Registered number
06061438
BESTFOOD SUPERMARKET WEMBLEY LIMITED
Filleted Accounts
31 March 2023
BESTFOOD SUPERMARKET WEMBLEY LIMITED
Registered number: 06061438
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,668 13,518
Investments 4 336,136 336,136
346,804 349,654
Current assets
Stocks 90,700 80,500
Debtors 5 1,253,767 1,251,767
Cash at bank and in hand 13,022 18,384
1,357,489 1,350,651
Creditors: amounts falling due within one year 6 (225,763) (243,333)
Net current assets 1,131,726 1,107,318
Total assets less current liabilities 1,478,530 1,456,972
Creditors: amounts falling due after more than one year 7 (381,120) (479,979)
Provisions for liabilities (1,952) (2,457)
Net assets 1,095,458 974,536
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,095,448 974,526
Shareholder's funds 1,095,458 974,536
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Kandavanam Jeyakumar
Director
Approved by the board on 21 December 2023
BESTFOOD SUPERMARKET WEMBLEY LIMITED
Notes to the Accounts
for the year ended 31 March 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).
The accounts present information about the parent company as an individual undertaking and not about its group. The company is exempt from preparing group accounts on the basis it qualifies as a small group.
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
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 11 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 44,150 21,690 65,840
At 31 March 2023 44,150 21,690 65,840
Depreciation
At 1 April 2022 38,856 13,466 52,322
Charge for the year 794 2,056 2,850
At 31 March 2023 39,650 15,522 55,172
Net book value
At 31 March 2023 4,500 6,168 10,668
At 31 March 2022 5,294 8,224 13,518
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 336,136
At 31 March 2023 336,136
The company owns 100% of issued share capital of the subsidiary Starlone Limited.
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,253,767 1,251,767
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 85,699 87,099
Trade creditors 26,298 25,856
Corporation tax 82,224 121,674
Other taxes and social security costs 12,602 3,601
Other creditors 18,940 5,103
225,763 243,333
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 380,781 475,575
Obligations under finance lease and hire purchase contracts 339 4,404
381,120 479,979
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 466,480 562,674
The company has given debentures over its assets in favour of Clydesdale Bank.
9 Controlling party
Directors of the company, control the company by virtue of a controlling interest (directly or indirectly) of 100% of the issued ordinary share capital.
10 Other information
BESTFOOD SUPERMARKET WEMBLEY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Charter House
8-10 Station Road
Manor Park
London
E12 5BT
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