Company registration number 04598252 (England and Wales)
VELJI BHOVAN & SONS (TRADING) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
VELJI BHOVAN & SONS (TRADING) LIMITED
COMPANY INFORMATION
Directors
Chandulal V Nathwani
Manharlal V Nathwani
Mahendra V Nathwani
Natwarlal V Nathwani
Company number
04598252
Registered office
VB House
Woodside End
Alperton
Wembley
Middlesex
HA0 1UR
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
VB House
Woodside End
Alperton
Wembley
Middlesex
HA0 1UR
Bankers
Barclays Bank Plc
36-38 Park Royal Road
London
NW10 7JA
VELJI BHOVAN & SONS (TRADING) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
VELJI BHOVAN & SONS (TRADING) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -

The directors present the strategic report for the year ended 31 July 2023.

 

The principal activity of the company continued to be that of the wholesale and retail of groceries and provisions.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect performance to remain stable in the foreseeable future.

Principal risks and uncertainties

The retail sector in which the company is trading, is very competitive. The company faces competition from a wide variety of retailers of varying sizes. The company aims not only to compete on price, but to also offer a diverse product range to consumers. Failure to remain competitive on price and product range would have an adverse impact on the company's financial performance in the long term. The directors continuously monitor the trading activities and competition and respond as appropriate to ensure the company remains competitive.

 

The company's main financial risks relate to the working capital of the company required to meet its business needs and the fluctuations in interest and foreign exchange rates. The company monitors on an ongoing basis its working capital requirements and fluctuations in interest rates and foreign exchange to ensure that these risks are kept to a minimum. The challenge in future is to monitor excessive storage costs associated with increased stock levels. The financial and business risks are continuously monitored by the directors and are managed in relation to the company's business needs.

 

Brexit risk

The company currently trades with entities based in European countries. As a result of Brexit, there have been delays at borders, driver shortages and increased transport costs due to cross border charges relating to the dealings with these countries.

 

The Company management is monitoring this continuously and will respond to any changes arising from Brexit.

 

War in Ukraine

Due to the war in Ukraine, the global economy had been impacted by a rise in fuel prices. At the start of the financial year, the company was impacted by this price increase as it relies heavily on daily transportation of goods.

The directors are aware of the situation and are taking necessary steps in order to reduce this risk to a minimum, such as continuing to buy goods in bulk wherever possible.

 

UK inflation rates and devaluation of the GBP

At the start of the financial year, the value of the GBP dropped to a record low against the USD. As the company trades with international companies it was impacted by this devaluation.

The directors are continuously monitoring the situation and will respond to changes as necessary.

Development and performance

At the year end the company's current ratio was 2.85 compared to 2.01 in 2022. This increase is due to a reduction in the company's current liabilities at the year end due to a significant decrease in the directors' loan account balances.

VELJI BHOVAN & SONS (TRADING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Key performance indicators

The Key Performance Indicators of Velji Bhovan & Sons (Trading) Limited over the last two years are detailed below:
            2023         2022
Turnover 44,978,744 40,009,447

Gross Profit Margin %     21.94         26.14
Operating Profit %     6.22         9.54
Interest Cover         76.18         258.34

Stock turnover days     100          114

The turnover has increased by 12% during the year due to a surge in consumer demand despite an intensely competitive market. However, the company has faced rising prices from suppliers which has increased the cost of purchases. Freight costs have also increased in the year. These factors have contributed to a decrease in the gross profit margin.

 

The operating profit margin has also decreased in comparison with the previous year. This margin has been calculated by deducting other operating income and bank interest received from the operating profit figure and dividing the adjusted profit figure by turnover. The primary factors contributing to this decline can be attributed to a year-over-year wage increase, primarily driven by the rise in national wage rates. This is also coupled with an increase in the rates expense this year. The company had received rates rebates from the councils in the prior year due to Covid-19.

Other performance indicators

Interest cover demonstrates the company's ability to meet interest payments on loans as they fall due. There has been a deterioration in interest cover over the year which can be attributed to the increased interest costs to the company. However, the company still has sufficient funds to meet their interest payments.

 

The stock turnover days have decreased which indicates that goods are being sold at a faster rate and the company in not holding excess inventory.

