Neelash Foodstore Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09599635 (England and Wales)

NEELASH FOODSTORE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A Sehgal

Mrs A K Sehgal

SECRETARY:

REGISTERED OFFICE:

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

REGISTERED NUMBER:

09599635 (England and Wales)

ACCOUNTANTS:

Shah & Co (Accountants) Ltd

Chartered Certified Accountants

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

FIXED ASSETS

Intangible assets

4

56,000

56,000

Tangible assets

5

11,649

14,337

67,649

70,337

CURRENT ASSETS

Stocks

20,298

17,214

Debtors

6

3,275

13,250

Cash at bank and in hand

9,222

15,053

32,795

45,517

CREDITORS

Amounts falling due within one year

7

93,572

111,998

NET CURRENT LIABILITIES

(60,777

)

(66,481

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,872

3,856

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

6,772

3,756

SHAREHOLDERS' FUNDS

6,872

3,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors on 28 February 2020 and were signed on its behalf by:

Mr A Sehgal - Director

1.	STATUTORY INFORMATION

Neelash Foodstore Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2018

and 31 May 2019

70,000

AMORTISATION

At 1 June 2018

and 31 May 2019

14,000

NET BOOK VALUE

At 31 May 2019

56,000

At 31 May 2018

56,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2018

20,691

Additions

2,005

Disposals

(4,850

)

At 31 May 2019

17,846

DEPRECIATION

At 1 June 2018

6,354

Charge for year

2,055

Eliminated on disposal

(2,212

)

At 31 May 2019

6,197

NET BOOK VALUE

At 31 May 2019

11,649

At 31 May 2018

14,337

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Other debtors

3,275

13,250

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade creditors

-

1

Taxation and social security

6,679

19,920

Other creditors

86,893

92,077

93,572

111,998

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within the other creditors , the amount owed to directors is £86,892.The loans are interest free and with

no fixed date of repayment.