Registered number
SC749350
KHAIRA LICENSED GROCERS LTD
Filleted Accounts
30 November 2023
KHAIRA LICENSED GROCERS LTD
Registered number: SC749350
Balance Sheet
as at 30 November 2023
Notes
£
Fixed assets
Tangible assets 3 18,000
Current assets
Stocks 25,291
Debtors 4 893
Cash at bank and in hand 1,489
27,673
Creditors: amounts falling due within one year 5 (18,116)
Net current assets 9,557
Total assets less current liabilities 27,557
Creditors: amounts falling due after more than one year 6 (21,297)
Net assets 6,260
Capital and reserves
Called up share capital 100
Profit and loss account 6,160
Shareholder's funds 6,260
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 his 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 Jatinder Pal Singh Khaira
Director
Approved by the board on 18 November 2024
KHAIRA LICENSED GROCERS LTD
Notes to the Accounts
for the period ended 30 November 2023
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.
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 bases
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.
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.
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.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Tangible fixed assets
Fixture and fittings etc
£
Cost
Additions 20,000
At 30 November 2023 20,000
Depreciation
Charge for the period 2,000
At 30 November 2023 2,000
Net book value
At 30 November 2023 18,000
4 Debtors
£
Trade debtors 893
5 Creditors: amounts falling due within one year
£
Leasing 625
Trade creditors 3,067
Taxation and social security costs 12,526
Other creditors 1,898
18,116
6 Creditors: amounts falling due after one year
£
Director's loan account 21,297
KHAIRA LICENSED GROCERS LTD SC749350 false 2022-11-04 2023-11-30 2023-11-30 VT Final Accounts July 2024 Mr Jatinder Pal Singh Khaira No description of principal activity SC749350 2022-11-04 2023-11-30 SC749350 bus:PrivateLimitedCompanyLtd 2022-11-04 2023-11-30 SC749350 bus:AuditExemptWithAccountantsReport 2022-11-04 2023-11-30 SC749350 bus:Director40 2022-11-04 2023-11-30 SC749350 1 2022-11-04 2023-11-30 SC749350 2 2022-11-04 2023-11-30 SC749350 bus:FRS102 2022-11-04 2023-11-30 SC749350 bus:FilletedAccounts 2022-11-04 2023-11-30 SC749350 2023-11-30 SC749350 core:WithinOneYear 2023-11-30 SC749350 core:AfterOneYear 2023-11-30 SC749350 core:ShareCapital 2023-11-30 SC749350 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC749350 2022-11-03 iso4217:GBP xbrli:pure