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REGISTERED NUMBER: 11293200 (England and Wales)



REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

SAMSTER LIMITED

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Report of the Directors 2

Independent Auditors' Report 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


SAMSTER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: G S Harike
S S Kandola
G Dhaliwal





REGISTERED OFFICE: Beckwith Barn
Warren Estate
Lordship Road
Chelmsford
Essex
CM1 3WT





REGISTERED NUMBER: 11293200 (England and Wales)





AUDITORS: Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating buffet restaurant as an operator under a service level agreement.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

G S Harike
S S Kandola
G Dhaliwal

GOING CONCERN
In recent periods the company has relied on cash flow support form a related party (Za Za Bazaar Limited) to enable it to continue as a going concern. Management consider it reasonable to note this reliance may create material uncertainties for the company. Details of management's going concern assessment are explained in note 3 of the notes to the financial statements to support the use of the going concern for these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G S Harike - Director


24 September 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
SAMSTER LIMITED

Opinion
We have audited the financial statements of Samster Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions related to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
SAMSTER LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, control environment and business performance;

- the results of enquiries of management about their own identification and assessment of the risks of
irregularities;

- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
SAMSTER LIMITED


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: recognition of income, value of stock and payroll. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
- performing system checks of the sales system.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Timothy Harbour Bsc FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

24 September 2024

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 8,797,189 8,077,206

Cost of sales 5,779,164 5,205,054
GROSS PROFIT 3,018,025 2,872,152

Administrative expenses 3,454,987 3,089,889
OPERATING LOSS and
LOSS BEFORE TAXATION (436,962 ) (217,737 )

Tax on loss 5 - -
LOSS FOR THE FINANCIAL YEAR (436,962 ) (217,737 )

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 6 43,350 48,104
Debtors 7 185,124 257,242
Cash at bank and in hand 8 522,291 433,147
750,765 738,493
CREDITORS
Amounts falling due within one year 9 3,801,179 3,351,945
NET CURRENT LIABILITIES (3,050,414 ) (2,613,452 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,050,414

)

(2,613,452

)

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (3,050,514 ) (2,613,552 )
SHAREHOLDERS' FUNDS (3,050,414 ) (2,613,452 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





G S Harike - Director


SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 100 (2,395,815 ) (2,395,715 )

Changes in equity
Deficit for the year - (217,737 ) (217,737 )
Total comprehensive income - (217,737 ) (217,737 )
Balance at 30 September 2022 100 (2,613,552 ) (2,613,452 )

Changes in equity
Deficit for the year - (436,962 ) (436,962 )
Total comprehensive income - (436,962 ) (436,962 )
Balance at 30 September 2023 100 (3,050,514 ) (3,050,414 )

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Samster Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound sterling (£), which is the functional currency of the company.

Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These financial statements contain information about Samster Limited as an individual Company.

Summary of significant accounting policies
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.

Going concern
The company's principal activity is associated with the operation of a restaurant which has been operating within challenging market conditions. During this time, the company has relied on cash flow support form a related party (Za Za Bazaar Limited) to enable it to continue as a going concern.

The directors of Samster Limited having considered the cash flow requirements of the company for a period of twelve months from the date of approval of these financial statements, are satisfied that sufficient financial resources will continue to be made available and that the company will be able to meet its debts as they fall due.

The financial statements do not include the adjustments that would be necessary should the going concern basis of preparation no longer be appropriate.

Based on the director's assessment, the directors concluded that the ability to continue as a going concern is dependent on the provision of financial support from the related party (Za Za Bazaar Limited). The directors have obtained confirmation from Za Za Bazaar that the related party debt will not be called for payment for a period of at least 12 months from the issuance of these financial statements and confirmed their ability to provide such support.

In addition, the company operates under a services agreement for the operation of the restaurant. The agreement in place operates on an annual 12 month contract period which is agreed with both parties and renewed at each anniversary. A party may give 3 months notice to the other party at any time during the relevant period, to terminate the agreement with effect from the end of the next agreed term.

Any loss of the current services agreement could present challenges for the company to continue trading. At present there are no issues or disputes under the current agreement, which has recently been extended for a subsequent year.

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimate and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

The directors review undertaken has highlighted no significant judgements or estimates that would not be considered normal for a similar entity. With exception for the use of the going concern policy documented above, the directors have no further disclosure.

Turnover
Sale of goods and services
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services, net of returns, discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents amounts receivable for the provision of the company's principal activity, sales are recognised at the date the goods and service are provided to the customer.

Stocks
Stock is valued at the lower of cost and net realisable value using the FIFO basis. Cost is determined by the actual amount paid for the stock, net of value added tax. Provisions are made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments such as loans, accounts receivable and payable are initially measured at present value and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to paid or received.

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.


SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. 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.

Impairment review
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

4. EMPLOYEES AND DIRECTORS

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

Labour costs for Samster (Operator) are contracted costs under the terms of the service level agreement. All employees contract of employment are held and agreed with the other party in accordance with the terms and conditions of the agreement.

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 September 2023 nor for the year ended 30 September 2022.

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. Due to uncertainty concerning the recoverability of the tax losses carried forward, no deferred tax asset has been recognised.

6. STOCKS
2023 2022
£    £   
Stocks 43,350 48,104

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 145,369 203,541
Prepayments 39,755 53,701
185,124 257,242

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8. CASH AT BANK AND IN HAND
2023 2022
£    £   
Bank account 517,791 428,647
Cash in hand 4,500 4,500
522,291 433,147

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 333,960 275,572
Amounts owed to related parties 3,171,273 2,844,315
VAT 146,330 82,509
Other creditors 5,620 5,194
Accrued expenses 143,996 144,355
3,801,179 3,351,945

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to participate in a distribution arising from a wind up of the company.

11. RESERVES
Retained
earnings
£   

At 1 October 2022 (2,613,552 )
Deficit for the year (436,962 )
At 30 September 2023 (3,050,514 )

SAMSTER LIMITED (REGISTERED NUMBER: 11293200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. RELATED PARTY DISCLOSURES

Companies with common directors

2023 2022
£ £
Wages expense paid to a related party 2,587,107 2,236,732
Royalties expense paid to a related party 1,055,663 1,009,651
Rent & service charges paid to a related party 196,943 318,167
Other administrative costs paid to a related party 158,542 186,804
3,998,255 3,751,354

Amount due to related party 3,171,273 2,844,315

The amounts shown above concern transactions with another company in which Mr S Kandola and Mr G Dhaliwal are directors and have a controlling interest.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G S Harike.