Registered number
07177459
Taste Of India Pure Vegetarian Limited
Filleted Accounts
31 May 2024
Taste Of India Pure Vegetarian Limited
Registered number: 07177459
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 181,232 205,068
Current assets
Stocks 75,000 85,000
Debtors 4 368,790 343,851
Cash at bank and in hand 1,168 37,548
444,958 466,399
Creditors: amounts falling due within one year 5 (224,311) (235,634)
Net current assets 220,647 230,765
Total assets less current liabilities 401,879 435,833
Creditors: amounts falling due after more than one year 6 (139,271) (176,385)
Net assets 262,608 259,448
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 162,608 159,448
Shareholders' funds 262,608 259,448
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 Pure Vegetarian 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
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 58 46
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 456,630
Additions 9,398
At 31 May 2024 466,028
Depreciation
At 1 June 2023 251,562
Charge for the year 33,234
At 31 May 2024 284,796
Net book value
At 31 May 2024 181,232
At 31 May 2023 205,068
4 Debtors 2024 2023
£ £
Trade debtors 8,493 8,321
Other debtors 333,647 284,174
Prepayments 26,650 51,356
368,790 343,851
Amounts due after more than one year included above 262,147 188,174
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 61,955 56,728
Obligations under finance lease and hire purchase contracts 9,398 -
Trade creditors 8,527 28,532
Taxation and social security costs 87,454 90,337
Directors' account 13,040 9,488
Other creditors 40,255 45,277
Accruals 3,682 5,272
224,311 235,634
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 79,271 116,385
Directors' account 60,000 60,000
139,271 176,385
7 Related party transactions
The company has made a loan of £185,000 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 £83,609 (2023: £188,174) from Taste Of India Estates Ltd.
During the year the company has made payments on behalf of and provided loans to Taste Of India Pure Vegetarian (UK) 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 £178,538 (2023: £nil) from Taste Of India Pure Vegetarian (UK) Ltd.
During the year the company has made sales totalling £28,100 (2023: £89,500) 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 £60,000 (2023: £72,000) from Taste Of India Cuisine Ltd.
At the reporting date the company owed £73,040 (2023: £69,488) to Z.Sarabadine who is a director and a shareholder of the company, of which £60,000 (2023: £60,000) is due for repayment after more than one year. This loan is unsecured and interest free but repayable on demand. However, the director has undertaken not to demand repayment of his loan until such time as the company's finances allow.
8 Controlling party
The company is controlled by Z. Sarabadine.
9 Other information
Taste Of India Pure Vegetarian Limited is a private company limited by shares and incorporated in England. Its registered office is:
293-295 High Street North
Manor Park
London
E12 6SL
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