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Registered number: 10704095
SAFIA RETAIL LTD
Financial Statements
For The Year Ended 31 December 2023
Tamsons Accounting & Tax Consultancy Ltd
Financial Accountants'
65 Southlands Road
Bromley
Kent
BR2 9QR
Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr Jeradnevins Jesurasan
Company Number 10704095
Registered Office 91 Eign Road
Hereford
HR1 2RU
Business 41A WHITTERN WAY
HEREFORD
HEREFORDSHIRE
HR1 1PE
Accountants Tamsons Accounting & Tax Consultancy Ltd
Financial Accountants'
65 Southlands Road
Bromley
Kent
BR2 9QR
Page 1
Page 2
Balance Sheet
Registered number: 10704095
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 97,500 -
Tangible Assets 5 501,698 25,622
599,198 25,622
CURRENT ASSETS
Stocks 6 794,290 490,925
Cash at bank and in hand 34,356 54,329
828,646 545,254
Creditors: Amounts Falling Due Within One Year 7 (590,913 ) (222,816 )
NET CURRENT ASSETS (LIABILITIES) 237,733 322,438
TOTAL ASSETS LESS CURRENT LIABILITIES 836,931 348,060
Creditors: Amounts Falling Due After More Than One Year 8 (533,960 ) (101,653 )
NET ASSETS 302,971 246,407
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 302,871 246,307
SHAREHOLDERS' FUNDS 302,971 246,407
Page 2
Page 3
For the year ending 31 December 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 his 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
Mr Jeradnevins Jesurasan
Director
08/05/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
SAFIA RETAIL LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10704095 . The registered office is 91 Eign Road, Hereford, HR1 2RU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 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 NA
Leasehold NA
Fixtures & Fittings 18% @ WDV
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.
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.
...CONTINUED
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2.6. Taxation - continued
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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2022: 19)
20 19
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 -
Additions 97,500
As at 31 December 2023 97,500
Net Book Value
As at 31 December 2023 97,500
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 - - 39,400 39,400
Additions 404,248 1 83,998 488,247
As at 31 December 2023 404,248 1 123,398 527,647
Depreciation
As at 1 January 2023 - - 13,778 13,778
Provided during the period - - 12,171 12,171
As at 31 December 2023 - - 25,949 25,949
...CONTINUED
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Page 6
Net Book Value
As at 31 December 2023 404,248 1 97,449 501,698
As at 1 January 2023 - - 25,622 25,622
6. Stocks
2023 2022
£ £
Materials 794,290 490,925
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 98,548 76,192
Bank loans and overdrafts 54,761 56,820
Corporation tax 33,287 44,656
Other taxes and social security 6,752 2,927
VAT 15,301 13,241
Other creditors 6,900 3,800
Director's loan account 375,364 25,180
590,913 222,816
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans-BBL 24,921 34,167
YOULEND 155,251 67,486
Capital On Tap 2,284 -
New Loan Lloyds-£3749.30 351,504 -
533,960 101,653
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr Jeradnevins Jesurasan 40,000 40,000
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