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COMPANY REGISTRATION NUMBER: 03439207
Shah P.J. & Company Limited
Filleted Unaudited Financial Statements
31 December 2022
Shah P.J. & Company Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
5
150,000
150,000
Tangible assets
6
7,159
7,243
---------
---------
157,159
157,243
Current assets
Debtors
7
643,126
530,426
Cash at bank and in hand
262,814
278,854
---------
---------
905,940
809,280
Creditors: amounts falling due within one year
8
154,197
130,191
---------
---------
Net current assets
751,743
679,089
---------
---------
Total assets less current liabilities
908,902
836,332
Creditors: amounts falling due after more than one year
9
35,651
45,000
---------
---------
Net assets
873,251
791,332
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
873,151
791,232
---------
---------
Shareholders funds
873,251
791,332
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 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 financial statements .
Shah P.J. & Company Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr Praful Shah F.C.C.A
Director
Company registration number: 03439207
Shah P.J. & Company Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 301 Kenton Lane, Harrow, Middlesex, HA3 8RR.
2. Statement of compliance
These 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. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Goodwill
Acquired goodwill is not written off in equal annual instalments over its estimated useful economic life.
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:
Leasehold Property
-
Over 10 years on straight line
Plant and machinery
-
25% reducing balance
Fixtures and Fittings
-
25% reducing balance
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.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
150,000
---------
Amortisation
At 1 January 2022 and 31 December 2022
---------
Carrying amount
At 31 December 2022
150,000
---------
At 31 December 2021
150,000
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2022
153,242
65,990
4,748
223,980
Additions
2,506
2,506
---------
--------
-------
---------
At 31 December 2022
153,242
68,496
4,748
226,486
---------
--------
-------
---------
Depreciation
At 1 January 2022
153,241
59,190
4,306
216,737
Charge for the year
2,479
111
2,590
---------
--------
-------
---------
At 31 December 2022
153,241
61,669
4,417
219,327
---------
--------
-------
---------
Carrying amount
At 31 December 2022
1
6,827
331
7,159
---------
--------
-------
---------
At 31 December 2021
1
6,800
442
7,243
---------
--------
-------
---------
7. Debtors
2022
2021
£
£
Trade debtors
234,548
221,848
Other debtors
408,578
308,578
---------
---------
643,126
530,426
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
961
1,163
Trade creditors
1,814
2,593
Corporation tax
38,056
27,282
Social security and other taxes
66,202
61,671
Other creditors
47,164
37,482
---------
---------
154,197
130,191
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,651
45,000
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Praful Shah F.C.C.A
( 36,004)
( 9,371)
( 45,375)
--------
-------
--------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Praful Shah F.C.C.A
( 51,116)
15,112
( 36,004)
--------
--------
--------
11. Related party transactions
The company was under the control of Mr Praful Shah throughout the current and previous year. Mr Praful Shah is the managing director and majority shareholder. The company paid rent to Mr Praful Shah (Director) of £0.00 (2021: £0) in respect of business premises. Other debtors of £408,578 include a sum of £406,000 owed by SPJ Estates Ltd in which P J Shah and H P shah are equal shareholders. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.