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REGISTERED NUMBER: SC681656 (Scotland)



















TAAKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2023






TAAKS LIMITED (REGISTERED NUMBER: SC681656)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TAAKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: Ms Stveara Kaur





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC681656 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 73,007 23,669

CURRENT ASSETS
Stocks 580,000 252,000
Debtors 4 332,778 218,995
Cash at bank and in hand 27,656 18,595
940,434 489,590
CREDITORS
Amounts falling due within one year 5 917,929 506,384
NET CURRENT ASSETS/(LIABILITIES) 22,505 (16,794 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,512

6,875

PROVISIONS FOR LIABILITIES 2,266 1,381
NET ASSETS 93,246 5,494

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 93,146 5,394
93,246 5,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 September 2024 and were signed by:





Ms Stveara Kaur - Director


TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the year, exclusive of Value Added Tax. A sale is recognised at the point where a payment is made in the shop or where an internet order is placed by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost
Motor Vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to the individual personal pensions of its employees. Contributions payable are charged to the accounts in the period to which they relate.

Employee benefits
When employees have rendered service to the company , short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 23 ) .

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. TANGIBLE FIXED ASSETS
Equipment
and Motor
Fittings Vehicles Totals
£    £    £   
COST
At 1 August 2022 3,911 20,000 23,911
Additions 4,799 53,717 58,516
Disposals (1,083 ) - (1,083 )
At 31 July 2023 7,627 73,717 81,344
DEPRECIATION
At 1 August 2022 242 - 242
Charge for year 547 7,805 8,352
Eliminated on disposal (257 ) - (257 )
At 31 July 2023 532 7,805 8,337
NET BOOK VALUE
At 31 July 2023 7,095 65,912 73,007
At 31 July 2022 3,669 20,000 23,669

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Related company loan - 58,911
Credit card debtors 8,252 44,756
Director's current accounts 1,714 2,614
Tax recoverable 850 -
Prepayments 321,962 112,714
332,778 218,995

The related company loan is interest free and repayable on demand. The director's loan is repayable on demand and interest charged for the loan is 2 % and 2.25% from 6 April 2023.

TAAKS LIMITED (REGISTERED NUMBER: SC681656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 689,365 379,048
Corporation Tax 73,960 4,956
Social security and other taxes 6,128 2,229
VAT 65,119 47,693
Accrued expenses 83,357 72,458
917,929 506,384

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 190,833 190,833
Between one and five years 659,790 703,540
In more than five years 984,285 1,131,368
1,834,908 2,025,741

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Ms Stveara Kaur
Balance outstanding at start of year 2,614 -
Amounts advanced 604,653 448,164
Amounts repaid (605,553 ) (445,550 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,714 2,614

8. RELATED PARTY DISCLOSURES

The loan balance due from the director amounted to £1,714 (2022 : £2,614) at the year end.