Specialist Imports Ltd 12642161 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Wholesale of fruit and vegetables Digita Accounts Production Advanced 6.30.9574.0 true true 12642161 2022-07-01 2023-06-30 12642161 2023-06-30 12642161 bus:OrdinaryShareClass1 2023-06-30 12642161 core:RetainedEarningsAccumulatedLosses 2023-06-30 12642161 core:ShareCapital 2023-06-30 12642161 core:CurrentFinancialInstruments 2023-06-30 12642161 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-30 12642161 bus:SmallEntities 2022-07-01 2023-06-30 12642161 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12642161 bus:FilletedAccounts 2022-07-01 2023-06-30 12642161 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 12642161 bus:RegisteredOffice 2022-07-01 2023-06-30 12642161 bus:Director1 2022-07-01 2023-06-30 12642161 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 12642161 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12642161 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12642161 core:ShareCapital 2022-07-01 2023-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-01 2023-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2022-07-01 2023-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2022-07-01 2023-06-30 12642161 core:UKTax 2022-07-01 2023-06-30 12642161 countries:UnitedKingdom 2022-07-01 2023-06-30 12642161 2022-06-30 12642161 core:RetainedEarningsAccumulatedLosses 2022-06-30 12642161 core:ShareCapital 2022-06-30 12642161 2021-07-01 2022-06-30 12642161 2022-06-30 12642161 bus:OrdinaryShareClass1 2022-06-30 12642161 core:CurrentFinancialInstruments 2022-06-30 12642161 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-06-30 12642161 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 12642161 core:ShareCapital 2021-07-01 2022-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:RenderingOrReceivingServices 2021-07-01 2022-06-30 12642161 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2021-07-01 2022-06-30 12642161 core:UKTax 2021-07-01 2022-06-30 12642161 2021-06-30 12642161 core:RetainedEarningsAccumulatedLosses 2021-06-30 12642161 core:ShareCapital 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12642161

Specialist Imports Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Specialist Imports Ltd

Company Information

Director

Mr Daniel McCullough

Registered office

Blythewood
Bix
Henley on Thames
RG9 4RY

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Specialist Imports Ltd

(Registration number: 12642161)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

239,442

254,334

Cash at bank and in hand

 

46,787

39,431

 

286,229

293,765

Creditors: Amounts falling due within one year

6

(177,209)

(201,738)

Net assets

 

109,020

92,027

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

109,019

92,026

Shareholders' funds

 

109,020

92,027

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2024
 

.........................................
Mr Daniel McCullough
Director

 

Specialist Imports Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1

92,025

92,026

Profit for the year

-

16,994

16,994

At 30 June 2023

1

109,019

109,020

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

1

19,632

19,633

Profit for the year

-

72,394

72,394

At 30 June 2022

1

92,026

92,027

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Blythewood
Bix
Henley on Thames
RG9 4RY

These financial statements were authorised for issue by the director on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current taxation

UK corporation tax

3,986

16,944

UK corporation tax adjustment to prior periods

-

(159)

3,986

16,785

5

Debtors

Current

2023
£

2022
£

Trade debtors

232,092

254,333

Other debtors

7,350

1

 

239,442

254,334

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

168,582

181,200

Accruals and deferred income

4,640

2,870

Corporation tax

3,987

16,944

Other taxation

-

724

177,209

201,738

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Sales and Amount due from company

First Choice Fruit and Produce Ltd

 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

537,243

Amounts receivable from related party

232,092

2022

Entities with joint control or significant influence
£

Sale of goods

606,214

Amounts receivable from related party

254,333

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Management charges

40,000

Amounts payable to related party

106,516

2022

Entities with joint control or significant influence
£

Management charges

25,000

Amounts payable to related party

43,776