assets
Fixture & fittings
£
Cost
At 1 March 2022 190,002
Additions 84,894
At 28 February 2023 274,896
Depreciation
At 1 March 2022 35,811
Charge for the year 23,908
At 28 February 2023 59,719
Net book value
At 28 February 2023 215,177
At 28 February 2022 154,191
4 Debtors 2023 2022
£ £
Other debtors 1,000 2,400
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 62,631 67,755
Trade creditors 75,412 29,581
Taxation and social security costs 7,644 4,916
Other creditors 159,654 158,662
305,341 260,914
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's account 82,007 59,948
Grant by Costcutter 60,000 -
Due To Khalsa Ltd 50,000 50,000
Other creditors - 32,400
192,007 142,348
KHALSA RETAIL LTD SC297040 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 Mr Pargan Singh Cheema No description of principal activity SC297040 2021-03-01 2022-02-28 SC297040 core:WithinOneYear 2022-02-28 SC297040 core:AfterOneYear 2022-02-28 SC297040 core:ShareCapital 2022-02-28 SC297040 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC297040 2022-03-01 2023-02-28 SC297040 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC297040 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC297040 bus:Director40 2022-03-01 2023-02-28 SC297040 1 2022-03-01 2023-02-28 SC297040 2 2022-03-01 2023-02-28 SC297040 core:PlantMachinery 2022-03-01 2023-02-28 SC297040 bus:FRS102 2022-03-01 2023-02-28 SC297040 bus:FullAccounts 2022-03-01 2023-02-28 SC297040 2023-02-28 SC297040 core:WithinOneYear 2023-02-28 SC297040 core:AfterOneYear 2023-02-28 SC297040 core:ShareCapital 2023-02-28 SC297040 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC297040 core:PlantMachinery 2023-02-28 SC297040 2022-02-28 SC297040 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure