Company Registration No. 09669833 (England and Wales)
Authentic Indian Restaurants Ltd
Unaudited accounts
for the year ended 31 July 2023
Authentic Indian Restaurants Ltd
Unaudited accounts
Contents
Authentic Indian Restaurants Ltd
Company Information
for the year ended 31 July 2023
Directors
Dr M Gupta
Dr N Gupta
S M Jha
Company Number
09669833 (England and Wales)
Registered Office
c/o 127 New Brighton Road
Emsworth
Hampshire
PO10 7TT
Accountants
Babcock Tax & Accountancy Services Ltd
The Florins, 8 Lulworth Close
Hayling Island
Hampshire
PO11 0NY
Authentic Indian Restaurants Ltd
Statement of financial position
as at 31 July 2023
Intangible assets
76,500
82,875
Tangible assets
108,401
126,396
Cash at bank and in hand
27,687
72,331
Creditors: amounts falling due within one year
(164,456)
(164,393)
Net current liabilities
(110,414)
(58,653)
Total assets less current liabilities
74,487
150,618
Creditors: amounts falling due after more than one year
(339,487)
(308,295)
Net liabilities
(265,000)
(157,677)
Called up share capital
100
100
Profit and loss account
(265,100)
(157,777)
Shareholders' funds
(265,000)
(157,677)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by
Dr M Gupta
Director
Company Registration No. 09669833
Authentic Indian Restaurants Ltd
Notes to the Accounts
for the year ended 31 July 2023
Authentic Indian Restaurants Ltd is a private company, limited by shares, registered in England and Wales, registration number 09669833. The registered office is c/o 127 New Brighton Road, Emsworth, Hampshire, PO10 7TT.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Short leasehold - in accordance with the property
Plant & machinery - 10% on reducing balance
Fixtures & fittings - 10% on reducing balance
Computer equipment - 33% on reducing balance
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses.
Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase & leasing committments
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
Authentic Indian Restaurants Ltd
Notes to the Accounts
for the year ended 31 July 2023
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
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.
These financial statements have been prepared on the going concern basis of accounting. At the balance sheet date, the company had net current liabilities. The company is reliant upon the continued support of the directors. No adjustments have been made should the going concern basis of accounting prove to be inappropriate.
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Intangible fixed assets
Goodwill
Authentic Indian Restaurants Ltd
Notes to the Accounts
for the year ended 31 July 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 August 2022
5,785
53,531
76,654
22,189
2,348
160,507
Additions
-
2,080
-
671
-
2,751
At 31 July 2023
5,785
55,611
76,654
22,860
2,348
163,258
At 1 August 2022
2,025
21,074
1,278
7,944
1,790
34,111
Charge for the year
289
3,388
15,075
1,436
558
20,746
At 31 July 2023
2,314
24,462
16,353
9,380
2,348
54,857
At 31 July 2023
3,471
31,149
60,301
13,480
-
108,401
At 31 July 2022
3,760
32,457
75,376
14,245
558
126,396
Amounts falling due within one year
Other debtors
18,730
15,169
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,882
3,922
Trade creditors
36,101
39,833
Taxes and social security
45,661
44,143
Other creditors
76,812
76,495
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Creditors: amounts falling due after more than one year
2023
2022
Other creditors
305,173
266,138
The controlling party is Dr M Gupta and Dr N Gupta
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Average number of employees
During the year the average number of employees was 27 (2022: 34).