Company registration number 07511391 (England and Wales)
CHAMPANI & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CHAMPANI & CO LIMITED
COMPANY INFORMATION
Directors
Dr P Champaneri
Dr S Wadhwani
Company number
07511391
Registered office
RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
United Kingdom
NE12 8EG
Accountants
RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Business address
24 St Mary's Road
Harborne
Birmingham
B17 0HA
CHAMPANI & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHAMPANI & CO LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
104,537
74,282
Investments
5
47,293
45,296
151,830
119,578
Current assets
Debtors
6
1,489
10,131
Cash at bank and in hand
37,253
46,186
38,742
56,317
Creditors: amounts falling due within one year
7
(12,344)
(5,723)
Net current assets
26,398
50,594
Total assets less current liabilities
178,228
170,172
Creditors: amounts falling due after more than one year
8
(29,866)
Provisions for liabilities
(26,134)
(18,571)
Net assets
122,228
151,601
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
122,128
151,501
Total equity
122,228
151,601
CHAMPANI & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Dr P Champaneri
Dr S Wadhwani
Director
Director
Company Registration No. 07511391
CHAMPANI & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Champani & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, United Kingdom, NE12 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.
1.2
Turnover
Turnover represents amounts receivable for medical services.
Revenue is recognised when the services are delivered to clients, in line with the client agreement and the entitlement to income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% straight line
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
CHAMPANI & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CHAMPANI & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
2
2
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
990
Adjustments in respect of prior periods
(8,244)
Total current tax
990
(8,244)
Deferred tax
Origination and reversal of timing differences
7,563
18,377
Total tax charge
8,553
10,133
4
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
470
4,573
85,125
90,168
Additions
60,580
60,580
At 31 January 2023
470
4,573
145,705
150,748
Depreciation
At 1 February 2022
470
3,001
12,415
15,886
Depreciation charged in the year
789
29,536
30,325
At 31 January 2023
470
3,790
41,951
46,211
Carrying amount
At 31 January 2023
783
103,754
104,537
At 31 January 2022
1,572
72,710
74,282
CHAMPANI & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Investments other than loans
47,293
45,296
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 February 2022
45,296
Valuation changes
1,997
At 31 January 2023
47,293
Carrying amount
At 31 January 2023
47,293
At 31 January 2022
45,296
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,244
Other debtors
1,489
1,887
1,489
10,131
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
990
Other creditors
11,354
5,723
12,344
5,723
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
29,866
CHAMPANI & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary shares of £1 each
80
80
20 Ordinary A shares of £1 each
20
20
100
100
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts owed to related parties
£
£
Directors
1,410
3,014
There are no set terms as to repayment of this balance and no interest accruing thereon.