Rahil Saggar Limited 06346972 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is that of an opticians Digita Accounts Production Advanced 6.30.9574.0 true true 06346972 2022-09-01 2023-08-31 06346972 2023-08-31 06346972 core:CurrentFinancialInstruments 2023-08-31 06346972 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 06346972 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 06346972 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 06346972 core:Goodwill 2023-08-31 06346972 core:FurnitureFittingsToolsEquipment 2023-08-31 06346972 core:MotorVehicles 2023-08-31 06346972 bus:SmallEntities 2022-09-01 2023-08-31 06346972 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 06346972 bus:FilletedAccounts 2022-09-01 2023-08-31 06346972 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 06346972 bus:RegisteredOffice 2022-09-01 2023-08-31 06346972 bus:Director1 2022-09-01 2023-08-31 06346972 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 06346972 core:ComputerSoftware 2022-09-01 2023-08-31 06346972 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 06346972 core:Goodwill 2022-09-01 2023-08-31 06346972 core:FurnitureFittings 2022-09-01 2023-08-31 06346972 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 06346972 core:MotorVehicles 2022-09-01 2023-08-31 06346972 core:OfficeEquipment 2022-09-01 2023-08-31 06346972 countries:AllCountries 2022-09-01 2023-08-31 06346972 2022-08-31 06346972 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 06346972 core:Goodwill 2022-08-31 06346972 core:FurnitureFittingsToolsEquipment 2022-08-31 06346972 core:MotorVehicles 2022-08-31 06346972 2021-09-01 2022-08-31 06346972 2022-08-31 06346972 core:CurrentFinancialInstruments 2022-08-31 06346972 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 06346972 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 06346972 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 06346972 core:Goodwill 2022-08-31 06346972 core:FurnitureFittingsToolsEquipment 2022-08-31 06346972 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 06346972

Rahil Saggar Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Rahil Saggar Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Rahil Saggar Limited

(Registration number: 06346972)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,133

1,944

Tangible assets

5

171,083

157,915

 

172,216

159,859

Current assets

 

Stocks

6

27,685

27,685

Debtors

7

101,266

80,017

Cash at bank and in hand

 

108,480

50,100

 

237,431

157,802

Creditors: Amounts falling due within one year

8

(214,265)

(211,611)

Net current assets/(liabilities)

 

23,166

(53,809)

Total assets less current liabilities

 

195,382

106,050

Creditors: Amounts falling due after more than one year

8

(181,663)

(91,978)

Provisions for liabilities

(13,554)

(13,554)

Net assets

 

165

518

Capital and reserves

 

Called up share capital

100

100

Retained earnings

65

418

Shareholders' funds

 

165

518

 

Rahil Saggar Limited

(Registration number: 06346972)
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 28 August 2024
 

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

 

Rahil Saggar Limited

Notes to the Unaudited 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 & 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 28 August 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

The financial statements have been prepared on a going concern basis.

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 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.

 

Rahil Saggar Limited

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

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

Professional and office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Shop Refit

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 Years

Software

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Rahil Saggar Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 5 (2022 - 5).

 

Rahil Saggar Limited

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

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 September 2022

9,000

4,478

13,478

At 31 August 2023

9,000

4,478

13,478

Amortisation

At 1 September 2022

9,000

2,534

11,534

Amortisation charge

-

811

811

At 31 August 2023

9,000

3,345

12,345

Carrying amount

At 31 August 2023

-

1,133

1,133

At 31 August 2022

-

1,944

1,944

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

397,882

42,550

440,432

Additions

61,402

-

61,402

At 31 August 2023

459,284

42,550

501,834

Depreciation

At 1 September 2022

274,008

8,510

282,518

Charge for the year

41,425

6,808

48,233

At 31 August 2023

315,433

15,318

330,751

Carrying amount

At 31 August 2023

143,851

27,232

171,083

At 31 August 2022

123,875

34,040

157,915

 

Rahil Saggar Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

27,685

27,685

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

16,604

22,563

Amounts owed by related parties

16,896

2,640

Prepayments

 

10,349

14,454

Other debtors

 

57,417

40,360

   

101,266

80,017

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

96,839

52,651

Trade creditors

 

58,094

107,160

Taxation and social security

 

3,512

2,924

Accruals and deferred income

 

15,219

14,941

Other creditors

 

40,601

33,935

 

214,265

211,611

Creditors include hire purchase contracts which are secured of £26,401 (2022 - £30,486).

Creditors include bank loans which are secured of £70,438 (2022 - £11,055).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

181,663

91,978

Creditors include hire purchase contracts which are secured of £47,568 (2022 - £37,427).

Creditors include bank loans which are secured of £134,125 (2022 - £28,216)