Company registration number 12076092 (England and Wales)
MASALA BAZAAR CARDIFF LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MASALA BAZAAR CARDIFF LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MASALA BAZAAR CARDIFF LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
FIXED ASSETS
Goodwill
3
9,524
13,793
Tangible assets
4
27,679
37,639
37,203
51,432
CURRENT ASSETS
Stocks
5
58,143
61,824
Debtors
6
18,585
17,942
Cash at bank and in hand
4,568
4,979
81,296
84,745
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(222,458)
(204,407)
NET CURRENT LIABILITIES
(141,162)
(119,662)
TOTAL ASSETS LESS CURRENT LIABILITIES
(103,959)
(68,230)
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
8
(34,649)
(50,214)
NET LIABILITIES
(138,608)
(118,444)
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss reserves
(138,609)
(118,445)
TOTAL EQUITY
(138,608)
(118,444)
MASALA BAZAAR CARDIFF LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
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 31 December 2023 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.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2024
Md Islam
Director
Company registration number 12076092 (England and Wales)
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
ACCOUNTING POLICIES
Company information
Masala Bazaar Cardiff Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Efg Food & Technology Park Llantarnam Park Way, Llantarnam Industrial Park, Cwmbran, Wales, NP44 3GA.
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.
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 accounts have been prepared on the going concern basis.
The accounts show that the company has net liabilities of 138,608
The director has therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because it is managed through working capital. Were this support not available, the company may not be able to continue trading.
The director is confident that the company will trade profitably in the future and it will be able to meet its obligations given the continuing support of its director and a related party.
The director therefore considers it appropriate to prepare the accounts on a going concern basis.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 4 -
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 14% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Plant and equipment
20% Straight line
Fixtures and fittings
10% Straight line
Equipment
10-20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 7 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
6
8
3
INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
27,586
Amortisation and impairment
At 1 January 2023
13,793
Amortisation charged for the year
4,269
At 31 December 2023
18,062
Carrying amount
At 31 December 2023
9,524
At 31 December 2022
13,793
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
TANGIBLE FIXED ASSETS
Plant and equipment
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
21,240
37,098
9,152
67,490
Additions
417
417
At 31 December 2023
21,240
37,098
9,569
67,907
Depreciation and impairment
At 1 January 2023
14,301
10,863
4,687
29,851
Depreciation charged in the year
4,602
4,019
1,756
10,377
At 31 December 2023
18,903
14,882
6,443
40,228
Carrying amount
At 31 December 2023
2,337
22,216
3,126
27,679
At 31 December 2022
6,939
26,235
4,465
37,639
5
STOCKS
2023
2022
£
£
Raw materials and consumables
58,143
61,824
6
DEBTORS
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
495
Amounts owed by group undertakings
300
Other debtors
4,828
789
Prepayments and accrued income
11,875
14,476
16,703
16,060
Deferred tax asset (note )
1,882
1,882
18,585
17,942
MASALA BAZAAR CARDIFF LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Notes
£
£
Bank loans
9
4,500
4,500
Trade creditors
191,314
150,074
Amounts owed to group undertakings
18,548
37,717
Taxation and social security
3,703
3,745
Other creditors
188
1,422
Accruals and deferred income
4,205
6,949
222,458
204,407
8
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
Notes
£
£
Bank loans and overdrafts
9
34,649
40,214
Government grants
10,000
34,649
50,214
9
LOANS AND OVERDRAFTS
2023
2022
£
£
Bank loans
39,149
44,714
Payable within one year
4,500
4,500
Payable after one year
34,649
40,214
10
RELATED PARTY TRANSACTIONS
FRS 102 does not require disclosure of transactions entered into between wholly-owned members of the group headed by Masala Bazaar Holdings Limited.
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