false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
634,537
326,688
xbrli:pure
xbrli:shares
iso4217:GBP
05085227
2016-04-01
2017-03-31
05085227
2017-03-31
05085227
2016-03-31
05085227
2015-04-01
2016-03-31
05085227
2016-03-31
05085227
core:MotorVehicles
2016-04-01
2017-03-31
05085227
bus:RegisteredOffice
2016-04-01
2017-03-31
05085227
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
05085227
bus:Director1
2016-04-01
2017-03-31
05085227
core:WithinOneYear
2017-03-31
05085227
core:WithinOneYear
2016-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2016-04-01
2017-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2015-04-01
2016-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2016-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2015-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2017-03-31
05085227
core:RetainedEarningsAccumulatedLosses
2016-03-31
05085227
core:ShareCapital
2017-03-31
05085227
core:ShareCapital
2016-03-31
05085227
bus:Director1
2016-03-31
05085227
bus:Director1
2015-03-31
05085227
bus:FRS102
2016-04-01
2017-03-31
05085227
bus:AuditExemptWithAccountantsReport
2016-04-01
2017-03-31
05085227
bus:AbridgedAccounts
2016-04-01
2017-03-31
05085227
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
05085227
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
Statement of Consent to Prepare Abridged Financial Statements
|
|
All of the members of M.S. Chahal & Sons (Wholesale) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05085227
M.S. Chahal & Sons (Wholesale) Limited
|
|
Unaudited Abridged Financial Statements
|
|
M.S. Chahal & Sons (Wholesale) Limited
|
|
Abridged Financial Statements
|
|
Year ended 31 March 2017
Abridged statement of income and retained earnings
|
2
|
|
|
Abridged statement of financial position
|
3
|
|
|
Notes to the abridged financial statements
|
6
|
|
|
The following pages do not form part of the abridged financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
|
9
|
|
|
M.S. Chahal & Sons (Wholesale) Limited
|
|
Year ended 31 March 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended
31 March 2017
.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
31 December 2017
and signed on behalf of the board by:
Mr Opinderjit Chahal
|
|
Director
|
|
|
|
Registered office:
|
Unit 7 The Business Centre
|
Corinium Industrial Estate
|
Raans Road Amersham
|
Buckinghamshire
|
HP6 6FB
|
|
M.S. Chahal & Sons (Wholesale) Limited
|
|
Abridged Statement of Income and Retained Earnings
|
|
Year ended 31 March 2017
|
2017
|
2016
|
Note
|
£
|
£
|
Gross profit
|
1,686,460
|
1,254,842
|
|
|
|
Distribution costs
|
347,596
|
466,548
|
Administrative expenses
|
540,115
|
373,392
|
|
------------
|
------------
|
Operating profit
|
798,749
|
414,902
|
|
|
|
Other interest receivable and similar income
|
6
|
–
|
Interest payable and similar expenses
|
3,335
|
5,157
|
|
|
------------
|
------------
|
Profit before taxation
|
4
|
795,420
|
409,745
|
|
|
|
|
Tax on profit
|
160,883
|
83,057
|
|
---------
|
---------
|
Profit for the financial year and total comprehensive income
|
634,537
|
326,688
|
|
---------
|
---------
|
|
|
|
Dividends paid and payable
|
(
150,000)
|
(
250,000)
|
|
|
|
Retained earnings at the start of the year
|
649,982
|
573,294
|
|
------------
|
---------
|
Retained earnings at the end of the year
|
1,134,519
|
649,982
|
|
------------
|
---------
|
|
|
|
All the activities of the company are from continuing operations.
