BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principle activity of the business is retail of groceries. 14 August 2024 16 20 NI664281 2023-12-31 NI664281 2022-12-31 NI664281 2021-12-31 NI664281 2023-01-01 2023-12-31 NI664281 2022-01-01 2022-12-31 NI664281 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI664281 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI664281 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI664281 uk-core:ShareCapital 2023-12-31 NI664281 uk-core:ShareCapital 2022-12-31 NI664281 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI664281 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI664281 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI664281 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI664281 uk-bus:FRS102 2023-01-01 2023-12-31 NI664281 uk-core:Goodwill 2023-01-01 2023-12-31 NI664281 uk-core:Buildings 2023-01-01 2023-12-31 NI664281 uk-core:PlantMachinery 2023-01-01 2023-12-31 NI664281 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI664281 uk-core:Goodwill 2022-12-31 NI664281 uk-core:Goodwill 2023-12-31 NI664281 2023-01-01 2023-12-31 NI664281 uk-bus:Director1 2023-01-01 2023-12-31 NI664281 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Sahi Retail Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023



Sahi Retail Ltd
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

Gross profit 410,290 187,220
 
Administrative expenses (316,577) (185,290)
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Operating profit 93,713 1,930
 
Interest payable and similar expenses (21,404) (1,926)
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Profit before taxation 72,309 4
 
Tax on profit (10,112) -
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Profit for the financial year 62,197 4
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Total comprehensive income 62,197 4
    ═════════   ═════════



Sahi Retail Ltd
Company Registration Number: NI664281
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 28,333 33,333
Tangible assets 5 42,487 16,694
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Fixed Assets 70,820 50,027
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Current Assets
Stocks 160,794 121,236
Debtors 3,041 2,182
Cash and cash equivalents 3,874 7,456
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167,709 130,874
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Creditors: amounts falling due within one year (191,064) (134,509)
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Net Current Liabilities (23,355) (3,635)
───────── ─────────
Total Assets less Current Liabilities 47,465 46,392
 
Creditors:
amounts falling due after more than one year (27,871) (40,995)
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Net Assets 19,594 5,397
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Capital and Reserves
Called up share capital 1 1
Retained earnings 19,593 5,396
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Equity attributable to owners of the company 19,594 5,397
═════════ ═════════
 
These abridged financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Directors' Report.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 14 August 2024 and signed on its behalf by
           
           
________________________________          
Dilawar Abbas          
Director          
           



Sahi Retail Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Sahi Retail Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI664281. The registered office of the company is 104 Clare Road, Waringstown, Co Down, BT66 7SB, Northern Ireland which is also the principal place of business of the company. The principle activity of the business is retail of groceries. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 0 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 10% Straight line
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 16, (2022 - 20).
 
  2023 2022
  Number Number
 
Shop Assistants 16 20
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 January 2023 40,000 40,000
  ───────── ─────────
 
At 31 December 2023 40,000 40,000
  ───────── ─────────
Amortisation
At 1 January 2023 6,667 6,667
Charge for financial year 5,000 5,000
  ───────── ─────────
At 31 December 2023 11,667 11,667
  ───────── ─────────
Net book value
At 31 December 2023 28,333 28,333
  ═════════ ═════════
At 31 December 2022 33,333 33,333
  ═════════ ═════════
           
5. Tangible assets
  Short Plant and Fixtures, Total
  leasehold machinery fittings and  
  property   equipment  
  £ £ £ £
Cost
At 1 January 2023 - 3,408 14,315 17,723
Additions 6,027 3,560 21,704 31,291
  ───────── ───────── ───────── ─────────
At 31 December 2023 6,027 6,968 36,019 49,014
  ───────── ───────── ───────── ─────────
Depreciation
At 1 January 2023 - 439 590 1,029
Charge for the financial year 239 931 4,328 5,498
  ───────── ───────── ───────── ─────────
At 31 December 2023 239 1,370 4,918 6,527
  ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 5,788 5,598 31,101 42,487
  ═════════ ═════════ ═════════ ═════════
At 31 December 2022 - 2,969 13,725 16,694
  ═════════ ═════════ ═════════ ═════════
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.