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Company registration number: 04439574
Sai Enterprise Limited
Unaudited filleted financial statements
31 May 2024
Sai Enterprise Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sai Enterprise Limited
Directors and other information
Directors A N Gandhi
M N Gandhi
Company number 04439574
Registered office 15a Alperton Lane
Perivale
Greenford
Middlesex
UB6 8DH
Business address 15a Alperton Lane
Perivale
Greenford
Middlesex
UB6 8DH
Accountants SRV Delson
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
Sai Enterprise Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - 220
Tangible assets 7 6,790 9,275
_______ _______
6,790 9,495
Current assets
Stocks 190,436 189,522
Debtors 8 592,938 511,159
Cash at bank and in hand 290,694 115,495
_______ _______
1,074,068 816,176
Creditors: amounts falling due
within one year 9 ( 462,210) ( 336,694)
_______ _______
Net current assets 611,858 479,482
_______ _______
Total assets less current liabilities 618,648 488,977
Creditors: amounts falling due
after more than one year 10 ( 15,750) ( 33,750)
Accruals and deferred income ( 5,560) ( 5,560)
_______ _______
Net assets 597,338 449,667
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 13 597,238 449,567
_______ _______
Shareholders funds 597,338 449,667
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2025 , and are signed on behalf of the board by:
M N Gandhi
Director
Company registration number: 04439574
Sai Enterprise Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 328,054 328,154
Profit for the year 125,113 125,113
_______ _______ _______
Total comprehensive income for the year - 125,113 125,113
Dividends paid and payable ( 3,600) ( 3,600)
_______ _______ _______
Total investments by and distributions to owners - ( 3,600) ( 3,600)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 449,567 449,667
Profit for the year 151,271 151,271
_______ _______ _______
Total comprehensive income for the year - 151,271 151,271
Dividends paid and payable ( 3,600) ( 3,600)
_______ _______ _______
Total investments by and distributions to owners - ( 3,600) ( 3,600)
_______ _______ _______
At 31 May 2024 100 597,238 597,338
_______ _______ _______
Sai Enterprise Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 15a Alperton Lane, Perivale, Greenford, Middlesex, UB6 8DH.
Principal Activities
The principal activities of the company is that of wholesale of perfume and cosmetics.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available together with their continued support to the company. On this basis the directors consider that it is appropriate to prepare the financial statements on a going concern basis.These financial statements do not include any adjustments that would result if the company would cease trading.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 50,335 32,758
_______ _______
Tax on profit 50,335 32,758
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 2,200 2,200
_______ _______
Amortisation
At 1 June 2023 1,980 1,980
Charge for the year 220 220
_______ _______
At 31 May 2024 2,200 2,200
_______ _______
Carrying amount
At 31 May 2024 - -
_______ _______
At 31 May 2023 220 220
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 and 31 May 2024 21,116 2,913 19,719 43,748
_______ _______ _______ _______
Depreciation
At 1 June 2023 20,553 2,468 11,452 34,473
Charge for the year 141 277 2,067 2,485
_______ _______ _______ _______
At 31 May 2024 20,694 2,745 13,519 36,958
_______ _______ _______ _______
Carrying amount
At 31 May 2024 422 168 6,200 6,790
_______ _______ _______ _______
At 31 May 2023 563 445 8,267 9,275
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 579,138 497,359
Other debtors 13,800 13,800
_______ _______
592,938 511,159
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,000 18,000
Trade creditors 226,278 116,260
Corporation tax 50,158 32,748
Social security and other taxes 42,897 44,767
Other creditors 124,877 124,919
_______ _______
462,210 336,694
_______ _______
Other creditors include the directors current account balance of £123,364 (31 May 2023 - £123,375)
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 15,750 33,750
_______ _______
11. Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
12. Called up share capital
Called up share capital represents the nominal value of shares that have been issued.
13. Reserves
The profit & loss reserves include all current and prior years retained profit and losses
14. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
A N Gandhi ( 65,854) 9 ( 65,845)
M N Gandhi ( 57,521) 3 ( 57,518)
_______ _______ _______
( 123,375) 12 ( 123,363)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
A N Gandhi ( 65,864) 9 (65,855)
M N Gandhi ( 57,521) - ( 57,521)
_______ _______ _______
( 123,385) 9 (123,376)
_______ _______ _______
15. Related party transactions
The amounts owed to the directors in note 14.