VELJI BHOVAN & SONS (TRADING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
Section 172(1) statement

 

Interests of members of the company

 

The company is a private company. It has four directors who are also shareholders, all representatives of the owners of the group. The day-to-day operations of the company are managed by the directors who are closely involved in the activities of the company and provide day-to-day support as and when required.

 

In common with many private companies the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.

 

Board decisions during the year

A dividend amounting to £625,000 (2022: £5,500,000) was voted in the year.

 

During the year we have aimed to continue our position in the market. Despite the increased volatility in supplier prices, the gross profit margins have increased. The company has remained profitable and it is expected that the company will continue to be profitable for the foreseeable future.

 

No other major board decisions were made during the year.

 

The interests of employees

 

We continue to focus on training and supporting our employees in the understanding that a well informed and trained workforce is essential for the company’s ongoing success. We encourage feedback from our staff and where possible and practical implement suggestions made to improve our procedures and to improve our working environment.

 

The average number of staff for the year was 172 (2022: 177).

 

We consider that we offer our employees competitive remuneration packages.

 

The interests of our customers

 

Over the years we have acquired, developed and maintained unique relationships with our customers, and we do this by ensuring our prices remain competitive and deliveries maintained to a high standard and implement recommendations made by our customers. The success of this is highlighted by the loyalty shown by our customers over the years.

 

The interests of our suppliers

 

Due to the nature of our activities many of the company’s suppliers are based overseas. We maintain regular contact with our suppliers on a daily basis, plan delivery schedules and receive feedback. However, due to the geographical spread of our supplier base, much of the communication is now carried by email or telephone calls.

 

We continue to endeavour to pay all our suppliers promptly and within the terms agreed.

 

On the rare occasion where disputes arise we strive to reach outcomes that are satisfactory and fair to both the company and its suppliers.

VELJI BHOVAN & SONS (TRADING) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -

The impact of the company’s operations on the community and the environment

 

We assist producers with the development of their markets in Europe and Asia. Many of our suppliers do have carbon offset programmes. We encourage all our suppliers to take steps to be as energy efficient as possible.

 

Maintaining a reputation for high standards of business conduct

 

We are committed to maintaining a reputation of high standards of business conduct. We have an ethics policy for all employees to follow and review this annually. Each year we consider and approve our modern slavery statement which explains the activities we have taken to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of our business or supply chains.

On behalf of the board

Natwarlal V Nathwani
Director
20 February 2024
VELJI BHOVAN & SONS (TRADING) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 5 -

The directors present their annual report and financial statements for the year ended 31 July 2023.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £625,000 (2022: £5,500,000). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Chunilal V Nathwani
(Deceased 25 September 2023)
Chandulal V Nathwani
Manharlal V Nathwani
Mahendra V Nathwani
Natwarlal V Nathwani
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors believe that the company will continue to trade at similar levels over the next 12 months but possibly face lower margins due to food price inflation expected in the future together with increased competition.

Auditor

The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The stated objective of the company is to minimise the ecological footprint of its entire business through the continuous reduction of energy usage and greenhouse gas (GHG) emissions.

 

The Company's total emissions (Scope 1-3 emissions) are outlined below:

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,533,407
2,639,265
VELJI BHOVAN & SONS (TRADING) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
30.00
36.00
- Fuel consumed for owned transport
59.00
25.00
89.00
61.00
Scope 2 - indirect emissions
- Electricity purchased
179.00
213.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
326.00
319.00
Total gross emissions
594.00
593.00
Intensity ratio
Tonnes CO2e per site
99
98.9
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per site, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Natwarlal V Nathwani
Director
20 February 2024
VELJI BHOVAN & SONS (TRADING) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

VELJI BHOVAN & SONS (TRADING) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VELJI BHOVAN & SONS (TRADING) LIMITED
- 8 -
Opinion

We have audited the financial statements of Velji Bhovan & Sons (Trading) Limited (the 'company') for the year ended 31 July 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

VELJI BHOVAN & SONS (TRADING) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VELJI BHOVAN & SONS (TRADING) LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

