Registered number
SC737424
KHAIRA STORES LIMITED
7 Littleton Drive
Glasgow
Filleted Accounts
for the year ended 31 July 2024
Yousaf & Co Ltd
Chartered Certified Accountants
298/300 Maxwell Road
Glasgow
G41 1PJ
Ref: K153/TG
KHAIRA STORES LIMITED
Registered number: SC737424
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,000 25,000
Tangible assets 4 4,988 5,542
29,988 30,542
Current assets
Stocks 25,220 12,995
Debtors 5 300 1,000
Cash at bank and in hand 2,728 5,055
28,248 19,050
Creditors: amounts falling due within one year 6 (23,998) (13,726)
Net current assets 4,250 5,324
Total assets less current liabilities 34,238 35,866
Creditors: amounts falling due after more than one year 7 (36,547) (36,323)
Net liabilities (2,309) (457)
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,409) (557)
Shareholders' funds (2,309) (457)
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 members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 Jatinder Pal Singh Khaira
Director
Approved by the board on 1 April 2025
KHAIRA STORES LIMITED
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
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).
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 25,000
At 31 July 2024 25,000
Net book value
At 31 July 2024 25,000
At 31 July 2023 25,000
4 Tangible fixed assets
Fixtures & Fittings
£
Cost
At 1 August 2023 6,158
At 31 July 2024 6,158
Depreciation
At 1 August 2023 616
Charge for the year 554
At 31 July 2024 1,170
Net book value
At 31 July 2024 4,988
At 31 July 2023 5,542
5 Debtors 2024 2023
£ £
Other debtors 300 1,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 808
Trade creditors 3,898 2,589
Taxation and social security costs 5,145 2,830
Other creditors 14,955 7,499
23,998 13,726
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's account 233 9
Other creditors 36,314 36,314
36,547 36,323
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