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Company registration number: 03252361
Prashad Sweets Limited
Unaudited filleted financial statements
30 November 2023
Prashad Sweets Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Prashad Sweets Limited
Directors and other information
Directors Mr. J. D. Thakker
Company number 03252361
Registered office Maruti House
1st floor
369 Station Road
Harrow
HA1 2AW
Business address 222 Ealing Road
Wembley
Middlesex
HA0 4Ql
Accountants SRV Delson
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
Solicitors Hugh Cartwright & Amin
12 John Street
London
WC1N 2EB
Prashad Sweets Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 95,345 113,355
_______ _______
95,345 113,355
Current assets
Stocks 93,657 81,527
Debtors 8 345,581 336,231
Cash at bank and in hand 10,336 20,000
_______ _______
449,574 437,758
Creditors: amounts falling due
within one year 9 ( 213,970) ( 208,744)
_______ _______
Net current assets 235,604 229,014
_______ _______
Total assets less current liabilities 330,949 342,369
Creditors: amounts falling due
after more than one year 10 ( 74,980) ( 107,348)
Provisions for liabilities ( 11,961) ( 11,961)
_______ _______
Net assets 244,008 223,060
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 239,008 218,060
_______ _______
Shareholders funds 244,008 223,060
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr. J. D. Thakker
Director
Company registration number: 03252361
Prashad Sweets Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 5,000 207,877 212,877
Profit for the year 10,183 10,183
_______ _______ _______
Total comprehensive income for the year - 10,183 10,183
_______ _______ _______
At 30 November 2022 and 1 December 2022 5,000 218,060 223,060
Profit for the year 20,948 20,948
_______ _______ _______
Total comprehensive income for the year - 20,948 20,948
_______ _______ _______
At 30 November 2023 5,000 239,008 244,008
_______ _______ _______
Prashad Sweets Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Maruti House, 1st floor, 369 Station Road, Harrow, HA1 2AW.
Principal Activities
The principal activity of the company continued to be that of take away, snacks and savouries shops.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the bank to the company. On this basis the directors consider that it is appropriate to prepare the financial statements on a going concern basis.These financial statements do not include any adjustments that would result if the company would cease trading.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 18 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 2,936 2,936
Adjustments in respect of previous periods - 7,552
_______ _______
Tax on profit 2,936 10,488
_______ _______
No provision for corporation tax liabilities has been made in these financial statements due to tax losses incurred during the year.
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 23,884 20,671
_______ _______
Profit multiplied by rate of tax 4,538 3,927
Adjustments in respect of prior periods - 7,552
Effect of capital allowances and depreciation 3,921 -
Utilisation of tax losses ( 5,523) ( 10,525)
Unrelieved tax losses - 9,534
_______ _______
Tax on profit 2,936 10,488
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 12,000 12,000
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 12,000 12,000
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 30 November 2022 - -
_______ _______
7. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 and 30 November 2023 102,877 450,334 40,873 594,084
_______ _______ _______ _______
Depreciation
At 1 December 2022 102,877 342,322 35,531 480,730
Charge for the year - 16,202 1,807 18,009
_______ _______ _______ _______
At 30 November 2023 102,877 358,524 37,338 498,739
_______ _______ _______ _______
Carrying amount
At 30 November 2023 - 91,810 3,535 95,345
_______ _______ _______ _______
At 30 November 2022 - 108,012 5,342 113,354
_______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 11,750 9,900
Amounts owed by group undertakings and undertakings in which the company has a participating interest 308,481 300,981
Other debtors 25,350 25,350
_______ _______
345,581 336,231
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 23,642
Corporation tax 5,872 2,936
Social security and other taxes 11,408 19,589
Other creditors 196,690 162,577
_______ _______
213,970 208,744
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 74,980 107,348
_______ _______
11. Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. J. D. Thakker ( 214) ( 5,712) ( 5,926)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. J. D. Thakker - ( 214) ( 214)
_______ _______ _______
13. Related party transactions
The amounts owed to the directors are disclosed in note 12.
14. Controlling party
The ultimate controlling interest is held by Mr. J. D. Thakkar, director and major shareholder of the company.