Registered number
SC640073
TAJ GROCERS LTD
Filleted Accounts
31 December 2023
TAJ GROCERS LTD
Registered number: SC640073
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 145,000 210,000
Tangible assets 4 503,333 170,606
648,333 380,606
Current assets
Stocks 117,173 139,151
Debtors 5 145,515 46,507
Cash at bank and in hand 9,411 34,832
272,099 220,490
Creditors: amounts falling due within one year 6 (200,575) (126,538)
Net current assets 71,524 93,952
Total assets less current liabilities 719,857 474,558
Creditors: amounts falling due after more than one year 7 (588,358) (417,344)
Net assets 131,499 57,214
Capital and reserves
Called up share capital 100 100
Profit and loss account 131,399 57,114
Shareholder's funds 131,499 57,214
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Tajinder Pal Singh
Director
Approved by the board on 10 September 2024
TAJ GROCERS LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Vehicle 10% Reducing balance
Fixtures, fittings, tools and equipment 10% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 22
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 210,000
Additions 85,000
Disposals (150,000)
At 31 December 2023 145,000
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 145,000
At 31 December 2022 210,000
4 Tangible fixed assets
Land and buildings Fixture & fittings Motor vehicle Total
£ £ £ £
Cost
At 1 January 2023 - 164,274 38,398 202,672
Additions 360,513 21,416 - 381,929
Disposals - (30,000) - (30,000)
At 31 December 2023 360,513 155,690 38,398 554,601
Depreciation
At 1 January 2023 - 31,898 168 32,066
Charge for the year - 15,379 3,823 19,202
At 31 December 2023 - 47,277 3,991 51,268
Net book value
At 31 December 2023 360,513 108,413 34,407 503,333
At 31 December 2022 - 132,376 38,230 170,606
5 Debtors 2023 2022
£ £
Other debtors 145,515 46,507
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 98,590 92,990
Taxation and social security costs 52,375 24,803
Other creditors 49,610 8,745
200,575 126,538
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 382,477 153,336
Obligations under finance lease and hire purchase contracts 33,298 41,621
Directors loan account 172,583 222,387
588,358 417,344
8 Other information
TAJ GROCERS LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
106 Newhouse Road
Grangemouth
Falkirk
FK3 8NJ
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