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Registered number: 12874182
Khurana's Food & Wine Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12874182
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 115,000 120,000
Tangible Assets 5 64,778 78,997
179,778 198,997
CURRENT ASSETS
Stocks 6 76,025 58,455
Debtors 7 10,751 10,000
Cash at bank and in hand 126,244 71,616
213,020 140,071
Creditors: Amounts Falling Due Within One Year 8 (20,747 ) (72,432 )
NET CURRENT ASSETS (LIABILITIES) 192,273 67,639
TOTAL ASSETS LESS CURRENT LIABILITIES 372,051 266,636
Creditors: Amounts Falling Due After More Than One Year 9 (345,022 ) (265,000 )
NET ASSETS 27,029 1,636
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 26,929 1,536
SHAREHOLDERS' FUNDS 27,029 1,636
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Manoor Singh
Director
21/03/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Khurana's Food & Wine Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12874182 . The registered office is 15 St. Leonards Gardens, , Hounslow, TW5 9DQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Vehicles
Fixtures & Fittings Fixture & Fittings
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 October 2022 - 125,000 125,000
As at 30 September 2023 - 125,000 125,000
Amortisation
As at 1 October 2022 - 5,000 5,000
Provided during the period 5,000 - 5,000
As at 30 September 2023 5,000 5,000 10,000
Net Book Value
As at 30 September 2023 (5,000 ) 120,000 115,000
As at 1 October 2022 - 120,000 120,000
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2022 21,338 75,000 96,338
As at 30 September 2023 21,338 75,000 96,338
Depreciation
As at 1 October 2022 3,841 13,500 17,341
Provided during the period 3,149 11,070 14,219
As at 30 September 2023 6,990 24,570 31,560
Net Book Value
As at 30 September 2023 14,348 50,430 64,778
As at 1 October 2022 17,497 61,500 78,997
6. Stocks
2023 2022
£ £
Finished goods 76,025 58,455
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Other debtors - 10,000
Other taxes and social security 751 -
751 10,000
Due after more than one year
Other debtors 10,000 -
10,000 -
10,751 10,000
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 30,315
Corporation tax 15,338 6,225
VAT 5,409 2,680
Director's loan account - 33,212
20,747 72,432
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Trade creditors 30,855 -
Other creditors 265,000 265,000
Directors loan account 49,167 -
345,022 265,000
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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