Registered number
11866405
KD WHOLESALE CASH & CARRY LTD
Filleted Accounts
31 March 2023
KD WHOLESALE CASH & CARRY LTD
Registered number: 11866405
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 64,690 31,830
Current assets
Stocks 1,603,782 1,102,350
Debtors 4 156,973 32,352
Investments held as current assets 5 7,670 7,670
Cash at bank and in hand 31,856 108,099
1,800,281 1,250,471
Creditors: amounts falling due within one year 6 (936,247) (1,086,045)
Net current assets 864,034 164,426
Total assets less current liabilities 928,724 196,256
Creditors: amounts falling due after more than one year 7 (790,028) (72,500)
Provisions for liabilities (8,919) (2,229)
Net assets 129,777 121,527
Capital and reserves
Called up share capital 100 100
Profit and loss account 129,677 121,427
Shareholders' funds 129,777 121,527
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.
Mrs S S Shah
Director
Approved by the board on 22 December 2023
KD WHOLESALE CASH & CARRY LTD
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).
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:
Fixtures, fittings, tools and equipment 20% Writtendown value
Motor VAN 20% Writtendown value
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 15 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 20,096 16,053 - 36,149
Additions - 15,483 28,525 44,008
At 31 March 2023 20,096 31,536 28,525 80,157
Depreciation
At 1 April 2022 - 4,319 - 4,319
Charge for the year - 5,443 5,705 11,148
At 31 March 2023 - 9,762 5,705 15,467
Net book value
At 31 March 2023 20,096 21,774 22,820 64,690
At 31 March 2022 20,096 11,734 - 31,830
4 Debtors 2023 2022
£ £
Trade debtors 143,973 19,352
Other debtors 13,000 13,000
156,973 32,352
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 7,670 7,670
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 655,997 881,512
Taxation and social security costs 38,051 30,190
Other creditors 232,199 164,343
936,247 1,086,045
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
Other creditors 767,528 40,000
790,028 72,500
8 Related party transactions
The director's current account was in credit as at the yearend.
9 Controlling party
The company is controlled by the directors Mrs C Y Noticewala and Mrs S S Shah each holding 50% share capital of the company.
10 Other information
KD WHOLESALE CASH & CARRY LTD is a private company limited by shares and incorporated in England. Its registered office is:
10 Greycaine Road
Watford
WD24 7GP
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