Bakhshi (Uk) Limited
Registered number: 06726348
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 78,335 78,335
Tangible assets 4 8,534 77,499
86,869 155,834
Current assets
Stocks 134,550 132,690
Debtors 5 3,249 1,323
Cash at bank and in hand 5,559 4,483
143,358 138,496
Creditors: amounts falling due within one year 6 (130,093) (185,143)
Net current assets/(liabilities) 13,265 (46,647)
Total assets less current liabilities 100,134 109,187
Creditors: amounts falling due after more than one year 7 (26,316) (55,481)
Net assets 73,818 53,706
Capital and reserves
Called up share capital 100 100
Profit and loss account 73,718 53,606
Shareholders' funds 73,818 53,706
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.
Mr Shah Alam Bakhshi
Director
Approved by the board on 26 February 2024
Bakhshi (Uk) Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold buildings No Depreciation charged
Fixture & fittings over 5 years
Computer & equipment over 5 years
Motor vehicles over 5 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 78,335
At 31 October 2023 78,335
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 78,335
At 31 October 2022 78,335
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold buildings Fixture & fittings Computer & equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 66,831 38,377 15,510 14,000 134,718
Disposals (66,831) - - - (66,831)
At 31 October 2023 - 38,377 15,510 14,000 67,887
Depreciation
At 1 November 2022 - 35,978 14,409 6,832 57,219
Charge for the year - 480 220 1,434 2,134
At 31 October 2023 - 36,458 14,629 8,266 59,353
Net book value
At 31 October 2023 - 1,919 881 5,734 8,534
At 31 October 2022 66,831 2,399 1,101 7,168 77,499
5 Debtors 2023 2022
£ £
Trade debtors 3,249 1,323
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 26,206 36,963
Corporation tax 7,258 8,434
VAT payable (601) 1,024
Other taxes and social security 1,286 3,680
Other creditors 95,944 135,042
130,093 185,143
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,316 55,481
8 Other information
Bakhshi (Uk) Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Beehive Lane
Ilford
Essex
IG1 3RG
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