Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Basis of preparation

The financial statements have been prepared under the historical cost convention. They are prepared in sterling, which is the functional currency of the company, and are rounded to the nearest £1.

These are the first financial statements of the company. They cover the period from incorporation on 29 October 2024 to 31 March 2026, a period of seventeen months. The amounts presented are therefore not directly comparable with those of a twelve month period, and no comparative figures are presented.

At 31 March 2026 the company had net current liabilities of £54,911 and owed £163,500 to Madras Flavours Holdings Ltd, which is presented as falling due after more than one year.

The company traded profitably during the period, returning a profit of £73,032. The directors have obtained confirmation from Madras Flavours Holdings Ltd that it will not seek repayment of the amount owed to it for a period of at least twelve months from the date on which these financial statements are approved, and that it will provide such further financial support as the company may require to meet its liabilities as they fall due.

On that basis the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and they continue to adopt the going concern basis of accounting in preparing these financial statements.

Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Restaurant and takeaway sales are recognised at the point at which the meal is supplied to the customer. Sales made through third party delivery platforms are recognised gross of the commission charged by the platform operator, on the basis that the company acts as principal in the transaction; the related commission is charged to administrative expenses. Sub-contract income is recognised as the related service is provided.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the income statement on a straight line basis over the lease term.

Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted

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:

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.

The company enters only into basic financial instrument transactions, giving rise to financial assets and liabilities such as trade and other debtors and creditors and loans to and from related parties. These are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Financial assets are assessed for objective evidence of impairment at the end of each reporting period; where such evidence exists, an impairment loss is recognised in the income statement.