M S Grocers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC432862 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

M S GROCERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Sarwar

N Sarwar

REGISTERED OFFICE:

1st Floor, 5 Abercrombie Court

Prospect Road, Arnhall Business Park

Westhill

Aberdeenshire

AB32 6FE

REGISTERED NUMBER:

SC432862 (Scotland)

ACCOUNTANTS:

Fyfe Moir & Associates

1st Floor, 5 Abercrombie Crt

Prospect Road,

Westhill

Aberdeenshire

Grampian

AB32 6FE

FIXED ASSETS

Intangible assets

4

137,665

150,180

Tangible assets

5

-

782

Investments

6

12,500

12,500

150,165

163,462

CURRENT ASSETS

Stocks

28,000

40,000

Debtors

7

169,460

80,500

Cash at bank and in hand

63,096

104,184

260,556

224,684

CREDITORS

Amounts falling due within one year

8

210,994

207,538

NET CURRENT ASSETS

49,562

17,146

TOTAL ASSETS LESS CURRENT LIABILITIES

199,727

180,608

PROVISIONS FOR LIABILITIES

10

-

149

NET ASSETS

199,727

180,459

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

199,627

180,359

SHAREHOLDERS' FUNDS

199,727

180,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 and authorised for issue on 20 May 2022 and were signed on its behalf by:

S Sarwar - Director

N Sarwar - Director

1.	STATUTORY INFORMATION

M S Grocers Ltd is a private company, limited by shares , registered in Scotland. 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 2012, is being amortised evenly over its estimated useful life of twenty 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.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

250,300

AMORTISATION

At 1 October 2020

100,120

Amortisation for year

12,515

At 30 September 2021

112,635

NET BOOK VALUE

At 30 September 2021

137,665

At 30 September 2020

150,180

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2020

and 30 September 2021

9,396

583

9,979

DEPRECIATION

At 1 October 2020

8,617

580

9,197

Charge for year

779

3

782

At 30 September 2021

9,396

583

9,979

NET BOOK VALUE

At 30 September 2021

-

-

-

At 30 September 2020

779

3

782

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2020

and 30 September 2021

12,500

NET BOOK VALUE

At 30 September 2021

12,500

At 30 September 2020

12,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Other debtors

500

500

Debtor - N E S Fast Foods Ltd

168,960

80,000

169,460

80,500

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Bank loans and overdrafts

129,256

122,085

Other loans

20,000

20,000

Trade creditors

19,822

12,860

Tax

16,016

21,437

Social security and other taxes

357

303

VAT

3,882

2,726

Other creditors

2,763

3,028

Directors' current accounts

1,099

1,099

Accrued expenses

17,799

24,000

210,994

207,538

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.21

30.9.20

£

£

Bank overdrafts

82,589

72,085

On 7 March 2013 a floating charge was created over all sums due in favour of the Bank of Scotland plc.

10.	PROVISIONS FOR LIABILITIES

30.9.21

30.9.20

£

£

Deferred tax

-

149

Deferred

tax

£

Balance at 1 October 2020

149

Accelerated capital allowances

(149

)

Balance at 30 September 2021

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 October 2020

180,359

Profit for the year

60,868

Dividends

(41,600

)

At 30 September 2021

199,627

13.	RELATED PARTY DISCLOSURES

Mr S Sarwar and Mr N Sarwar are both directors of the company.

During the year M S Grocers Ltd paid S and N Sarwar rents of £30,000.