Registered number
05097249
Taste Of India Limited
Filleted Accounts
31 May 2024
Taste Of India Limited
Registered number: 05097249
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 48,358 55,202
Current assets
Stocks 31,800 47,440
Debtors 4 158,554 184,198
Cash at bank and in hand 131 211
190,485 231,849
Creditors: amounts falling due within one year 5 (140,667) (127,642)
Net current assets 49,818 104,207
Total assets less current liabilities 98,176 159,409
Creditors: amounts falling due after more than one year 6 (50,288) (78,394)
Net assets 47,888 81,015
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 46,888 80,015
Shareholders' funds 47,888 81,015
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.
Z. Sarabadine
Director
Approved by the board on 21 February 2025
Taste Of India Limited
Notes to the Accounts
for the year ended 31 May 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:
Plant and machinery - 15% reducing balance
Motor vehicles - 20% reducing balance
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 171,498 36,010 207,508
Additions 3,568 - 3,568
At 31 May 2024 175,066 36,010 211,076
Depreciation
At 1 June 2023 139,342 12,964 152,306
Charge for the year 5,803 4,609 10,412
At 31 May 2024 145,145 17,573 162,718
Net book value
At 31 May 2024 29,921 18,437 48,358
At 31 May 2023 32,156 23,046 55,202
4 Debtors 2024 2023
£ £
Trade debtors 2,601 4,718
Other debtors 155,953 172,108
Prepayments - 7,372
158,554 184,198
Amounts due after more than one year included above 133,703 134,808
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 45,185 43,829
Obligations under finance lease and hire purchase contracts 6,914 6,914
Trade creditors 5,841 1,800
Taxation and social security costs 35,095 43,263
Directors' account 25,709 8,779
Other creditors 20,669 22,330
Accruals 1,254 727
140,667 127,642
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,751 59,942
Obligations under finance lease and hire purchase contracts 11,537 18,452
50,288 78,394
7 Related party transactions
The company has made a loan of £109,000 to Taste Of India Estates Ltd, a company registered in the UK and in which Z. Sarabadine and R. Sarabadine are both directors and shareholders. Interest is charged at 3% per annum and the loan is repayable within 5 years. At the reporting date, the company was owed £133,703 (2023: £134,808) from Taste Of India Estates Ltd.
During the year the company has made sales totalling £34,600 (2023: £67,000) to Taste Of India Cuisine Ltd, a company registered in the UK and in which Z. Sarabadine and R. Sarabadine are both directors and shareholders. All transactions have been carried out on commercial terms. At the reporting date, the company was owed £15,000 (2023: £26,000) from Taste Of India Cuisine Ltd.
At the reporting date the company owed £25,709 (2023: £ 8,779) to Z.Sarabadine who is a director and shareholder of the company. The loan is unsecured, interest free and repayable on demand.
8 Controlling party
The company is controlled by Z. Sarabadine.
9 Other information
Taste Of India Limited is a private company limited by shares and incorporated in England. Its registered office is:
340 High Street North
Manor Park
London
E12 6PH
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