Registered number
SC608074
SHAAN & TAAJ LTD
Filleted Accounts
30 November 2023
SHAAN & TAAJ LTD
Registered number: SC608074
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Current assets
Stocks 96,992 32,864
Debtors 3 9,589 39,091
Cash at bank and in hand 6,140 2,236
112,721 74,191
Creditors: amounts falling due within one year 4 (84,661) (16,847)
Net current assets 28,060 57,344
Total assets less current liabilities 28,060 57,344
Creditors: amounts falling due after more than one year 5 (25,043) (36,384)
Net assets 3,017 20,960
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,917 20,860
Shareholder's funds 3,017 20,960
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr Gurpreet Singh
Director
Approved by the board on 5 August 2024
SHAAN & TAAJ LTD
Notes to the Accounts
for the year ended 30 November 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Debtors 2023 2022
£ £
Other debtors 9,589 39,091
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 70,204 9,912
Taxation and social security costs 14,457 6,935
84,661 16,847
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,000 35,000
Directors loan accounts 43 1,384
25,043 36,384
6 Other information
SHAAN & TAAJ LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
177 Bank Street
Coatbridge
Scotland
ML5 1HA
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