Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 01703516 Mr Avtar Singh Mr Manjit Singh Mr Sundeep Singh Mr Manjit Singh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01703516 2022-12-31 01703516 2023-12-31 01703516 2023-01-01 2023-12-31 01703516 frs-core:CurrentFinancialInstruments 2023-12-31 01703516 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 01703516 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01703516 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 01703516 frs-core:MotorVehicles 2023-12-31 01703516 frs-core:MotorVehicles 2023-01-01 2023-12-31 01703516 frs-core:MotorVehicles 2022-12-31 01703516 frs-core:PlantMachinery 2023-12-31 01703516 frs-core:PlantMachinery 2023-01-01 2023-12-31 01703516 frs-core:PlantMachinery 2022-12-31 01703516 frs-core:ShareCapital 2023-12-31 01703516 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 01703516 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01703516 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 01703516 frs-bus:SmallEntities 2023-01-01 2023-12-31 01703516 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01703516 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01703516 frs-bus:Director1 2023-01-01 2023-12-31 01703516 frs-bus:Director2 2023-01-01 2023-12-31 01703516 frs-bus:Director3 2023-01-01 2023-12-31 01703516 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 01703516 frs-countries:EnglandWales 2023-01-01 2023-12-31 01703516 2021-12-31 01703516 2022-12-31 01703516 2022-01-01 2022-12-31 01703516 frs-core:CurrentFinancialInstruments 2022-12-31 01703516 frs-core:ShareCapital 2022-12-31 01703516 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 01703516
Manjits Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Mytaxdone Limited
Chartered Accountants
26 Little Burton West
Burton on Trent
Staffordshire
DE14 1PP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01703516
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 66,206 66,637
66,206 66,637
CURRENT ASSETS
Stocks 5 899,115 940,706
Debtors 6 610,430 511,283
Cash at bank and in hand 345,130 439,624
1,854,675 1,891,613
Creditors: Amounts Falling Due Within One Year 7 (250,048 ) (289,273 )
NET CURRENT ASSETS (LIABILITIES) 1,604,627 1,602,340
TOTAL ASSETS LESS CURRENT LIABILITIES 1,670,833 1,668,977
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,545 ) (12,661 )
NET ASSETS 1,653,288 1,656,316
CAPITAL AND RESERVES
Called up share capital 8 3,000 3,000
Profit and Loss Account 1,650,288 1,653,316
SHAREHOLDERS' FUNDS 1,653,288 1,656,316
Page 1
Page 2
For the year ending 31 December 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.
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 Avtar Singh
Director
Mr Sundeep Singh
Director
5 August 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
Manjits Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01703516 . The registered office is 308 Alcester Road, Moseley, Birmingham, B13 8LJ.
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. 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:
Leasehold 25% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. 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.
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2.5. 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.
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: 12 (2022: 12)
12 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 36,486 38,752 132,852 208,090
Additions - - 40,684 40,684
As at 31 December 2023 36,486 38,752 173,536 248,774
Depreciation
As at 1 January 2023 36,486 36,730 68,237 141,453
Provided during the period - 431 40,684 41,115
As at 31 December 2023 36,486 37,161 108,921 182,568
Net Book Value
As at 31 December 2023 - 1,591 64,615 66,206
As at 1 January 2023 - 2,022 64,615 66,637
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5. Stocks
2023 2022
£ £
Stock 899,115 940,706
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 588,940 493,332
Prepayments and accrued income 21,490 17,951
610,430 511,283
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 143,658 184,530
Corporation tax 16,710 6,898
Other taxes and social security 8,186 11,044
VAT 33,769 41,427
Other creditors 748 2,203
Accruals and deferred income 46,977 43,171
250,048 289,273
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 3,000 3,000
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