Registered number
04965933
Joshi Associates Limited
Filleted Accounts
31 August 2021
Joshi Associates Limited
Registered number: 04965933
Balance Sheet
as at 31 August 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 1,213 1,389
Current assets
Stocks 2,112 2,761
Debtors 5 116,804 103,690
Cash at bank and in hand 28,470 60,607
147,386 167,058
Creditors: amounts falling due within one year 6 (132,801) (152,721)
Net current assets 14,585 14,337
Total assets less current liabilities 15,798 15,726
Provisions for liabilities (230) (264)
Net assets 15,568 15,462
Capital and reserves
Called up share capital 70 70
Profit and loss account 15,498 15,392
Shareholders' funds 15,568 15,462
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D T Joshi
Director
Approved by the board on 10 August 2022
Joshi Associates Limited
Notes to the Accounts
for the year ended 31 August 2021
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Fixtures, fittings and equipment 20% reducing balance basis
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2020 65,000
At 31 August 2021 65,000
Amortisation
At 1 September 2020 65,000
At 31 August 2021 65,000
Net book value
At 31 August 2021 -
4 Tangible fixed assets
Fixtures, fittings & equpment
£
Cost
At 1 September 2020 10,914
Additions 127
At 31 August 2021 11,041
Depreciation
At 1 September 2020 9,525
Charge for the year 303
At 31 August 2021 9,828
Net book value
At 31 August 2021 1,213
At 31 August 2020 1,389
5 Debtors 2021 2020
£ £
Trade debtors 115,032 102,555
Other debtors 1,772 1,135
116,804 103,690
6 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 19,171 26,533
Taxation and social security costs 79,631 75,636
Other creditors 33,999 50,552
132,801 152,721
7 Controlling party
Controlling party is the director, Mr D T Joshi.
8 Other information
Joshi Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
14 Walsgrave Avenue
Leicester
Leicestershire
LE5 6PU
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