Registered number
05097249
Taste Of India Limited
Filleted Accounts
31 May 2023
Taste Of India Limited
Registered number: 05097249
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 55,202 64,900
Current assets
Stocks 47,440 15,000
Debtors 4 184,198 119,941
Investments held as current assets 5 - 30,000
Cash at bank and in hand 211 560
231,849 165,501
Creditors: amounts falling due within one year 6 (127,642) (100,671)
Net current assets 104,207 64,830
Total assets less current liabilities 159,409 129,730
Creditors: amounts falling due after more than one year 7 (78,394) (107,026)
Net assets 81,015 22,704
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 80,015 21,704
Shareholders' funds 81,015 22,704
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.
Z. Sarabadine
Director
Approved by the board on 16 February 2024
Taste Of India Limited
Notes to the Accounts
for the year ended 31 May 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant and machinery 15% reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 169,328 36,010 205,338
Additions 2,170 - 2,170
At 31 May 2023 171,498 36,010 207,508
Depreciation
At 1 June 2022 133,236 7,202 140,438
Charge for the year 6,106 5,762 11,868
At 31 May 2023 139,342 12,964 152,306
Net book value
At 31 May 2023 32,156 23,046 55,202
At 31 May 2022 36,092 28,808 64,900
4 Debtors 2023 2022
£ £
Trade debtors 4,718 4,033
Other debtors 179,480 115,908
184,198 119,941
Amounts due after more than one year included above 134,808 110,908
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments - 30,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 43,829 32,500
Obligations under finance lease and hire purchase contracts 6,914 6,914
Trade creditors 1,800 7,594
Taxation and social security costs 43,263 28,419
Directors' account 8,779 4,256
Other creditors 22,330 20,480
Accruals 727 508
127,642 100,671
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 59,942 81,660
Obligations under finance lease and hire purchase contracts 18,452 25,366
78,394 107,026
8 Related party transactions
At the reporting date the company owed £8,779 (2022: £ 4,256) to Z.Sarabadine who is the director and shareholder of the company. The loan is unsecured, interest free and repayable on demand.
The company has made a loan of £109,000 to Taste Of India Estates Ltd, a company registered in the UK and in which Z. Sarabadine and R. Sarabadine are both directors and shareholders. Interest is charged at 3% per annum and the loan is repayable within 5 years. At the reporting date, the company was owed £134,808 (2022: £110,908) from Taste Of India Estates Ltd.
9 Controlling party
The company is controlled by Z. Sarabadine.
10 Other information
Taste Of India Limited is a private company limited by shares and incorporated in England. Its registered office is:
340 High Street North
Manor Park
London
E12 6PH
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