Registered number
07311908
East West Commodities Limited
Filleted Accounts
30 June 2024
East West Commodities Limited
Registered number: 07311908
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,036 15,000
Current assets
Stocks 180,000 225,715
Debtors 4 518,266 282,019
Cash at bank and in hand 22,644 136,135
720,910 643,869
Creditors: amounts falling due within one year 5 (154,012) (111,042)
Net current assets 566,898 532,827
Total assets less current liabilities 570,934 547,827
Creditors: amounts falling due after more than one year 6 (10,574) (20,566)
Net assets 560,360 527,261
Capital and reserves
Called up share capital 100 100
Profit and loss account 560,260 527,161
Shareholder's funds 560,360 527,261
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 her 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.
A Amin
Director
Approved by the board on 28 March 2025
East West Commodities Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
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 over 4 years
Motor vehicles over 4 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 60,000 7,200 67,200
Additions 1,281 4,100 5,381
Disposals - (7,200) (7,200)
At 30 June 2024 61,281 4,100 65,381
Depreciation
At 1 July 2023 45,000 7,200 52,200
Charge for the year 15,320 1,025 16,345
On disposals - (7,200) (7,200)
At 30 June 2024 60,320 1,025 61,345
Net book value
At 30 June 2024 961 3,075 4,036
At 30 June 2023 15,000 - 15,000
4 Debtors 2024 2023
£ £
Trade debtors 446,925 221,868
Short term loans 6,841 10,151
Accrued income 64,500 30,000
Other debtors - 20,000
518,266 282,019
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,398 9,398
Trade creditors 106,616 68,453
Taxation and social security costs 26,861 24,227
Accruals 2,382 599
Director's loan account 366 381
Pension liability 541 484
Other creditors 7,848 7,500
154,012 111,042
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,574 20,566
7 Controlling party
The company is controlled by A Amin, the sole director who owns 100% of the issued share capital.
8 Other information
East West Commodities Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Regent Suite 1 Old Court Mews
311a Chase Road
London
N14 6JS
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