COMPANY REGISTRATION NUMBER:
06588030
Filleted Unaudited Abridged Financial Statements |
|
Abridged Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
|
8,953 |
11,522 |
|
|
|
|
|
Current assets
Stocks |
215,000 |
|
245,000 |
Debtors |
173,200 |
|
19,500 |
Cash at bank and in hand |
98,947 |
|
222,619 |
|
--------- |
|
--------- |
|
487,147 |
|
487,119 |
|
|
|
|
Creditors: amounts falling due within one year |
258,323 |
|
253,983 |
|
--------- |
|
--------- |
Net current assets |
|
228,824 |
233,136 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
237,777 |
244,658 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
7,475 |
17,094 |
|
|
--------- |
--------- |
Net assets |
|
230,302 |
227,564 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
3 |
3 |
Profit and loss account |
|
230,299 |
227,561 |
|
|
--------- |
--------- |
Shareholders funds |
|
230,302 |
227,564 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 May 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
7 February 2025
, and are signed on behalf of the board by:
Company registration number:
06588030
Notes to the Abridged Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 213-217 Watford Road, Harrow, Middlesex, HA1 3UA.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2023:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
77,246 |
|
-------- |
Depreciation |
|
At 1 June 2023 |
65,724 |
Charge for the year |
2,569 |
|
-------- |
At 31 May 2024 |
68,293 |
|
-------- |
Carrying amount |
|
At 31 May 2024 |
8,953 |
|
-------- |
At 31 May 2023 |
11,522 |
|
-------- |
|
|
6.
Director's advances, credits and guarantees
At the year end, the company owed the Directors £76,718 (2023: £84,172).
7.
Related party transactions
The company was under the control of Mr S R Parmar, Mr R Parmar and Mr A Parmar. During the year, the company paid Mr S R Parmar NIL (2023: £14,000), Mr R Parmar £16,000 (2023: £14,000) & Mr A Parmar £16,000 (2023: £14,000) in dividends.