Registered number
10619835
Suvai Foods (UK) Limited
Filleted Accounts
28 February 2023
Suvai Foods (UK) Limited
Registered number: 10619835
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,420 67,129
Current assets
Stocks 47,855 9,477
Debtors 4 74,096 85,574
Cash at bank and in hand 64,900 82,122
186,851 177,173
Creditors: amounts falling due within one year 5 (192,173) (190,997)
Net current liabilities (5,322) (13,824)
Total assets less current liabilities 54,098 53,305
Creditors: amounts falling due after more than one year 6 (23,374) (33,040)
Provisions for liabilities (6,820) (4,876)
Net assets 23,904 15,389
Capital and reserves
Called up share capital 2 2
Profit and loss account 23,902 15,387
Shareholders' funds 23,904 15,389
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.
K. Maricar W. A. Shahul Hameed
Director Director
Approved by the board on 6 March 2024
Suvai Foods (UK) Limited
Notes to the Accounts
for the year ended 28 February 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:
Plant and machinery 10% reducing balance
Motor vehicles 20% 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 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.
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 31 23
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 81,845 15,559 97,404
At 28 February 2023 81,845 15,559 97,404
Depreciation
At 1 March 2022 24,674 5,601 30,275
Charge for the year 5,717 1,992 7,709
At 28 February 2023 30,391 7,593 37,984
Net book value
At 28 February 2023 51,454 7,966 59,420
At 28 February 2022 57,171 9,958 67,129
4 Debtors 2023 2022
£ £
Trade debtors 31,932 27,282
Other debtors 19,214 35,342
Prepayments 1,750 1,750
Accrued income 21,200 21,200
74,096 85,574
Amounts due after more than one year included above 10,500 10,500
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 25,885 25,580
Taxation and social security costs 1,591 745
Directors' accounts 99,027 99,027
Other creditors 51,224 51,019
Accruals 3,798 3,978
192,173 190,997
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,374 33,040
7 Related party transactions
At the reporting date, the company owed £54,001 (2022: £54,001) to K. Maricar and £45,026 (2022: £45,026) to W. A. Shahul Hameed who are both directors and shareholders of the company. The loans are unsecured, interest free and repayable on demand. The directors have undertaken not to demand repayment of their loans until such time as the company's finances allow.
Precious Foods Company Limited, a company registered in the United Kingdom and in which K. Maricar is a director and shareholder, has historically sold goods to, and made various payments to external suppliers on behalf of, Suvai Foods (UK) Limited. All transactions were conducted on commercial terms. At the reporting date, the company owed £8,011 (2022: £8,011) to Precious Foods Company Limited. This loan is unsecured, interest free and repayable on demand.
8 Controlling party
The company is jointly controlled by K. Maricar and W. A. Shahul Hameed.
9 Other information
Suvai Foods (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6, Riverside Industrial Estate
26 Thames Road
Barking
Essex
IG11 0ND
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