Registered number
SC297040
KHALSA RETAIL LTD
Filleted Accounts
29 February 2024
KHALSA RETAIL LTD
Registered number: SC297040
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 200,105 215,177
Current assets
Stocks 90,732 85,808
Debtors 4 1,000 1,000
Cash at bank and in hand 53,656 41,257
145,388 128,065
Creditors: amounts falling due within one year 5 (313,929) (305,341)
Net current assets/(liabilities) (168,541) (177,276)
Total assets less current liabilities 31,564 37,901
Creditors: amounts falling due after more than one year 6 (174,953) (192,007)
Net assets/(liabilities) (143,389) (154,106)
Capital and reserves
Called up share capital 100 100
Profit and loss account (143,489) (154,206)
Shareholders' funds (143,389) (154,106)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Pargan Singh Cheema
Director
Approved by the board on 11 November 2024
KHALSA RETAIL LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
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).
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:
Fixtures, fittings, tools and equipment 10% Reducing balance method
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 19
3 Tangible fixed assets
Fixture & fittings
£
Cost
At 1 March 2023 274,896
Additions 7,076
At 29 February 2024 281,972
Depreciation
At 1 March 2023 59,719
Charge for the year 22,148
At 29 February 2024 81,867
Net book value
At 29 February 2024 200,105
At 28 February 2023 215,177
4 Debtors 2024 2023
£ £
Other debtors 1,000 1,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,266 62,631
Trade creditors 89,827 75,412
Taxation and social security costs 14,197 7,644
Other creditors 159,639 159,654
313,929 305,341
6 Creditors: amounts falling due after one year 2024 2023
£ £
Due To Khalsa Ltd 30,082 50,000
Director's loan account 93,918 82,007
Grant by Costcutter 50,000 60,000
Other creditors 953 -
174,953 192,007
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