Harpreet Bansal Limited
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Notes to the Accounts |
for the year ended 31 August 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Fixtures, fittings & equipment |
20% reducing method |
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Computer equipment |
33% reducing method |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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2 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 September 2016 |
42,015 |
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At 31 August 2017 |
42,015 |
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Amortisation |
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At 1 September 2016 |
10,504 |
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Provided during the year |
2,101 |
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At 31 August 2017 |
12,605 |
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Net book value |
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At 31 August 2017 |
29,410 |
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At 31 August 2016 |
31,511 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years. |
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3 |
Tangible fixed assets |
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Fixtures, fittings & equipment |
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Computer equipment |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 September 2016 |
341 |
|
451 |
|
792 |
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At 31 August 2017 |
341 |
|
451 |
|
792 |
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Depreciation |
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At 1 September 2016 |
229 |
|
390 |
|
619 |
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Charge for the year |
22 |
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20 |
|
42 |
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At 31 August 2017 |
251 |
|
410 |
|
661 |
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Net book value |
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At 31 August 2017 |
90 |
|
41 |
|
131 |
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At 31 August 2016 |
112 |
|
61 |
|
173 |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Other debtors |
1,930 |
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1,930 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
170 |
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170 |
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Taxation and social security costs |
6,406 |
|
2,434 |
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Other creditors |
91,436 |
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92,077 |
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98,012 |
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94,681 |
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6 |
Related party transactions |
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Mr Harpreet Singh Bansal is the director of the company. At the end of the year amount owed by the company to the director is £91,436 (2016: £ 92,077). During the year company has declared dividend of £15,000 (2016 : 7,000).
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7 |
Other information |
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Harpreet Bansal Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite 37/38 |
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Marshall House |
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124 Middleton Road Morden |
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Surrey |
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SM4 6RW |