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Registered Number: 14401424
England and Wales

 

 

 

TAZA CHAIWALA LTD



Abridged Accounts
 


Period of accounts

Start date: 01 November 2023

End date: 31 October 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3   8,995 
Tangible fixed assets 4   94,218 
  103,213 
Current assets      
Stocks   8,751 
Debtors   19,427 
Cash at bank and in hand 9,688    6,286 
9,688    34,464 
Creditors: amount falling due within one year (136,840)   (141,523)
Net current assets (127,152)   (107,059)
 
Total assets less current liabilities (127,152)   (3,846)
Creditors: amount falling due after more than one year (29,575)   (35,908)
Net assets (156,727)   (39,754)
 

Capital and reserves
     
Called up share capital 5 1    1 
Profit and loss account (156,728)   (39,755)
Shareholders' funds (156,727)   (39,754)
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 26 July 2025 and were signed by:


-------------------------------
Shah Faisal KHAN
Director
1
General Information
Taza Chaiwala Ltd is a private company, limited by shares, registered in England and Wales, registration number 14401424, registration address 400 Green Lane, Ilford, Essex, IG3 9JX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. Although the company has ceased trading, the directors have assessed that it remains appropriate to prepare the accounts on a going concern basis due to the following reasons:
- The company continues to exist as a legal entity for the purposes of resolving outstanding matters.
- The company is in the process of settling an ongoing legal dispute with the franchisor.
- The company has an outstanding bank loan which will continue to be repaid in accordance with agreed terms.
The directors believe that the company will have sufficient resources to meet its obligations as they fall due during the period required to resolve these matters, and therefore consider the going concern basis of preparation to be appropriate.
This assessment does not imply any view as to the likely outcome of the litigation and is solely made for the purposes of financial reporting under applicable accounting standards.


Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Franchise Fees
Franchise Fees is stated at cost less amortization. Amortization is calculated on a straight line basis over the estimated expected useful economic life of the Franchise Fees of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 3).
3.

Intangible fixed assets

Cost Franchise Fees   Total
  £   £
At 01 November 2023 9,995    9,995 
Additions  
Disposals (9,995)   (9,995)
At 31 October 2024  
Amortisation
At 01 November 2023 1,000    1,000 
Charge for year  
On disposals (1,000)   (1,000)
At 31 October 2024  
Net book values
At 31 October 2024  
At 31 October 2023 8,995    8,995 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 November 2023 30,351    80,494    110,845 
Additions    
Disposals (30,351)   (80,494)   (110,845)
At 31 October 2024    
Depreciation
At 01 November 2023 4,553    12,074    16,627 
Charge for year    
On disposals (4,553)   (12,074)   (16,627)
At 31 October 2024    
Net book values
Closing balance as at 31 October 2024    
Opening balance as at 01 November 2023 25,798    68,420    94,218 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Class A share of £1.00 each  
 

6.

Impairments of Assets

Impairment of Fixtures and Fittings and Franchise Fee

During the year, the company ceased trading and entered into litigation with the franchisor regarding the termination of the franchise agreement. As a result of these events, management reviewed the carrying values of its tangible and intangible fixed assets in accordance with FRS 102, Section 27.
A full impairment review was undertaken, and it was determined that the recoverable amounts of certain assets were significantly lower than their carrying values. Consequently, the following impairment charges were recognised in the profit and loss account:
- Fixtures and fittings: £68,420
- Franchise fee (intangible asset): £8,995
The impairment reflects the fact that the assets are no longer in operational use and have limited or no recoverable value. The carrying amounts after impairment are:
- Fixtures and fittings: £nil
- Franchise fee: £nil
These amounts have been written down to their estimated recoverable amounts, based on their fair value less costs to sell, which is considered to be negligible.
These impairment charges reflect the directors accounting judgments under FRS 102 and do not represent or prejudice the companys legal position in respect of the ongoing litigation. The company continues to assert its rights and claims under the franchise agreement.






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