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Registered number: 12184986
Durai Retail Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
In-Touch Business Solutions Ltd
ACCA
In-Touch Business Solutions Ltd Jhumat House
160, London Road
Barking
IG11 8BB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12184986
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 158,300 98,300
Tangible Assets 5 230,146 29,655
388,446 127,955
CURRENT ASSETS
Stocks 6 225,230 190,520
Debtors 7 32,358 302
Investments 8 - 13,872
Cash at bank and in hand 4,156 30,282
261,744 234,976
Creditors: Amounts Falling Due Within One Year 9 (595,239 ) (320,039 )
NET CURRENT ASSETS (LIABILITIES) (333,495 ) (85,063 )
TOTAL ASSETS LESS CURRENT LIABILITIES 54,951 42,892
Creditors: Amounts Falling Due After More Than One Year 10 (37,452 ) (42,593 )
NET ASSETS 17,499 299
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 17,399 199
SHAREHOLDERS' FUNDS 17,499 299
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Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Priya Pichaimuthu
Director
15/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Durai Retail Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12184986 . The registered office is 2 Whitley Place, , Holywell, , Whitley Bay,, NE25 0NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Freehold 0%
Fixtures & Fittings 20%
Computer Equipment 20%
2.5. 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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2.6. 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 year 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 asset reflects 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: 15 (2022: 14)
15 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 98,300
Additions 60,000
As at 30 September 2023 158,300
Net Book Value
As at 30 September 2023 158,300
As at 1 October 2022 98,300
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5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2022 - 48,390 2,043 50,433
Additions 141,337 86,550 - 227,887
As at 30 September 2023 141,337 134,940 2,043 278,320
Depreciation
As at 1 October 2022 - 20,098 680 20,778
Provided during the period - 26,987 409 27,396
As at 30 September 2023 - 47,085 1,089 48,174
Net Book Value
As at 30 September 2023 141,337 87,855 954 230,146
As at 1 October 2022 - 28,292 1,363 29,655
6. Stocks
2023 2022
£ £
Finished goods 225,230 190,520
7. Debtors
2023 2022
£ £
Due within one year
VAT 18,486 302
18,486 302
Due after more than one year
Amounts recoverable on contracts 13,872 -
13,872 -
32,358 302
8. Current Asset Investments
2023 2022
£ £
Short term deposits - 13,872
- 13,872
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9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 230,872 43,655
Corporation tax 1,588 14,518
Other taxes and social security 1,158 1,374
Nest Pension (Current liabilities - creditors < 1 year) 471 471
Credit Card 49,082 44,107
Director's loan account 312,068 215,914
595,239 320,039
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 37,037 42,593
Other creditors 415 -
37,452 42,593
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 48,172 73,000
48,172 73,000
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