Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueCommunity Pharmacyfalse2017-04-01 05810798 2017-04-01 2018-03-31 05810798 2016-04-01 2017-03-31 05810798 2018-03-31 05810798 2017-03-31 05810798 c:Director1 2017-04-01 2018-03-31 05810798 d:MotorVehicles 2017-04-01 2018-03-31 05810798 d:MotorVehicles 2018-03-31 05810798 d:MotorVehicles 2017-03-31 05810798 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 05810798 d:FurnitureFittings 2017-04-01 2018-03-31 05810798 d:FurnitureFittings 2018-03-31 05810798 d:FurnitureFittings 2017-03-31 05810798 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 05810798 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 05810798 d:Goodwill 2017-04-01 2018-03-31 05810798 d:Goodwill 2018-03-31 05810798 d:Goodwill 2017-03-31 05810798 d:CurrentFinancialInstruments 2018-03-31 05810798 d:CurrentFinancialInstruments 2017-03-31 05810798 d:Non-currentFinancialInstruments 2017-03-31 05810798 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 05810798 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 05810798 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 05810798 d:ShareCapital 2018-03-31 05810798 d:ShareCapital 2017-03-31 05810798 d:RetainedEarningsAccumulatedLosses 2018-03-31 05810798 d:RetainedEarningsAccumulatedLosses 2017-03-31 05810798 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 05810798 c:FRS102 2017-04-01 2018-03-31 05810798 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 05810798 c:FullAccounts 2017-04-01 2018-03-31 05810798 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 05810798










B & H JAGPAL LIMITED








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2018

 
B & H JAGPAL LIMITED
Registered number: 05810798

Balance sheet
As at 31 March 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 3 
280,306
336,368

Tangible assets
 4 
1,929
18,681

  
282,235
355,049

Current assets
  

Stocks
 5 
85,284
83,160

Debtors: amounts falling due within one year
 6 
101,846
107,508

Cash at bank and in hand
 7 
317,627
252,760

  
504,757
443,428

Creditors: amounts falling due within one year
 8 
(687,058)
(452,628)

Net current liabilities
  
 
 
(182,301)
 
 
(9,200)

Total assets less current liabilities
  
99,934
345,849

Creditors: amounts falling due after more than one year
 9 
-
(233,310)

Provisions for liabilities
  

Deferred tax
 10 
-
(3,240)

  
 
 
-
 
 
(3,240)

Net assets
  
99,934
109,299

Page 1

 
B & H JAGPAL LIMITED
Registered number: 05810798
    
Balance sheet (continued)
As at 31 March 2018

2018
2017
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
99,834
109,199

  
99,934
109,299


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2018.




Mr B S Jagpal
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

1.Accounting policies (continued)

 
1.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Delivery van
-
20%
straight line
Fixtures and fittings
-
20%
straight line

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 comprehensive income.

Page 4

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

1.Accounting policies (continued)

 
1.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
1.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.9

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

1.Accounting policies (continued)

 
1.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
1.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.13

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
1.14

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 6

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

1.Accounting policies (continued)

 
1.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


2.


Employees

The average monthly number of employees, including directors, during the year was 9 (2017 - 8).

Page 7

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

3.


Intangible assets




Goodwill

£



Cost


At 1 April 2017
560,617



At 31 March 2018

560,617



Amortisation


At 1 April 2017
224,248


Charge for the year
56,062



At 31 March 2018

280,310



Net book value



At 31 March 2018
280,307



At 31 March 2017
336,368

Page 8

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

4.


Tangible fixed assets





Delivery van
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2017
5,490
83,988
89,478


Additions
-
1,430
1,430



At 31 March 2018

5,490
85,418
90,908



Depreciation


At 1 April 2017
4,392
66,405
70,797


Charge for the year on owned assets
1,098
17,084
18,182



At 31 March 2018

5,490
83,489
88,979



Net book value



At 31 March 2018
-
1,929
1,929



At 31 March 2017
1,098
17,583
18,681


5.


Stocks

2018
2017
£
£

Finished goods and goods for resale
85,284
83,160

85,284
83,160


Page 9

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

6.


Debtors

2018
2017
£
£


Trade debtors
52,510
76,731

Other debtors
33,150
11,500

VAT repayable
8,697
10,102

Prepayments
7,489
9,175

101,846
107,508



7.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
317,627
252,760

317,627
252,760



8.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
233,310
44,440

Trade creditors
130,723
107,029

Corporation tax
19,866
27,468

Pension liability
46
-

Directors' loan account
303,113
273,691

687,058
452,628



9.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
-
233,310

-
233,310


Page 10

 
B & H JAGPAL LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2018

10.


Deferred taxation




2018
2017


£

£






At beginning of year
(3,240)
-


Charged to profit or loss
3,240
(3,240)



At end of year
-
(3,240)

The deferred taxation balance is made up as follows:

2018
2017
£
£


Accelerated capital allowances
-
(3,240)

-
(3,240)


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,600 (2017 - £3,600). 


12.


Controlling party

The company was under the control of the directors Mr B S Jagpal (50% share) and Mrs H Jagpal (50% share), by virtue of the fact that between them they own 100% of the issued share capital of the company.

 
Page 11