2023-02-012024-01-312024-01-31falseSC720490ASIAN FLAVOURS NEWCASTLE 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ASIAN FLAVOURS NEWCASTLE LTD

Registered Number
SC720490
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

ASIAN FLAVOURS NEWCASTLE LTD
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

RASUL, Sharaz Amer

Registered Address

54 High Street
Dumfries
DG1 2JA

Place of Business

55 Grainger Street

Newcastle upon Tyne

England

NE1 5JE


Registered Number

SC720490 (Scotland)
ASIAN FLAVOURS NEWCASTLE LTD
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets321,04223,542
Tangible assets4229,743161,612
250,785185,154
Current assets
Debtors5243,668106,868
243,668106,868
Creditors amounts falling due within one year6(390,735)(195,951)
Net current assets (liabilities)(147,067)(89,083)
Total assets less current liabilities103,71896,071
Creditors amounts falling due after one year7(107,518)(112,953)
Net assets(3,800)(16,882)
Capital and reserves
Called up share capital100100
Profit and loss account(3,900)(16,982)
Shareholders' funds(3,800)(16,882)
The financial statements were approved and authorised for issue by the Director on 22 October 2024, and are signed on its behalf by:
RASUL, Sharaz Amer
Director
Registered Company No. SC720490
ASIAN FLAVOURS NEWCASTLE LTD
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets is amortized over 10 useful years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings-10
Office Equipment25-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year40
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 February 2325,00025,000
At 31 January 2425,00025,000
Amortisation and impairment
At 01 February 231,4581,458
Charge for year2,5002,500
At 31 January 243,9583,958
Net book value
At 31 January 2421,04221,042
At 31 January 2323,54223,542
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 2322,55415,695126,000-164,249
Additions-16,33376,7505,24598,328
Revaluations-(1,700)--(1,700)
At 31 January 2422,55430,328202,7505,245260,877
Depreciation and impairment
At 01 February 231,587-1,050-2,637
Charge for year1,7206,64519,32987428,568
Revaluation surplus-(71)--(71)
At 31 January 243,3076,57420,37987431,134
Net book value
At 31 January 2419,24723,754182,3714,371229,743
At 31 January 2320,96715,695124,950-161,612
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings91,90560,960
Other debtors151,39145,672
Prepayments and accrued income372236
Total243,668106,868
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,1623,414
Bank borrowings and overdrafts84,56476,247
Amounts owed to related parties2,670-
Taxation and social security53,958-
Other creditors240,489115,290
Accrued liabilities and deferred income8921,000
Total390,735195,951
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts107,518112,953
Total107,518112,953
8.Provisions for liabilities
9.Directors advances, credits and guarantees
Other creditors include an amount of £239,143 (2022:£115,290) relating to the directors' loan account Mr. S A Rasul and Mrs. M Rasul.
10.Related party transactions
At the year-end, Amounts owed by/(to) group undertakings balance includes £2,670 (2023: £1,210 Dr.) due to Sub DG One Ltd and £12,851 (2023: £9,150) due from Chilli 786 Ltd and £41,454(2023: £13,000) due from Sub A1 Ltd and £37,500 (2023: £37,500) due from Asian Flavours Edinburgh Ltd and £100 (2023: £100) due from GR Group Investments Ltd, where Sharaz Amer Rasul or Muniba rasul is a directors of those companies. At the year-end, other debtor balance includes £1,520 (2023: £1,520) due from Sub 786 Ltd T/as Fat Pizza where Sharaz Amer Rasul is also director of the company.