Registered number
10348262
Vinoth & Sons Stores Ltd
Filleted Accounts
31 July 2023
Vinoth & Sons Stores Ltd
Registered number: 10348262
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,038 18,040
Current assets
Stocks 75,000 95,000
Debtors 4 500 16,500
Cash at bank and in hand 18,473 1,255
93,973 112,755
Creditors: amounts falling due within one year 5 (71,269) (67,939)
Net current assets 22,704 44,816
Total assets less current liabilities 41,742 62,856
Creditors: amounts falling due after more than one year 6 (18,440) (28,333)
Net assets 23,302 34,523
Capital and reserves
Called up share capital 100 100
Profit and loss account 23,202 34,423
Shareholders' funds 23,302 34,523
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 members have 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.
Sivapalan Jeyavinothan
Director
Approved by the board on 15 February 2024
Vinoth & Sons Stores Ltd
Notes to the Accounts
for the year ended 31 July 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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Land and buildings Nil
Motor Vehiles 18% reducing balance
Equipment and fixtures 18% reducing balance
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 not recognised in the accounts.
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 9 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 3,850 9,181 9,000 22,031
Additions - 4,332 - 4,332
At 31 July 2023 3,850 13,513 9,000 26,363
Depreciation
At 1 August 2022 - 2,371 1,620 3,991
Charge for the year - 2,006 1,328 3,334
At 31 July 2023 - 4,377 2,948 7,325
Net book value
At 31 July 2023 3,850 9,136 6,052 19,038
At 31 July 2022 3,850 6,810 7,380 18,040
4 Debtors 2023 2022
£ £
Other debtors 500 16,500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 29,732 10,355
Trade creditors 14,529 -
Taxation and social security costs 23,360 15,201
Director's account 465 39,570
Other creditors 183 (187)
Accruals 3,000 3,000
71,269 67,939
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,440 28,333
7 Related party transactions
At the reporting date, the company owed £465 (2022: £39,570) to Sivapalan Jeyavinothan who is the sole director and the majority shareholder of the company. The loan is unsecured, interest free and repayable by demand.
8 Controlling party
The company is controlled by Sivapalan Jeyavinothan.
9 Other information
Vinoth & Sons Stores Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Blofield Post Offce
The Street
Blofield
Norwich
NR13 4AA
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