Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity2135falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05669542 2023-01-01 2023-12-31 05669542 2022-01-01 2022-12-31 05669542 2023-12-31 05669542 2022-12-31 05669542 c:Director2 2023-01-01 2023-12-31 05669542 c:Director3 2023-01-01 2023-12-31 05669542 d:PlantMachinery 2023-01-01 2023-12-31 05669542 d:PlantMachinery 2023-12-31 05669542 d:PlantMachinery 2022-12-31 05669542 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05669542 d:MotorVehicles 2023-01-01 2023-12-31 05669542 d:MotorVehicles 2023-12-31 05669542 d:MotorVehicles 2022-12-31 05669542 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05669542 d:FurnitureFittings 2023-01-01 2023-12-31 05669542 d:FurnitureFittings 2023-12-31 05669542 d:FurnitureFittings 2022-12-31 05669542 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05669542 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05669542 d:Goodwill 2023-01-01 2023-12-31 05669542 d:Goodwill 2023-12-31 05669542 d:Goodwill 2022-12-31 05669542 d:ComputerSoftware 2023-12-31 05669542 d:ComputerSoftware 2022-12-31 05669542 d:CurrentFinancialInstruments 2023-12-31 05669542 d:CurrentFinancialInstruments 2022-12-31 05669542 d:Non-currentFinancialInstruments 2023-12-31 05669542 d:Non-currentFinancialInstruments 2022-12-31 05669542 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05669542 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05669542 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05669542 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05669542 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05669542 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05669542 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05669542 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05669542 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 05669542 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 05669542 d:ShareCapital 2023-12-31 05669542 d:ShareCapital 2022-12-31 05669542 d:RetainedEarningsAccumulatedLosses 2023-12-31 05669542 d:RetainedEarningsAccumulatedLosses 2022-12-31 05669542 c:FRS102 2023-01-01 2023-12-31 05669542 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05669542 c:FullAccounts 2023-01-01 2023-12-31 05669542 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05669542 d:WithinOneYear 2023-12-31 05669542 d:WithinOneYear 2022-12-31 05669542 d:BetweenOneFiveYears 2023-12-31 05669542 d:BetweenOneFiveYears 2022-12-31 05669542 2 2023-01-01 2023-12-31 05669542 6 2023-01-01 2023-12-31 05669542 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05669542 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05669542 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 05669542 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 05669542 d:LeasedAssetsHeldAsLessee 2023-12-31 05669542 d:LeasedAssetsHeldAsLessee 2022-12-31 05669542 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05669542 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05669542 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05669542










TAJ FOODS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAJ FOODS LIMITED
REGISTERED NUMBER: 05669542

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,198
3,597

Tangible assets
 5 
1,111,413
659,769

Investments
 6 
86
86

  
1,114,697
663,452

Current assets
  

Stocks
  
718,968
701,489

Debtors: amounts falling due within one year
 7 
2,130,717
1,143,431

Cash at bank and in hand
  
1,355,878
582,288

  
4,205,563
2,427,208

Creditors: amounts falling due within one year
 8 
(1,407,895)
(964,400)

Net current assets
  
 
 
2,797,668
 
 
1,462,808

Total assets less current liabilities
  
3,912,365
2,126,260

Creditors: amounts falling due after more than one year
 9 
(1,133,526)
(377,501)

Provisions for liabilities
  

Deferred tax
 11 
(261,206)
(143,504)

  
 
 
(261,206)
 
 
(143,504)

Net assets
  
2,517,633
1,605,255


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,517,533
1,605,155

  
2,517,633
1,605,255


Page 1

 
TAJ FOODS LIMITED
REGISTERED NUMBER: 05669542
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr N Solanki
................................................
Mr J Solanki
Director
Director


Date: 1 July 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

TAJ Foods Limited is a private company limited by shares and incorporated in England and Wales, registration number 05669542. The registered office is 12b Bourne Court, Southend Road, Unity Trading Estate, Woodford Green, Essex, England, IG8 8HD.
The financial statements are presented in Sterling (£) and all values are rounded to the nearest £, except where indicated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5%
straight line
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 6

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 35).


4.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
3,997
750,000
753,997



At 31 December 2023

3,997
750,000
753,997



Amortisation


At 1 January 2023
400
750,000
750,400


Charge for the year on owned assets
399
-
399



At 31 December 2023

799
750,000
750,799



Net book value



At 31 December 2023
3,198
-
3,198



At 31 December 2022
3,597
-
3,597



Page 7

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
479,213
426,144
175,561
1,080,918


Additions
271,084
151,720
184,118
606,922


Disposals
-
(154,017)
-
(154,017)



At 31 December 2023

750,297
423,847
359,679
1,533,823



Depreciation


At 1 January 2023
57,987
255,936
107,226
421,149


Charge for the year on owned assets
31,933
40,696
34,108
106,737


Disposals
-
(105,476)
-
(105,476)



At 31 December 2023

89,920
191,156
141,334
422,410



Net book value



At 31 December 2023
660,377
232,691
218,345
1,111,413



At 31 December 2022
421,226
170,208
68,335
659,769

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
110,622
78,856

110,622
78,856

Page 8

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
86



At 31 December 2023
86




Page 9

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,267,512
1,077,924

Amounts owed by group undertakings
793,416
31,067

Other debtors
59,144
24,763

Prepayments and accrued income
10,645
9,677

2,130,717
1,143,431



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
65,855
39,500

Trade creditors
540,086
769,569

Amounts owed to group undertakings
72,824
72,824

Corporation tax
270,667
36,819

Other taxation and social security
19,985
15,311

Obligations under finance lease and hire purchase contracts
24,161
15,234

Other creditors
8,753
9,903

Accruals and deferred income
405,564
5,240

1,407,895
964,400



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,080,850
355,500

Net obligations under finance leases and hire purchase contracts
52,676
22,001

1,133,526
377,501


The liabilities relating to hire purchases are secured on the assets to which they relate. The bank loans are secured by fixed and floating charges.

Page 10

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
65,855
39,500


65,855
39,500

Amounts falling due 1-2 years

Bank loans
65,855
39,500


65,855
39,500

Amounts falling due 2-5 years

Bank loans
197,567
118,500


197,567
118,500

Amounts falling due after more than 5 years

Bank loans
817,428
197,500

817,428
197,500

1,146,705
395,000


Page 11

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(143,504)


Charged to profit or loss
(117,702)



At end of year
(261,206)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(261,206)
(143,504)

(261,206)
(143,504)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,764 (2022 - £7,427). Total due to the pension provider at the year end totalled £1,597 (2022 - £1,891).


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
13,350
17,800

Later than 1 year and not later than 5 years
-
13,350

13,350
31,150


14.


Related party transactions

Included within other debtors is a balance due from a shareholder of £346 (2022 - £1,012 due to a shareholder). The balance is unsecured, interest free and repayable on demand.

Page 12

 
TAJ FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Controlling party

The ultimate parent undertaking is Djans Enterprise Limited, a company incorporated in England and Wales.

Page 13