Registered number
11382908
SARGUN CONVENIENCE STORES LIMITED
Filleted Accounts
31 May 2023
SARGUN CONVENIENCE STORES LIMITED
Registered number: 11382908
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 190,000 190,000
Tangible assets 4 96,252 100,585
286,252 290,585
Current assets
Stocks 282,000 280,000
Debtors 5 2,500 2,500
Cash at bank and in hand 30,721 29,656
315,221 312,156
Creditors: amounts falling due within one year 6 (433,016) (331,277)
Net current liabilities (117,795) (19,121)
Total assets less current liabilities 168,457 271,464
7 (136,266) (222,870)
Provisions for liabilities (5,698) (7,596)
Net assets 26,493 40,998
Capital and reserves
Called up share capital 100 100
Profit and loss account 26,393 40,898
Shareholders' funds 26,493 40,998
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 Jagmeet Singh GROVER
Director
Approved by the board on 28 February 2024
SARGUN CONVENIENCE STORES LIMITED
Notes to the Accounts
for the year ended 31 May 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 land and buildings Subject to annual review
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 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 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 190,000
At 31 May 2023 190,000
Amortisation
At 31 May 2023 -
Net book value
At 31 May 2023 190,000
At 31 May 2022 190,000
Goodwill is subject to annual Review.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 153,034
Additions 11,066
At 31 May 2023 164,100
Depreciation
At 1 June 2022 52,449
Charge for the year 15,399
At 31 May 2023 67,848
Net book value
At 31 May 2023 96,252
At 31 May 2022 100,585
5 Debtors 2023 2022
£ £
Trade debtors 2,500 2,500
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 168,032 175,839
Trade creditors 34,517 7,853
Taxation and social security costs 49,439 52,174
Other creditors 181,028 95,411
433,016 331,277
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 121,066 222,870
Amounts owed to group undertakings and undertakings in which the company has a participating interest 15,200 -
136,266 222,870
8 Related party transactions
The directors loan to the company at the year end was £141,083( £97,626 in 2022). During the year company paid the dividends of £75,000( £73,500 in 2022) for his shareholdings in the company.
9 Controlling party
The company is under the control of its director by virtue of his shareholdings in the company .
10 Other information
SARGUN CONVENIENCE STORES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 Woodlands Parade
Ashford
London
Middlesex
TW15 1QD
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