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Registration number: 09610565

Rahil Saggar (Denton) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Rahil Saggar (Denton) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Rahil Saggar (Denton) Limited

Company Information

Director

Mr R Saggar

Registered office

15 High Street
Cheadle
Cheshire
SK8 1AX

Accountants

INNventory Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

Rahil Saggar (Denton) Limited

(Registration number: 09610565)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

43,296

59,855

Tangible assets

5

13,921

21,066

 

57,217

80,921

Current assets

 

Stocks

6

24,432

24,432

Debtors

7

67,964

72,772

Cash at bank and in hand

 

61,859

50,000

 

154,255

147,204

Creditors: Amounts falling due within one year

8

(116,137)

(82,513)

Net current assets

 

38,118

64,691

Total assets less current liabilities

 

95,335

145,612

Creditors: Amounts falling due after more than one year

8

(121,491)

(180,305)

Provisions for liabilities

(2,645)

(850)

Net liabilities

 

(28,801)

(35,543)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(28,901)

(35,643)

Shareholders' deficit

 

(28,801)

(35,543)

 

Rahil Saggar (Denton) Limited

(Registration number: 09610565)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 February 2024
 

.........................................
Mr R Saggar
Director

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 High Street
Cheadle
Cheshire
SK8 1AX
England

These financial statements were authorised for issue by the director on 8 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% straight line method

Fixtures & Fittings

25% straight line method

Professional Equipment

25% straight line method

Intangible assets

Franchie agreement has a finite useful life and is carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Agreement

12.5% straight line basis

Software

20% straight line basis

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Intangible assets

Franchise agreement
 £

Software
 £

Total
£

Cost or valuation

At 1 September 2022

158,385

4,522

162,907

Additions acquired separately

-

5,179

5,179

At 31 August 2023

158,385

9,701

168,086

Amortisation

At 1 September 2022

100,443

2,609

103,052

Amortisation charge

19,798

1,940

21,738

At 31 August 2023

120,241

4,549

124,790

Carrying amount

At 31 August 2023

38,144

5,152

43,296

At 31 August 2022

57,942

1,913

59,855

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Professional equipments
£

Total
£

Cost or valuation

At 1 September 2022

63,939

47,114

111,053

Additions

423

-

423

At 31 August 2023

64,362

47,114

111,476

Depreciation

At 1 September 2022

63,209

26,778

89,987

Charge for the year

789

6,779

7,568

At 31 August 2023

63,998

33,557

97,555

Carrying amount

At 31 August 2023

364

13,557

13,921

At 31 August 2022

730

20,336

21,066

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

24,432

24,432

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

9,064

11,202

Amounts owed by related parties

54,271

56,245

Prepayments

 

4,529

5,225

Other debtors

 

100

100

   

67,964

72,772

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

45,259

36,292

Trade creditors

 

54,182

35,501

Taxation and social security

 

9,833

3,693

Accruals and deferred income

 

1,105

3,499

Other creditors

 

5,758

3,528

 

116,137

82,513

Creditors include bank loans which are secured of £45,259 (2022 - £36,292).

National Westminister Bank PLC holds a fixed charge over the company in relation to the bank loan/overdraft.

 

Rahil Saggar (Denton) Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

121,491

180,305

Creditors include bank loans which are secured of £121,491 (2022 - £180,305).

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

91,833

131,123

Other borrowings

29,658

49,182

121,491

180,305

Current loans and borrowings

2023
£

2022
£

Bank borrowings

29,000

16,424

Bank overdrafts

-

3,768

Other borrowings

16,259

16,100

45,259

36,292