Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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BANSAL LIMITED
COMPANY INFORMATION
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BANSAL LIMITED
CONTENTS
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BANSAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Our review is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties we face.
The Company continues to trade in the distribution of plumbing and heating materials and operates branches based around the M25. The Company had a successful year though there was a decrease in turnover due to the difficult market conditions. The Company continues to be competitive and by continuously reviewing its operations and is well placed to take advantages of opportunities that arise.
The Company is subject to the same general risks and uncertainties as any other business, for example, the impact of natural disasters, changes in general economic conditions including interest rate fluctuations and the impact of competition. We do not consider there to be any principal risks and uncertainties that are specific to us.
Covid-19
Whilst the challenging environment created by Covid-19 pandemic continued, resulting in difficult trading conditions, the Company undertook complete review of its operations resulting in the company being in a much stronger position to adapt to the changing environment and capitalise on new opportunities.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover and gross profit. Due to the competitive market turnover has decreased to £19,330,471
(2020 - £21,976,423)
, and gross profit has decreased to £3,483,657
(2020 - £4,110,294)
.
This report was approved by the board on 14 December 2021
and signed on its behalf.
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BANSAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
186,709
(2020 -
£
150,531
)
.
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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BANSAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
There have been no significant events affecting the Company since the year end.
This report was approved by the board on
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BANSAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANSAL LIMITED
We have audited the financial statements of Bansal Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of income and retained earnings, the Balance sheet
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BANSAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANSAL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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BANSAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANSAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙
We identified the laws and regulations applicable to the company through discussion with management, and from our commercial knowledge and experience of the relevant sector;
∙
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
°
Companies Act 2006.
°
FRS102.
°
Tax legislation
∙
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management;
∙
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.
The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙
Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
∙
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙
Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙
Assessing whether judgement and assumptions made in determining significant accounting estimates, including onerous lease provisions, were indicative of management bias.
The areas that we identified as being susceptible to misstatement through fraud were:
∙
Management bias in the estimates and judgements made;
∙
Management override of controls.
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BANSAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANSAL LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA
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BANSAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2021
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BANSAL LIMITED
REGISTERED NUMBER:
01479340
BALANCE SHEET
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 10 to 21 form part of these financial statements.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Bansal Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 313-319 High Road, Leytonstone, London, E11 4JT.
Its principal activity is the wholesale of plumbing and heating supplies.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Bansal Group Limited as at 31 March 2021 and these financial statements may be obtained from Companies House.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives.
Depreciation is provided on the following annual bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted, prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
a) Critical judgments in applying accounting policies The company does not consider there to be any critical judgments in applying accounting policies. b) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Impairment of stock The company supplies heating, plumbing and bathroom products that are subject to technological advancement. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of the goods.
Analysis of turnover by country of destination:
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The directors of the company are also members of Bansal Management LLP. It is not possible to quantify the amount paid to Bansal Management LLP which relates specifically to making available the services of the LLP members who are also directors of the company.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
There were no factors that may affect future tax charges.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
£750 of the investment is in quoted shares. It is the opinion of the directors that the market value of the investments is in excess of the cost, but not materially so.
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Included in creditors is an amount of £2,442,794
(2020 - £2,493,756)
secured on certain sales ledger balances of the company.
The obligations under finance leases are secured on the assets to which they relate.
All shares have equal rights, and there are no restrictions on the distribution of dividends and the repayment of capital.
Capital redemption reserve
Profit & loss account
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BANSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The parent undertaking is Bansal Group Limited. Its registered office is 313 - 319 High Road, Leytonstone, London, E11 4JT.
The ultimate controlling party is Mr J S Bansal by virtue of his shareholding in Bansal Group Limited.
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