Registered number
10981652
SABEEH MINI MARKET LTD
Filleted Accounts
28 February 2024
SABEEH MINI MARKET LTD
Registered number: 10981652
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 75,775 83,215
Current assets
Stocks 102,488 142,488
Debtors 4 14,449 10,127
Cash at bank and in hand 220,145 152,790
337,082 305,405
Creditors: amounts falling due within one year 5 (187,382) (167,318)
Net current assets 149,700 138,087
Total assets less current liabilities 225,475 221,302
Creditors: amounts falling due after more than one year 6 (81,290) (79,048)
Net assets 144,185 142,254
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 143,185 141,254
Shareholder's funds 144,185 142,254
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mohamed Anees Badurudeen
Director
Approved by the board on 14 September 2024
SABEEH MINI MARKET LTD
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
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:
Motor vehicles 18%
Fixtures, fittings, tools and equipment 18%
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 9
3 Tangible fixed assets
Furniture and fittings etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 150,385 20,000 170,385
Additions 9,195 - 9,195
At 28 February 2024 159,580 20,000 179,580
Depreciation
At 1 March 2023 77,328 9,842 87,170
Charge for the year 14,806 1,829 16,635
At 28 February 2024 92,134 11,671 103,805
Net book value
At 28 February 2024 67,446 8,329 75,775
At 28 February 2023 73,057 10,158 83,215
4 Debtors 2024 2023
£ £
Trade debtors 10,385 6,443
VAT Refund 4,064 3,684
14,449 10,127
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,723 3,765
Taxation and social security costs 50,659 38,553
Other creditors 135,000 125,000
187,382 167,318
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 81,290 79,048
7 Other information
SABEEH MINI MARKET LTD is a private company limited by shares and incorporated in England. Its registered office is:
1 Clegg Square
Shenley Lodge
Milton Keynes
England
MK5 7HG
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