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Registration number: 04714481

J M Patel Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

J M Patel Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

J M Patel Limited

Company Information

Directors

Mr A Amin

Mrs N A Amin

Registered office

Transport House
Uxbridge Road
Hillingdon Heath
Hillingdon
Middlesex
UB10 0LY

 

J M Patel Limited

(Registration number: 04714481)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,112

14,462

Tangible assets

5

405,486

409,970

 

406,598

424,432

Current assets

 

Stocks

6

95,997

78,045

Debtors

7

266,085

309,117

Cash at bank and in hand

 

79,905

86,183

 

441,987

473,345

Prepayments and accrued income

 

4,650

4,650

Creditors: Amounts falling due within one year

(331,897)

(391,871)

Net current assets

 

114,740

86,124

Total assets less current liabilities

 

521,338

510,556

Creditors: Amounts falling due after more than one year

8.1

(372,064)

(317,731)

Provisions for liabilities

(2,328)

(3,180)

Accruals and deferred income

 

(5,360)

(5,360)

Net assets

 

141,586

184,285

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

141,486

184,185

Shareholders' funds

 

141,586

184,285

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

J M Patel Limited

(Registration number: 04714481)
Abridged Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Mr A Amin
Director

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Transport House
Uxbridge Road
Hillingdon Heath
Hillingdon
Middlesex
UB10 0LY

These financial statements were authorised for issue by the Board on 16 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

Not provided

Fixtures and fittings

25% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised over 20 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 15).

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

267,000

At 31 March 2023

267,000

Amortisation

At 1 April 2022

252,538

Amortisation charge

13,350

At 31 March 2023

265,888

Carrying amount

At 31 March 2023

1,112

At 31 March 2022

14,462

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

393,231

134,082

527,313

At 31 March 2023

393,231

134,082

527,313

Depreciation

At 1 April 2022

-

117,343

117,343

Charge for the year

-

4,484

4,484

At 31 March 2023

-

121,827

121,827

Carrying amount

At 31 March 2023

393,231

12,255

405,486

At 31 March 2022

393,231

16,739

409,970

Included within the net book value of land and buildings above is £393,231 (2022 - £393,231) in respect of freehold land and buildings.
 

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

95,997

78,045

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured of £439,136 (2022 - £385,411).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,500.00 (2022 - £1,500.00) per ordinary share

 

150,000

 

150,000

         

11

Related party transactions

During the year, the company paid dividends of £150,000 (2022 - £150,000) to Vikasanand Limited, its parent company. The balance owed by Vikasanand Limited at 31 March 2023 was £34,918 (2022 - £104,137).

 

J M Patel Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,200

21,200

12

Parent and ultimate parent undertaking

The ultimate controlling party for the current year and the previous year was the parent company, Vikasanand Limited, a company incorporated in England.