VELJI BHOVAN & SONS (TRADING) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VELJI BHOVAN & SONS (TRADING) LIMITED
- 10 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paresh Radia FCA (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP
20 February 2024
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
VELJI BHOVAN & SONS (TRADING) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
44,978,744
40,009,447
Cost of sales
(35,111,975)
(29,549,445)
Gross profit
9,866,769
10,460,002
Distribution costs
(4,248,065)
(3,989,774)
Administrative expenses
(2,819,454)
(2,653,701)
Other operating income
67,700
67,056
Operating profit
4
2,866,950
3,883,583
Interest receivable and similar income
8
114,621
22,872
Interest payable and similar expenses
9
(37,634)
(15,033)
Profit before taxation
2,943,937
3,891,422
Tax on profit
10
(674,921)
(744,571)
Profit for the financial year
2,269,016
3,146,851

 

VELJI BHOVAN & SONS (TRADING) LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,574,788
10,499,708
Investments
13
8,600
8,600
10,583,388
10,508,308
Current assets
Stocks
16
9,587,437
9,251,008
Debtors
17
1,407,249
1,136,851
Cash at bank and in hand
5,494,251
7,973,904
16,488,937
18,361,763
Creditors: amounts falling due within one year
18
(5,790,137)
(9,139,592)
Net current assets
10,698,800
9,222,171
Total assets less current liabilities
21,282,188
19,730,479
Creditors: amounts falling due after more than one year
19
(605,000)
(770,000)
Provisions for liabilities
Deferred tax liability
21
138,857
66,164
(138,857)
(66,164)
Net assets
20,538,331
18,894,315
Capital and reserves
Called up share capital
23
1,005
1,005
Share premium account
2,137,301
2,137,301
Revaluation reserve
1,710,424
1,721,806
Profit and loss reserves
16,689,601
15,034,203
Total equity
20,538,331
18,894,315
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Natwarlal V Nathwani
Director
Company registration number 04598252 (England and Wales)
VELJI BHOVAN & SONS (TRADING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2021
1,005
2,137,301
1,733,188
17,375,970
21,247,464
Year ended 31 July 2022:
Profit and total comprehensive income
-
-
-
3,146,851
3,146,851
Dividends
11
-
-
-
(5,500,000)
(5,500,000)
Transfers
-
-
(11,382)
11,382
-
Balance at 31 July 2022
1,005
2,137,301
1,721,806
15,034,203
18,894,315
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
2,269,016
2,269,016
Dividends
11
-
-
-
(625,000)
(625,000)
Transfers
-
-
(11,382)
11,382
-
Balance at 31 July 2023
1,005
2,137,301
1,710,424
16,689,601
20,538,331
VELJI BHOVAN & SONS (TRADING) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(646,803)
1,246,676
Interest paid
(37,634)
(15,033)
Income taxes paid
(720,850)
(741,512)
Net cash (outflow)/inflow from operating activities
(1,405,287)
490,131
Investing activities
Purchase of tangible fixed assets
(398,987)
(169,336)
Interest received
114,621
22,872
Net cash used in investing activities
(284,366)
(146,464)
Financing activities
Repayment of bank loans
(165,000)
(165,000)
Dividends paid
(625,000)
(1,445,000)
Net cash used in financing activities
(790,000)
(1,610,000)
Net decrease in cash and cash equivalents
(2,479,653)
(1,266,333)
Cash and cash equivalents at beginning of year
7,973,904
9,240,237
Cash and cash equivalents at end of year
5,494,251
7,973,904
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 15 -
1
Accounting policies
Company information

Velji Bhovan & Sons (Trading) Limited is a company limited by shares incorporated in England and Wales. The registered office is VB House, Woodside End, Alperton, Wembley, Middlesex, HA0 1UR.

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.

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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

1.4
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:

Freehold buildings
2% straight line (building element only)
Leasehold improvements
Straight line over the life of lease of 5 years
Plant and machinery
15% reducing balance
Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The land element of freehold buildings is not depreciated.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the retail method in accordance with FRS 102 paragraph 13.16. The retail method measures cost by reducing the sales value of the inventory by an appropriate percentage gross margin. The directors have deemed the appropriate gross margin to use to be 25%.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 17 -
1.9
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

1.11
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.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 19 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 20 -
1.17

