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COMPANY REGISTRATION NUMBER: 13048477
Masala Threads Ltd
Unaudited Financial Statements
28 March 2023
Masala Threads Ltd
Director's Report
Year ended 28 March 2023
The director presents her report and the unaudited financial statements of the company for the year ended 28 March 2023 .
Director
The director who served the company during the year was as follows:
Ms D Schuster
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 26 December 2023 and signed on behalf of the board by:
Ms D Schuster
Director
Registered office:
Milner House
14 Manchester Square
London
England
W1U 3PP
Masala Threads Ltd
Statement of Income and Retained Earnings
Year ended 28 March 2023
Period from
Year to
27 Nov 20 to
28 Mar 23
28 Mar 22
Note
£
£
Turnover
4
102,976
79,089
Cost of sales
78,176
27,804
---------
--------
Gross profit
24,800
51,285
Distribution costs
100
5,603
Administrative expenses
47,098
46,494
--------
--------
Operating loss
5
( 22,398)
( 812)
--------
--------
Loss before taxation
( 22,398)
( 812)
Tax on loss
--------
----
Loss for the financial year and total comprehensive income
( 22,398)
( 812)
--------
----
All the activities of the company are from continuing operations.
Masala Threads Ltd
Statement of Financial Position
28 March 2023
2023
2022
Note
£
£
Current assets
Debtors
6
( 388)
3,345
Cash at bank and in hand
6,363
13,176
-------
--------
5,975
16,521
Creditors: amounts falling due within one year
8
12,010
11,609
--------
--------
Net current (liabilities)/assets
( 6,035)
4,912
-------
-------
Total assets less current liabilities
( 6,035)
4,912
Creditors: amounts falling due after more than one year
9
17,175
5,724
--------
-------
Net liabilities
( 23,210)
( 812)
--------
-------
Capital and reserves
Profit and loss account
( 23,210)
( 812)
--------
----
Shareholders deficit
( 23,210)
( 812)
--------
----
For the year ending 28 March 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 year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 26 December 2023 , and are signed on behalf of the board by:
Ms D Schuster
Director
Company registration number: 13048477
Masala Threads Ltd
Statement of Cash Flows
Year ended 28 March 2023
2023
2022
Note
£
£
Cash flows from operating activities
Loss for the financial year
( 22,398)
( 812)
Adjustments for:
Accrued expenses
11,500
Changes in:
Trade and other debtors
3,733
( 3,345)
Trade and other creditors
384
109
--------
--------
Cash generated from operations
( 18,281)
7,452
--------
-------
Net cash (used in)/from operating activities
( 18,281)
7,452
--------
-------
Cash flows from financing activities
Proceeds from borrowings
11,451
5,724
--------
-------
Net cash from financing activities
11,451
5,724
--------
-------
Net (decrease)/increase in cash and cash equivalents
( 6,830)
13,176
Cash and cash equivalents at beginning of year
13,176
--------
--------
Cash and cash equivalents at end of year
7
6,346
13,176
--------
--------
Masala Threads Ltd
Notes to the Financial Statements
Year ended 28 March 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 Milner House, 14 Manchester Square, London, W1U 3PP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging:
Period from
Year to
27 Nov 20 to
28 Mar 23
28 Mar 22
£
£
Foreign exchange differences
12
216
----
----
6. Debtors
2023
2022
£
£
Trade debtors
( 388)
3,345
----
-------
7. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
6,363
13,176
Bank overdrafts
( 17)
-------
--------
6,346
13,176
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17
Trade creditors
493
109
Accruals and deferred income
11,500
11,500
--------
--------
12,010
11,609
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Director loan accounts
17,175
5,724
--------
-------
10. Called up share capital
Issued and called up
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Shares issued and partly paid
2023
2022
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
100
100
----
----
----
----
11. Analysis of changes in net debt
At 29 Mar 2022
Cash flows
At 28 Mar 2023
£
£
£
Cash at bank and in hand
13,176
(6,813)
6,363
Bank overdrafts
(17)
(17)
Debt due after one year
(5,724)
(11,451)
(17,175)
--------
--------
--------
7,452
( 18,281)
( 10,829)
--------
--------
--------