Registered number
SC210083
KHALSA LIMITED
Filleted Accounts
31 May 2024
KHALSA LIMITED
Registered number: SC210083
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 301,050 435,812
Investments 4 1,886,360 1,822,600
2,187,410 2,258,412
Current assets
Debtors 5 127,799 156,418
Cash at bank and in hand 44,390 25,977
172,189 182,395
Creditors: amounts falling due within one year 6 (25,243) (28,437)
Net current assets 146,946 153,958
Total assets less current liabilities 2,334,356 2,412,370
Creditors: amounts falling due after more than one year 7 (1,373,631) (1,446,710)
Net assets 960,725 965,660
Capital and reserves
Called up share capital 100 100
Profit and loss account 960,625 965,560
Shareholders' funds 960,725 965,660
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 February 2025
KHALSA 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:
Fixtures, fittings, tools and equipment 10% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 2 2
3 Tangible fixed assets
Fixture & fittings Motor vehicles Total
£ £ £
Cost
At 1 June 2023 651,455 164,887 816,342
Additions 1,105 - 1,105
Disposals - (113,797) (113,797)
At 31 May 2024 652,560 51,090 703,650
Depreciation
At 1 June 2023 359,443 21,087 380,530
Charge for the year 29,312 4,138 33,450
On disposals - (11,380) (11,380)
At 31 May 2024 388,755 13,845 402,600
Net book value
At 31 May 2024 263,805 37,245 301,050
At 31 May 2023 292,012 143,800 435,812
4 Investments 2024 2023
£ £
1/2 Commercial Building, Meigle 100,808 100,808
1 Medwyn Place-Alloa 123,920 123,920
108 Drip Road, Stirling 45,000 45,000
114-116 Drip Road, Stirling 63,760 -
21 Maggie Woods Loan, Falkirk 38,800 38,800
23 Maggie Woods Loan, Falkirk 316,500 316,500
25 Maggie Woods Loan, Falkirk 98,500 98,500
3 Medwyn Place (Unit),Alloa 71,620 71,620
48 Drip Road, Stirling 30,000 30,000
50-52 Drip Road, Striling 340,000 340,000
58c Cowane Street, Stirling 59,000 59,000
60 Alloa Road, Stirling 64,624 64,624
62 Alloa Road, Stirling 42,500 42,500
64 Alloa Road, Stirling 48,000 48,000
9A,11,11A,13 Lornshill Crescent 245,378 245,378
Renovation 97,500 97,500
Spar - The Square, Meigle 100,450 100,450
1,886,360 1,822,600
5 Debtors 2024 2023
£ £
Trade debtors 3,820 -
Loan Given to Khalsa Retail Ltd 121,030 136,967
H.P Interest 2,949 19,451
127,799 156,418
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 23,835 26,765
Other creditors 1,408 1,672
25,243 28,437
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 409,205 496,225
Obligations under finance lease and hire purchase contracts 26,246 36,406
Trade creditors 27,314 25,064
Customer advance payment 150,000 -
Director's account 693,964 699,004
The Energy Saving Loan 45,396 55,872
Bounce back loan 21,506 31,450
Other creditors - 102,689
1,373,631 1,446,710
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