Registered number
07134600
Polish Supermarkets Ltd
Filleted Accounts
31 January 2024
Polish Supermarkets Ltd
Registered number: 07134600
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 41,461 27,594
Current assets
Stocks 215,000 255,000
Debtors 4 778,178 419,678
Cash at bank and in hand 592,349 588,215
1,585,527 1,262,893
Creditors: amounts falling due within one year 5 (568,835) (562,894)
Net current assets 1,016,692 699,999
Net assets 1,058,153 727,593
Capital and reserves
Called up share capital 50 50
Profit and loss account 1,058,103 727,543
Shareholders' funds 1,058,153 727,593
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
G S Arora
Director
Approved by the board on 27 September 2024
Polish Supermarkets Ltd
Notes to the Accounts
for the year ended 31 January 2024
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.
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:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 70 54
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 9,088 38,034 15,970 63,092
Additions - 21,000 - 21,000
At 31 January 2024 9,088 59,034 15,970 84,092
Depreciation
At 1 February 2023 - 20,642 14,856 35,498
Charge for the year - 6,910 223 7,133
At 31 January 2024 - 27,552 15,079 42,631
Net book value
At 31 January 2024 9,088 31,482 891 41,461
At 31 January 2023 9,088 17,392 1,114 27,594
4 Debtors 2024 2023
£ £
Other debtors 778,178 419,678
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,044 -
Trade creditors 182,979 204,692
Taxation and social security costs 197,841 233,210
Other creditors 175,971 124,992
568,835 562,894
6 Other information
Polish Supermarkets Ltd is a private company limited by shares and incorporated in England. Its registered office is:
153 Bitterne Road West
Southampton
England
SO18 1BH
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