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as under section 405 of the Companies Act 2006 the company has exercised the right to exclude its subsidiary as its inclusion would not materially alter the accounts.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the directors' view, there are no significant judgements or estimates made.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Retail and wholesale of goods
44,978,744
40,009,447
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
44,978,744
40,009,447
2023
2022
£
£
Other revenue
Interest income
114,621
22,872
Grants received
-
1,656
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 21 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(42,599)
(30,077)
Government grants
-
(1,656)
Depreciation of owned tangible fixed assets
273,386
227,721
Loss on disposal of tangible fixed assets
50,521
2,845
Operating lease charges
223,336
220,549
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
30,850
30,850
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Office and management (excluding directors)
15
15
Sales
152
157
Directors
5
5
Total
172
177

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,170,241
4,308,954
Social security costs
387,024
417,378
Pension costs
73,262
71,594
4,630,527
4,797,926
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
48,197
420,326
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
-
336,715

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to £nil (2022 - £nil).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
114,621
22,872
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
114,621
22,872
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on financial liabilities
37,634
15,033
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
602,228
734,381
Deferred tax
Origination and reversal of timing differences
72,693
10,190
Total tax charge
674,921
744,571

During the year, there was a change in the rate of taxation from 19% to 25%.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,943,937
3,891,422
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19%)
618,389
739,370
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,602
Capital allowances
(84,150)
(50,616)
Depreciation add back
57,411
43,267
Other tax adjustments
10,400
758
Deferred tax movements
72,871
10,190
Taxation charge for the year
674,921
744,571
11
Dividends
2023
2022
£
£
Interim paid
625,000
5,500,000
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 24 -
12
Tangible fixed assets
Freehold buildings
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 August 2022
11,030,510
95,690
183,524
1,983,818
138,469
13,432,011
Additions
-
0
-
0
45,275
353,712
-
0
398,987
Disposals
-
0
-
0
(20,650)
(781,405)
(11,050)
(813,105)
At 31 July 2023
11,030,510
95,690
208,149
1,556,125
127,419
13,017,893
Depreciation and impairment
At 1 August 2022
960,884
95,690
109,577
1,693,004
73,148
2,932,303
Depreciation charged in the year
120,203
-
0
17,319
119,651
16,213
273,386
Eliminated in respect of disposals
-
0
-
0
(16,888)
(735,112)
(10,584)
(762,584)
At 31 July 2023
1,081,087
95,690
110,008
1,077,543
78,777
2,443,105
Carrying amount
At 31 July 2023
9,949,423
-
0
98,141
478,582
48,642
10,574,788
At 31 July 2022
10,069,626
-
0
73,947
290,814
65,321
10,499,708

The land element of freehold buildings amounts to £5,020,376 (2022: £5,020,376).

 

Upon transition to FRS 102 on 01 August 2014 the company elected to hold its properties at deemed cost. For the following sites, the freehold land and buildings were deemed to be:

     £
Head Office     1,212,500
Wembley Branch     2,928,500

Kingsbury Branch (land only)    456,852
Greenford Branch     2,667,500
Tooting Branch     1,453,230
North Harrow Branch     2,311,928

Total                11,030,510

The deemed cost of the properties is based on valuations, undertaken by the directors on 31 July 2011, less depreciation until the date of transition.

If revalued assets were stated on an historical cost basis rather than a deemed cost basis, the total amounts included would have been as follows:

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
12
Tangible fixed assets
(Continued)
- 25 -
Freehold property
2023
2022
£
£
Cost
9,900,250
9,900,250
Accumulated depreciation
(1,679,642)
(1,570,821)
Carrying value
8,220,608
8,329,429
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
1,100
1,100
Unlisted investments
7,500
7,500
8,600
8,600
14
Subsidiaries

Details of the company's subsidiaries at 31 July 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
V. B. & Sons (Trading) Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
V. B. & Sons (Trading) Limited
1,000
-
0

The above subsidiary has remained dormant throughout the year and prior year. The registered office is V B House, Woodside End, Alperton, Wembley, Middlesex HA0 1UR

The investments in subsidiaries are all stated at cost.

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 26 -
15
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
985,176
802,872
Equity instruments measured at cost less impairment
7,500
7,500
Instruments measured at fair value through profit or loss
5,520,568
7,980,006
Carrying amount of financial liabilities
Measured at amortised cost
6,003,811
9,292,079

Financial assets at fair value through profit or loss comprise cash.

