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UK SPICE AND INGREDIENTS LTD

Registered Number
05543607
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

UK SPICE AND INGREDIENTS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

DR A KHANNA
A KHANNA

Company Secretary

A KHANNA

Registered Address

66 Wolsey Road
Northwood
Middlesex
HA6 2EH

Registered Number

05543607 (England and Wales)
UK SPICE AND INGREDIENTS LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets358,57673,220
Investments524,23024,230
Investment property42,975,8342,975,834
3,058,6403,073,284
Current assets
Debtors6,71,815,8911,740,955
Cash at bank and on hand1,032,475589,764
2,848,3662,330,719
Creditors amounts falling due within one year8(3,662,652)(3,172,425)
Net current assets (liabilities)(814,286)(841,706)
Total assets less current liabilities2,244,3542,231,578
Creditors amounts falling due after one year9(67,417)(84,085)
Net assets2,176,9372,147,493
Capital and reserves
Called up share capital5,1005,100
Profit and loss account2,171,8372,142,393
Shareholders' funds2,176,9372,147,493
The financial statements were approved and authorised for issue by the Board of Directors on 29 May 2025, and are signed on its behalf by:
A KHANNA
Director
Registered Company No. 05543607
UK SPICE AND INGREDIENTS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings20
Vehicles20
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Total

£££
Cost or valuation
At 01 September 2389,01815,679104,697
At 31 August 2489,01815,679104,697
Depreciation and impairment
At 01 September 2317,80413,67331,477
Charge for year14,24340114,644
At 31 August 2432,04714,07446,121
Net book value
At 31 August 2456,9711,60558,576
At 31 August 2371,2142,00673,220
4.Investment property

£
Fair value at 01 September 232,975,834
At 31 August 242,975,834
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 September 2324,23024,230
At 31 August 2424,23024,230
Net book value
At 31 August 2424,23024,230
At 31 August 2324,23024,230

Notes

1Other investments other than loans
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables815,011622,478
Other debtors78,95185,139
Total893,962707,617
7.Debtors: amounts due after one year

2024

2023

££
Other debtors921,9291,033,338
Total921,9291,033,338
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables3,174,9552,869,822
Bank borrowings and overdrafts28,32240,961
Taxation and social security37,44045,323
Other creditors134,548181,935
Accrued liabilities and deferred income287,38734,384
Total3,662,6523,172,425
9.Creditors: amounts due after one year

2024

2023

££
Other creditors67,41784,085
Total67,41784,085
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts67,41784,085
11.Related party transactions
During the year the company received funds of £111, 409 (2023: £NIL) from AARK Estates Limited, a company with common directors. During the year the company advanced funds of £NIL (2023: £5,823) to AARK Estates Limited. At the year end the company was owed £921,929 (2023: £1,033,338) from AARK Estates Limited . The loan is interest free and repayable on demand. At the year end the company was owed £36,846 (2023: £36,846) from a director. The loan is interest free and repayable on demand.