Company registration number 13895009 (England and Wales)
SAISHYAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SAISHYAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SAISHYAM LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
28 February 2024
28th February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
87,461
116,614
Tangible assets
4
163
218
87,624
116,832
Current assets
Stocks
16,579
12,354
Debtors
5
18,512
9,073
Cash at bank and in hand
13,999
36,809
49,090
58,236
Creditors: amounts falling due within one year
6
(111,602)
(120,027)
Net current liabilities
(62,512)
(61,791)
Total assets less current liabilities
25,112
55,041
Creditors: amounts falling due after more than one year
7
(52,378)
(71,308)
Provisions for liabilities
(40)
(41)
Net liabilities
(27,306)
(16,308)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(27,307)
(16,309)
Total equity
(27,306)
(16,308)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SAISHYAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2024
Mr DN Shah
Director
Company registration number 13895009 (England and Wales)
SAISHYAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Saishyam Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2150a Coventry Road, Sheldon, Birmingham, B26 3JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net current liabilities of £61,551 (2023: £61,791) and net liabilities of £26,345 (2023: £16,308). A significant proportion of the funding of is provided by way of directors' loans of £61,708. The directors have confirmed that they will support the Company to meet its liabilities and obligations for at least twelve months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.true
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognized at cost that comprises of its purchase price and any direct attributable acquisition costs. The measurement shall be applied to all intangible in the same class of asset.
Intangible assets comprise franchise cost. Such assets are defined as having an definite useful life and amortisation is charged over the five year of useful life .
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other intangible assets
Over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SAISHYAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
3
SAISHYAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 March 2023 and 28 February 2024
145,767
Amortisation and impairment
At 1 March 2023
29,153
Amortisation charged for the year
29,153
At 28 February 2024
58,306
Carrying amount
At 28 February 2024
87,461
At 28 February 2023
116,614
Other intangible assets include Franchise cost.
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023 and 28 February 2024
291
Depreciation and impairment
At 1 March 2023
73
Depreciation charged in the year
55
At 28 February 2024
128
Carrying amount
At 28 February 2024
163
At 28 February 2023
218
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
12,057
9,073
SAISHYAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
6,455
Total debtors
18,512
9,073
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
27,249
26,308
Trade creditors
17,460
29,944
Other creditors
66,893
63,775
111,602
120,027
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
52,378
71,308
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
144,374
161,875