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Registered number: 11076870
Asiana Foods Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11076870
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 40,265 31,325
Tangible Assets 5 238,769 130,453
279,034 161,778
CURRENT ASSETS
Stocks 6 313,451 379,311
Debtors 7 797,387 699,910
Cash at bank and in hand 55,308 74,409
1,166,146 1,153,630
Creditors: Amounts Falling Due Within One Year 8 (1,123,298 ) (1,006,195 )
NET CURRENT ASSETS (LIABILITIES) 42,848 147,435
TOTAL ASSETS LESS CURRENT LIABILITIES 321,882 309,213
Creditors: Amounts Falling Due After More Than One Year 9 (221,567 ) (214,142 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,170 ) (24,302 )
NET ASSETS 91,145 70,769
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 91,045 70,669
SHAREHOLDERS' FUNDS 91,145 70,769
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S K Lathia
Director
25/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Asiana Foods Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11076870 . The registered office is Asiana Hypermarket, 108 Woodborough Road, Nottingham, Nottinghamshire, NG3 1AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Website and software development are amortised to profit and loss account over their estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line basis
Plant & Machinery 20% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 10/6.67% straight line basis
Computer Equipment 20% straight line bases
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 27)
26 27
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 August 2023 27,000 30,000 57,000
Additions - 21,600 21,600
As at 31 July 2024 27,000 51,600 78,600
Amortisation
As at 1 August 2023 19,425 6,250 25,675
Provided during the period 7,500 5,160 12,660
As at 31 July 2024 26,925 11,410 38,335
Net Book Value
As at 31 July 2024 75 40,190 40,265
As at 1 August 2023 7,575 23,750 31,325
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Page 5
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 August 2023 10,537 8,772 - 204,258 223,567
Additions - - 109,167 3,404 112,571
Revaluation - - - 19,500 19,500
As at 31 July 2024 10,537 8,772 109,167 227,162 355,638
Depreciation
As at 1 August 2023 10,086 3,929 - 79,099 93,114
Provided during the period 451 807 422 22,075 23,755
As at 31 July 2024 10,537 4,736 422 101,174 116,869
Net Book Value
As at 31 July 2024 - 4,036 108,745 125,988 238,769
As at 1 August 2023 451 4,843 - 125,159 130,453
6. Stocks
31 July 2024 31 July 2023
£ £
Stock 313,451 379,311
7. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Trade debtors 231,235 181,054
Other debtors 566,152 518,856
797,387 699,910
8. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,000 10,000
Trade creditors 792,353 770,782
Bank loans and overdrafts 86,693 74,000
Other creditors 176,927 75,995
Taxation and social security 57,325 75,418
1,123,298 1,006,195
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9. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,666 21,667
Bank loans 209,901 192,475
221,567 214,142
10. Obligations Under Finance Leases and Hire Purchase
31 July 2024 31 July 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,000 10,000
Later than one year and not later than five years 11,666 21,667
21,666 31,667
21,666 31,667
11. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Kapil Lathia 300,348 47,271 - - 347,619
Ankur Joshi - 11,444 - - 11,444
Interest of 2.25% is charged on the above loan which is unsecured and repayable on demand.
13. Related Party Transactions
Included within other creditors are the following balances, in respect of companies which are related by virtue
of common ownership and directorshp:
At the year end, an amount of nil  (2023: £1,175) was owed to Asiana Peterborough Limited
which is made up of loans, trade debtors less trade creditors.
At the year end, an amount of £30,000 (2023: nil) was owed to Asiana Developments Limited
which is made up of loans, trade debtors less trade creditors.
The company remunerates the directors with a combination of salary, pension contributions and dividends, all of
which are deemed to be within the normal course of business.
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