Registered number
09947284
Lumbini Grocery LTD
Filleted Accounts
31 January 2024
Lumbini Grocery LTD
Registered number: 09947284
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 13,600 14,400
Tangible assets 4 11,314 16,510
24,914 30,910
Current assets
Stocks 35,125 35,125
Debtors 5 52,000 6,000
Cash at bank and in hand 60,574 14,981
147,699 56,106
Creditors: amounts falling due within one year 6 (31,459) (47,971)
Net current assets 116,240 8,135
Total assets less current liabilities 141,154 39,045
Creditors: amounts falling due after more than one year 7 (129,329) (38,839)
Net assets 11,825 206
Capital and reserves
Called up share capital 1 1
Profit and loss account 11,824 205
Shareholder's funds 11,825 206
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 her 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.
Indira ARYAL
Director
Approved by the board on 20 October 2024
Lumbini Grocery LTD
Notes to the Accounts
for the year ended 31 January 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 20% straight line
Fixtures, fittings and equipment 20% straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 20,000
At 31 January 2024 20,000
Amortisation
At 1 February 2023 5,600
Provided during the year 800
At 31 January 2024 6,400
Net book value
At 31 January 2024 13,600
At 31 January 2023 14,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 10,485 15,495 25,980
At 31 January 2024 10,485 15,495 25,980
Depreciation
At 1 February 2023 5,888 3,582 9,470
Charge for the year 2,097 3,099 5,196
At 31 January 2024 7,985 6,681 14,666
Net book value
At 31 January 2024 2,500 8,814 11,314
At 31 January 2023 4,597 11,913 16,510
5 Debtors 2024 2023
£ £
Other debtors 52,000 6,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 13,679 38,869
Taxation and social security costs 17,750 9,100
Other creditors 30 2
31,459 47,971
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,329 38,839
Other creditors 97,000 -
129,329 38,839
8 Other information
Lumbini Grocery LTD is a private company limited by shares and incorporated in England. Its registered office is:
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