1 August 2022 v2024.6.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP127245792022-08-012023-07-31127245792023-07-31127245792022-07-3112724579core:WithinOneYear2023-07-3112724579core:WithinOneYear2022-07-3112724579core:AfterOneYear2023-07-3112724579core:AfterOneYear2022-07-3112724579core:ShareCapital2023-07-3112724579core:ShareCapital2022-07-3112724579core:RetainedEarningsAccumulatedLosses2023-07-3112724579core:RetainedEarningsAccumulatedLosses2022-07-3112724579bus:Director12022-08-012023-07-3112724579bus:Director22022-08-012023-07-3112724579bus:RegisteredOffice2022-08-012023-07-3112724579core:NetGoodwill2022-08-012023-07-31127245792021-08-012022-07-3112724579core:NetGoodwill2023-07-3112724579core:NetGoodwill2022-07-3112724579core:PlantMachinery2022-08-0112724579core:PlantMachinery2022-08-012023-07-3112724579core:PlantMachinery2023-07-3112724579core:PlantMachinery2022-07-311272457912022-08-012023-07-3112724579countries:EnglandWales2022-08-012023-07-3112724579bus:AuditExemptWithAccountantsReport2022-08-012023-07-3112724579bus:PrivateLimitedCompanyLtd2022-08-012023-07-3112724579bus:SmallEntities2022-08-012023-07-3112724579bus:FullAccounts2022-08-012023-07-31
Company registration number:
12724579
Sandhu Newsagent Ltd
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Sandhu Newsagent Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Sandhu Newsagent Ltd
Year ended
31 July 2023
As described on the statement of financial position, the Board of Directors of
Sandhu Newsagent Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 July 2023
, which comprise the income statement, statement of financial position and 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 unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
MSB & Co Accountants
ACCOUNTANCY & TAXATION SERVICES
18 GLEDWOOD GARDENS
HAYES
MIDDLESEX
UB4 0AT
United Kingdom
Date:
15 September 2023
Sandhu Newsagent Ltd
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Intangible assets 5
90,000
 
90,000
 
Tangible assets 6
14,188
 
10,086
 
104,188
 
100,086
 
Current assets    
Stocks
57,000
 
62,500
 
Cash at bank and in hand
17,274
 
15,722
 
74,274
 
78,222
 
Creditors: amounts falling due within one year 7
(65,392
)
(69,587
)
Net current assets
8,882
 
8,635
 
Total assets less current liabilities 113,070   108,721  
Creditors: amounts falling due after more than one year 8
(53,352
)
(69,084
)
Net assets
59,718
 
39,637
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
59,716
 
39,635
 
Shareholders funds
59,718
 
39,637
 
For the year ending
31 July 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 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.
These
financial statements
were approved by the board of directors and authorised for issue on
15 March 2024
, and are signed on behalf of the board by:
H Sandhu
J Sandhu
DirectorDirector
Company registration number:
12724579
Sandhu Newsagent Ltd
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
37 Station Road
,
Stoke Mandeville
,
Aylesbury
,
HP22 5UE
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3
).

5 Intangible assets

Goodwill
£
Cost  
At
1 August 2022
and
31 July 2023
90,000
 
Amortisation  
At
1 August 2022
and
31 July 2023
-  
Carrying amount  
At
31 July 2023
90,000
 
At 31 July 2022
90,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2022
15,000
 
Additions
5,917
 
At
31 July 2023
20,917
 
Depreciation  
At
1 August 2022
4,914
 
Other movements
1,815
 
At
31 July 2023
6,729
 
Carrying amount  
At
31 July 2023
14,188
 
At 31 July 2022
10,086
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
(718
)
(718
)
Trade creditors
(5,361
)
(808
)
Taxation and social security
2,866
 
2,153
 
Other creditors
68,605
 
68,960
 
65,392
 
69,587
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
(2,156
)
(2,156
)
Other creditors
55,508
 
71,240
 
53,352
 
69,084