Company Registration No. 10251078 (England and Wales)
RANI'S FROZEN FOODS LTD
Unaudited accounts
for the year ended 30 June 2023
RANI'S FROZEN FOODS LTD
Statement of financial position
as at 30 June 2023
Tangible assets
87,869
96,238
Cash at bank and in hand
22,570
98,076
Creditors: amounts falling due within one year
(180,404)
(258,435)
Net current assets
27,986
9,080
Total assets less current liabilities
115,855
105,318
Creditors: amounts falling due after more than one year
(29,589)
(40,004)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
77,512
65,313
Shareholders' funds
77,513
65,314
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by
Ahsan Ali
Director
Company Registration No. 10251078
RANI'S FROZEN FOODS LTD
Notes to the Accounts
for the year ended 30 June 2023
RANI'S FROZEN FOODS LTD is a private company, limited by shares, registered in England and Wales, registration number 10251078. The registered office is UNIT 1, WHETLY MILL HOCKNEY ROAD, OFF THORNTON ROAD, BRADFORD, WEST YORKSHIRE, BD8 8LQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Motor vehicles
20% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
RANI'S FROZEN FOODS LTD
Notes to the Accounts
for the year ended 30 June 2023
The directors have carried out a detailed review of the company's resources and projected income streams. They are confident that the company has sufficient cash flows to meets its liabilities as they fall due for at least one year from the date of approval of the financial statements. Therefore, the company continues to adopt the going concern basis in preparing the financial statements.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
20,000
94,469
13,200
127,669
At 30 June 2023
20,000
103,067
13,200
136,267
At 1 July 2022
-
27,471
3,960
31,431
Charge for the year
-
15,119
1,848
16,967
At 30 June 2023
-
42,590
5,808
48,398
At 30 June 2023
20,000
60,477
7,392
87,869
At 30 June 2022
20,000
66,998
9,240
96,238
Amounts falling due within one year
Trade debtors
138,873
87,968
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,160
6,355
Trade creditors
77,152
238,932
Taxes and social security
27,021
13,148
7
Creditors: amounts falling due after more than one year
2023
2022
RANI'S FROZEN FOODS LTD
Notes to the Accounts
for the year ended 30 June 2023
8
Deferred taxation
2023
2022
Accelerated capital allowances
8,753
-
Charged to the profit and loss account
8,753
-
Provision at end of year
8,753
-
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Transactions with related parties
During the year the company paid dividends of £15,000 (2022 - £10,000) to Mr A Ali who is the director and shareholder of the company. The company also paid dividends of £10,000 (2022 - £25,000) to Mrs S Yasin who is also a director and shareholder of the company.
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Average number of employees
During the year the average number of employees was 23 (2022: 29).