 

Financial assets measured at amortised cost comprise trade debtors and other debtors.

 

Financial liabilities measured at amortised cost comprise bank loans, trade creditors, amounts owed to group undertakings and other creditors.

16
Stocks
2023
2022
£
£
Finished goods and goods for resale
9,587,437
9,251,008
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
980,176
797,872
Other debtors
100,761
72,482
Prepayments and accrued income
326,312
266,497
1,407,249
1,136,851
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
20
165,000
165,000
Trade creditors
3,290,725
2,935,434
Amounts owed to group undertakings
1,000
1,000
Corporation tax
235,077
353,699
Other taxation and social security
156,249
263,814
Other creditors
1,868,212
5,352,406
Accruals and deferred income
73,874
68,239
5,790,137
9,139,592
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 27 -
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
605,000
770,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
110,000
20
Loans and overdrafts
2023
2022
£
£
Bank loans
770,000
935,000
Payable within one year
165,000
165,000
Payable after one year
605,000
770,000

Bank loans and overdrafts amounting to £770,000 (2022: £935,000) have been secured by way of a fixed charge over various freehold properties in favour of Barclays Bank PLC. There is also a charge against a property owned personally by the directors, in favour of Barclays Bank PLC.

The company had one loan in place at the year end with Barclays PLC:

 

The loan has £770,000 (2022: £935,000) outstanding at the year end, and is repayable in equal monthly instalments until March 2028. The loan has a variable interest rate of 1% above the Bank of England base rate.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
138,857
66,164
2023
Movements in the year:
£
Liability at 1 August 2022
66,164
Charge to profit or loss
72,693
Liability at 31 July 2023
138,857
VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 28 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,262
71,594

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The outstanding contributions at the reporting date are £3,047 (2022: £5,373).

23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary-A shares of £1 each
201
201
201
201
Ordinary-B shares of £1 each
201
201
201
201
Ordinary-C shares of £1 each
201
201
201
201
Ordinary-D shares of £1 each
201
201
201
201
Ordinary-E shares of £1 each
201
201
201
201
1,005
1,005
1,005
1,005

The shares rank pari passu in all respects.

24
Financial commitments, guarantees and contingent liabilities

At the balance sheet date there was a Duty Deferment Bond of £120,000 (2022: £120,000) in favour of HM Revenue & Customs.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
220,000
220,000
Between two and five years
316,250
481,250
536,250
701,250
26
Related party transactions
Remuneration of key management personnel

The company's key management personnel are considered to be the directors. Their remuneration during the year is shown in note 7.

The following amounts were outstanding at the reporting end date:

VELJI BHOVAN & SONS (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
26
Related party transactions
(Continued)
- 29 -
Other information

Rent of £220,000 (2022: £220,000) is payable to the Woodside End Pension Plan, in which all the directors have an interest as members.

 

Dividends amounting to £625,000 (2022: £5,500,000) in aggregate were declared to the directors in respect of their shareholding in the company during the year.

 

The company owes an aggregate amount of £1,545,914 (2022: £5,075,471) to the directors of the company.

 

The company has elected to utilise the exemption from disclosing transactions involving two or more group members, as outlined in FRS 102 paragraph 33.1A.

27
Ultimate controlling party

There is no one ultimate controlling party.

28
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
2,269,016
3,146,851
Adjustments for:
Taxation charged
674,921
744,571
Finance costs
37,634
15,033
Investment income
(114,621)
(22,872)
Loss on disposal of tangible fixed assets
50,521
2,845
Depreciation and impairment of tangible fixed assets
273,386
227,721
Movements in working capital:
Increase in stocks
(336,429)
(1,928,339)
Increase in debtors
(270,398)
(12,092)
Decrease in creditors
(3,230,833)
(927,042)
Cash (absorbed by)/generated from operations
(646,803)
1,246,676
29
Analysis of changes in net funds
1 August 2022
Cash flows
31 July 2023
£
£
£
Cash at bank and in hand
7,973,904
(2,479,653)
5,494,251
Borrowings excluding overdrafts
(935,000)
165,000
(770,000)
7,038,904
(2,314,653)
4,724,251
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