M.S. Chahal & Sons (Wholesale) Limited
|
|
Abridged Statement of Financial Position
|
|
31 March 2017
Fixed assets
Tangible assets
|
5
|
|
94,090
|
39,533
|
|
|
|
|
|
Current assets
Stocks
|
635,000
|
|
1,085,000
|
Debtors
|
1,554,378
|
|
16,028
|
Cash at bank and in hand
|
31,262
|
|
501,154
|
|
------------
|
|
------------
|
|
2,220,640
|
|
1,602,182
|
|
|
|
|
Creditors: amounts falling due within one year
|
1,180,111
|
|
991,633
|
|
------------
|
|
------------
|
Net current assets
|
|
1,040,529
|
610,549
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
1,134,619
|
650,082
|
|
|
------------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
1,134,519
|
649,982
|
|
|
------------
|
---------
|
Shareholders funds
|
|
1,134,619
|
650,082
|
|
|
------------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared 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'.
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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 December 2017
, and are signed on behalf of the board by:
Mr Opinderjit Chahal
|
|
Director
|
|
|
|
Company registration number:
05085227
M.S. Chahal & Sons (Wholesale) Limited
|
|
Year ended 31 March 2017
Basis of preparation
The abridged 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 abridged 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 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
|
Motor vehicles
|
-
|
25% reducing balance
|
|
Fixtures, fittings and equipments
|
-
|
|
|
|
|
|
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.
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.
M.S. Chahal & Sons (Wholesale) Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 The Business Centre, Corinium Industrial Estate, Raans Road Amersham, Buckinghamshire, HP6 6FB.
2.
Statement of compliance
These abridged 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.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2016:
8
).
4.
Profit before taxation
Profit before taxation is stated after charging:
|
2017
|
2016
|
|
£
|
£
|
Depreciation of tangible assets
|
31,363
|
13,177
|
|
--------
|
--------
|
|
|
|
5.
Tangible assets
|
£
|
Cost
|
|
At 1 April 2016
|
155,230
|
Additions
|
94,992
|
Disposals
|
(
56,889)
|
|
---------
|
At 31 March 2017
|
193,333
|
|
---------
|
Depreciation
|
|
At 1 April 2016
|
115,697
|
Charge for the year
|
31,363
|
Disposals
|
(
47,817)
|
|
---------
|
At 31 March 2017
|
99,243
|
|
---------
|
Carrying amount
|
|
At 31 March 2017
|
94,090
|
|
---------
|
At 31 March 2016
|
39,533
|
|
---------
|
|
|
6.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
Balance brought forward and outstanding
|
|
2017
|
2016
|
|
£
|
£
|
Mr Opinderjit Chahal
|
(
258,393)
|
(
12,796)
|
|
---------
|
--------
|
|
|
|
7.
Related party transactions
The company was under the control of Mr Opinederjit S Chahal throughout the current and previous year. Mr Chahal is the managing director and together with his family holdings is the majority shareholder. The premises company occupies are owned by the Director and his brother. The rent paid during the year was £50,000 (2016: £50,000). Director confirms that the rent paid is the market rent. Included in the other debtors is a balance of £577,172.40 (2016: Nil) owed by M.S Chahal & Sons (Holdings) Limited where the director Mr Opinderjit S Chahal or his family members are the directors and shareholders of the company. M.S Chahal & Sons (Holdings) Limited bought a warehouse on 7th March 2017 which is rented to
M.S. Chahal & Sons (Wholesale) Limited
for £50,000+VAT per annum. Director confirms that the rent paid is the market rent. Included in the other debtors is a balance of £960,821.66 (2016: Nil) owed by AG Internet Services Limited where the director Mr Opinderjit S Chahal and his family members are the directors and shareholders of the company. Included in the trade creditors is a balance of £74,755.00 (2016: 45,570.00) payable to AG Internet Services Limited where the director Mr Opinderjit S Chahal and his family members are the directors and shareholders of the company.
8.
Transition to FRS 102
These are the first abridged 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.
M.S. Chahal & Sons (Wholesale) Limited
|
|
Year ended 31 March 2017
The following pages do not form part of the abridged financial statements.
M.S. Chahal & Sons (Wholesale) Limited
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of
M.S. Chahal & Sons (Wholesale) Limited
|
|
Year ended 31 March 2017
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CHOWDHARY & CO
Chartered accountant
46 Syon Lane
Osterley
Middlesex
TW7 5NQ
31 December 2017