Rahil Saggar (Congleton) Ltd - Period Ending 2017-08-31
Rahil Saggar (Congleton) Ltd - Period Ending 2017-08-31
Registration number:
Rahil Saggar (Congleton) Ltd
for the Period from 23 November 2016 to 31 August 2017
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Rahil Saggar (Congleton) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Rahil Saggar (Congleton) Ltd
Company Information
Director |
Mr R Saggar |
Registered office |
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Accountants |
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Page 1 |
Rahil Saggar (Congleton) Ltd
(Registration number: 10493859)
Balance Sheet as at 31 August 2017
Note |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
For the financial period ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Rahil Saggar (Congleton) Ltd
(Registration number: 10493859)
Balance Sheet as at 31 August 2017
Approved and authorised by the
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Director
Page 3 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit E
Congleton
Cheshire
CW12 1LJ
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The director has guaranteed his financial support to the company for the foreseeable future.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Page 4 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Shop fit |
10% straight line |
Professional equipment |
20% straight line |
Office equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 6 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2017 |
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Depreciation |
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Charge for the period |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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On 5th April 2017 HSBC Bank PLC has a fixed and floating charge over the company.
Stocks |
2017 |
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Other inventories |
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Debtors |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 7 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
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No. |
£ |
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100 |
Loans and borrowings |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 8 |
Rahil Saggar (Congleton) Ltd
Notes to the Financial Statements for the Period from 23 November 2016 to 31 August 2017
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Page 9 |