Silverfin false false 31/10/2023 10/10/2022 31/10/2023 Mohammed Balal Ali 10/10/2022 09 October 2024 The principal activity of the Company during the financial period was takeaway food. SC746919 2023-10-31 SC746919 bus:Director1 2023-10-31 SC746919 core:CurrentFinancialInstruments 2023-10-31 SC746919 core:ShareCapital 2023-10-31 SC746919 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC746919 core:PlantMachinery 2022-10-09 SC746919 core:Vehicles 2022-10-09 SC746919 2022-10-09 SC746919 core:PlantMachinery 2023-10-31 SC746919 core:Vehicles 2023-10-31 SC746919 bus:OrdinaryShareClass1 2023-10-31 SC746919 2022-10-10 2023-10-31 SC746919 bus:FilletedAccounts 2022-10-10 2023-10-31 SC746919 bus:SmallEntities 2022-10-10 2023-10-31 SC746919 bus:AuditExemptWithAccountantsReport 2022-10-10 2023-10-31 SC746919 bus:PrivateLimitedCompanyLtd 2022-10-10 2023-10-31 SC746919 bus:Director1 2022-10-10 2023-10-31 SC746919 core:PlantMachinery 2022-10-10 2023-10-31 SC746919 core:Vehicles 2022-10-10 2023-10-31 SC746919 bus:OrdinaryShareClass1 2022-10-10 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC746919 (Scotland)

QISMAT STREET FOOD LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 10 OCTOBER 2022 TO 31 OCTOBER 2023
PAGES FOR FILING WITH THE REGISTRAR

QISMAT STREET FOOD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 10 OCTOBER 2022 TO 31 OCTOBER 2023

Contents

QISMAT STREET FOOD LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2023
QISMAT STREET FOOD LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2023
Note 31.10.2023
£
Fixed assets
Tangible assets 3 46,048
46,048
Current assets
Stocks 572
Cash at bank and in hand 31,346
31,918
Creditors: amounts falling due within one year 4 ( 55,595)
Net current liabilities (23,677)
Total assets less current liabilities 22,371
Provision for liabilities ( 4,790)
Net assets 17,581
Capital and reserves
Called-up share capital 5 100
Profit and loss account 17,481
Total shareholder's funds 17,581

For the financial period ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Qismat Street Food Limited (registered number: SC746919) were approved and authorised for issue by the Director on 09 October 2024. They were signed on its behalf by:

Mohammed Balal Ali
Director
QISMAT STREET FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 10 OCTOBER 2022 TO 31 OCTOBER 2023
QISMAT STREET FOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 10 OCTOBER 2022 TO 31 OCTOBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Qismat Street Food Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Meadow Views, Aldroughty, Elgin, IV30 8UN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net current liabilities of £23,677. The Company is supported through loans from the director. The director has confirmed the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Period from
10.10.2022 to
31.10.2023
Number
Monthly average number of persons employed by the Company during the period, including the director 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 10 October 2022 0 0 0
Additions 38,821 16,750 55,571
At 31 October 2023 38,821 16,750 55,571
Accumulated depreciation
At 10 October 2022 0 0 0
Charge for the financial period 4,987 4,536 9,523
At 31 October 2023 4,987 4,536 9,523
Net book value
At 31 October 2023 33,834 12,214 46,048

4. Creditors: amounts falling due within one year

31.10.2023
£
Trade creditors 1,236
Other creditors 54,359
55,595

5. Called-up share capital

31.10.2023
£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100

6. Related party transactions

Transactions with the entity's director

31.10.2023
£
Director (amount owed to the director) 51,509

This loan is unsecured, interest fee and has no fixed terms of repayment.