Registered number
11620277
Mahadev Convenience Store Ltd
Filleted Accounts
31 October 2024
Mahadev Convenience Store Ltd
Registered number: 11620277
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 4,500
Tangible assets 4 4,096 5,120
4,096 9,620
Current assets
Stocks 62,000 58,000
Debtors 5 135,803 104,422
Cash at bank and in hand 14,905 18,607
212,708 181,029
Creditors: amounts falling due within one year 6 (93,628) (75,748)
Net current assets 119,080 105,281
Total assets less current liabilities 123,176 114,901
Creditors: amounts falling due after more than one year 7 (18,214) (28,271)
Net assets 104,962 86,630
Capital and reserves
Called up share capital 100 100
Profit and loss account 104,862 86,530
Shareholders' funds 104,962 86,630
The directors are 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 directors acknowledge their 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.
Rajesh Kumar
Director
Approved by the board on 22 June 2025
Mahadev Convenience Store Ltd
Notes to the Accounts
for the year ended 31 October 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 20% 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), 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 195,000
At 31 October 2024 195,000
Amortisation
At 1 November 2023 190,500
Provided during the year 4,500
At 31 October 2024 195,000
Net book value
At 31 October 2024 -
At 31 October 2023 4,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 10,000
At 31 October 2024 10,000
Depreciation
At 1 November 2023 4,880
Charge for the year 1,024
At 31 October 2024 5,904
Net book value
At 31 October 2024 4,096
At 31 October 2023 5,120
5 Debtors 2024 2023
£ £
Trade debtors 29,000 -
Other debtors 106,803 104,422
135,803 104,422
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,152 42,615
Taxation and social security costs 57,295 32,027
Other creditors 17,181 1,106
93,628 75,748
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,214 28,271
8 Other information
Mahadev Convenience Store Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Second Floor
48 Queen Street
Wolverhampton
West Midlands
WV1 3BJ
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