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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02977835
2016-04-01
2017-03-31
02977835
2017-03-31
02977835
2016-03-31
02977835
2015-04-01
2016-03-31
02977835
2016-03-31
02977835
core:FurnitureFittings
2016-04-01
2017-03-31
02977835
core:MotorVehicles
2016-04-01
2017-03-31
02977835
bus:Director3
2016-04-01
2017-03-31
02977835
bus:Director4
2016-04-01
2017-03-31
02977835
core:FurnitureFittings
2016-03-31
02977835
core:MotorVehicles
2016-03-31
02977835
core:FurnitureFittings
2017-03-31
02977835
core:MotorVehicles
2017-03-31
02977835
core:WithinOneYear
2017-03-31
02977835
core:WithinOneYear
2016-03-31
02977835
core:AfterOneYear
2017-03-31
02977835
core:AfterOneYear
2016-03-31
02977835
core:ShareCapital
2017-03-31
02977835
core:ShareCapital
2016-03-31
02977835
core:RetainedEarningsAccumulatedLosses
2017-03-31
02977835
core:RetainedEarningsAccumulatedLosses
2016-03-31
02977835
core:FurnitureFittings
2016-03-31
02977835
core:MotorVehicles
2016-03-31
02977835
bus:FRS102
2016-04-01
2017-03-31
02977835
bus:AuditExempt-NoAccountantsReport
2016-04-01
2017-03-31
02977835
bus:FullAccounts
2016-04-01
2017-03-31
02977835
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
02977835
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
02977835
Filleted Unaudited Financial Statements
|
|
Year ended 31 March 2017
Notes to the financial statements
|
3 to 6
|
|
|
31 March 2017
Fixed assets
Tangible assets
|
5
|
|
4,046
|
5,395
|
|
|
|
|
|
Current assets
Stocks
|
1,038,527
|
|
1,038,527
|
Debtors
|
6
|
21,715
|
|
18,560
|
Cash at bank and in hand
|
502,093
|
|
413,610
|
|
------------
|
|
------------
|
|
1,562,335
|
|
1,470,697
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
424,780
|
|
439,559
|
|
------------
|
|
------------
|
Net current assets
|
|
1,137,555
|
1,031,138
|
|
|
------------
|
------------
|
Total assets less current liabilities
|
|
1,141,601
|
1,036,533
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
502,161
|
503,641
|
|
|
------------
|
------------
|
Net assets
|
|
639,440
|
532,892
|
|
|
------------
|
------------
|
|
|
|
|
|
Balance Sheet (continued)
|
|
31 March 2017
Capital and reserves
Called up share capital
|
|
1,000
|
1,000
|
Profit and loss account
|
|
638,440
|
531,892
|
|
|
---------
|
---------
|
Shareholders funds
|
|
639,440
|
532,892
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2017
, and are signed on behalf of the board by:
Mr. H.R. Bhundia
|
Mr. S.R. Bhundia
|
Director
|
Director
|
|
|
Company registration number:
02977835
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
2.
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 the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Revenue, which is shown net of Value Added Tax, mainly arises from letting commissions and is recognised on the receipt of the rentals due from the tenants. Rental income from property and cash machine is recognised when receivable under the terms of the lease agreement. These together with interest receivable are shown as other operating income.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non- discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on the tax rate and laws that have been enacted by the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
-
|
25% reducing balance
|
|
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
6
).
5.
Tangible assets
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 April 2016 and 31 March 2017
|
10,185
|
8,598
|
18,783
|
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
At 1 April 2016
|
7,510
|
5,878
|
13,388
|
Charge for the year
|
669
|
680
|
1,349
|
|
--------
|
-------
|
--------
|
At 31 March 2017
|
8,179
|
6,558
|
14,737
|
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
At 31 March 2017
|
2,006
|
2,040
|
4,046
|
|
--------
|
-------
|
--------
|
At 31 March 2016
|
2,675
|
2,720
|
5,395
|
|
--------
|
-------
|
--------
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
15,347
|
10,195
|
Other debtors
|
6,368
|
8,365
|
|
--------
|
--------
|
|
21,715
|
18,560
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
14,400
|
26,000
|
Trade creditors
|
321,788
|
336,438
|
Corporation tax
|
31,042
|
22,419
|
Social security and other taxes
|
13,799
|
13,532
|
Other creditors
|
43,751
|
41,170
|
|
---------
|
---------
|
|
424,780
|
439,559
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
502,161
|
503,641
|
|
---------
|
---------
|
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £466,499 (2016: £466,499) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Related party transactions
During the year the company paid rent of £9,000 (2016 £9,000) to SBM Properties Limited, a company in which the directors,
Mr. H.R. Bhundia
and Mr. S.R. Bhundia
, have a material interest. Included in trade creditors is an amount of £9,967 (2016 £9,700) owed to Arilian Properties Limited, a company in which all the directors have a material interest. During the year the following dividends were paid to the following directors: 2017 2016 £ £ Mr. H.R. Bhundia
5,000 NIL Mr. S.R. Bhundia 5,000 NIL Mrs. M. Bhundia 5,000 NIL Mrs. R. Bhundia 5,000 NIL --------- ----- £ 20,000 NIL ===== ===
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.