Company Registration No. SC087209 (Scotland)
Saraki (uk) Limited
Unaudited accounts
for the year ended 31 December 2023
Saraki (uk) Limited
Unaudited accounts
Contents
Saraki (uk) Limited
Company Information
for the year ended 31 December 2023
Directors
Baljit Singh Sandhu
Manasjit Singh Sandhu
Company Number
SC087209 (Scotland)
Registered Office
101 Centre Street
Glasgow
G5 8BU
United Kingdom
Accountants
Kelly Tax Services Limited
New Alderston House
3 Dove Wynd, Strathclyde Business Park
Bellshill
North Lanarkshire
ML4 3FB
Saraki (uk) Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,353
1,592
Inventories
113,514
69,070
Cash at bank and in hand
165,705
170,484
Creditors: amounts falling due within one year
(76,750)
(46,776)
Net current assets
267,886
266,896
Net assets
269,239
268,488
Called up share capital
196
196
Share premium
239,904
239,904
Profit and loss account
29,139
28,388
Shareholders' funds
269,239
268,488
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by
Baljit Singh Sandhu
Director
Company Registration No. SC087209
Saraki (uk) Limited
Notes to the Accounts
for the year ended 31 December 2023
Saraki (uk) Limited is a private company, limited by shares, registered in Scotland, registration number SC087209. The registered office is 101 Centre Street, Glasgow, G5 8BU, United Kingdom.
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Compliance with accounting standards
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A
of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements are presented in sterling and this is the functional currency of the company.
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/or 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the
contributions have been paid the company has no further obligation.
Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Saraki (uk) Limited
Notes to the Accounts
for the year ended 31 December 2023
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Trade debtors
57,327
70,047
Accrued income and prepayments
1,788
1,730
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
73,947
42,780
Taxes and social security
293
639
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.
The Royal Bank of Scotland PLC holds a personal guarantee signed by a director over a private residence.
The Royal Bank of Scotland PLC holds a floating charge over the assets of the company.
The pension cost charge represents contributions payable by the company to the fund and amounted to £250 (2022: £400). The contributions outstanding at the year end amounted to £4 (2022: Nil).
Saraki (uk) Limited
Notes to the Accounts
for the year ended 31 December 2023
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Average number of employees
During the year the average number of employees was 3 (2022: 3).