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Company Registration No. 07028342 (England and Wales)
JAGDISH PATEL & SONS LIMITED Amended unaudited accounts for the year ended 31 December 2023
JAGDISH PATEL & SONS LIMITED Amended unaudited accounts Contents
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JAGDISH PATEL & SONS LIMITED Company Information for the year ended 31 December 2023
Director
JAGDISH PATEL
Company Number
07028342 (England and Wales)
Registered Office
3RD FLOOR VYMAN HOUSE 104 COLLEGE ROAD HARROW MIDDLESEX HA1 1BQ
Accountants
RMR Partnership LLP 3rd Floor, Vyman House 104 College Road Harrow Middlesex HA1 1BQ
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JAGDISH PATEL & SONS LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
136,324 
127,175 
Current assets
Inventories
168,720 
112,834 
Debtors
55,650 
59,735 
Cash at bank and in hand
146,041 
581,105 
370,411 
753,674 
Creditors: amounts falling due within one year
(341,444)
(611,456)
Net current assets
28,967 
142,218 
Total assets less current liabilities
165,291 
269,393 
Creditors: amounts falling due after more than one year
(35,351)
(45,130)
Net assets
129,940 
224,263 
Capital and reserves
Called up share capital
50,000 
50,000 
Profit and loss account
79,940 
174,263 
Shareholders' funds
129,940 
224,263 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2024 and were signed on its behalf by
JAGDISH PATEL Director Company Registration No. 07028342
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JAGDISH PATEL & SONS LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
JAGDISH PATEL & SONS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07028342. The registered office is 3RD FLOOR VYMAN HOUSE, 104 COLLEGE ROAD, HARROW, MIDDLESEX, HA1 1BQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - Amortised over 10 years If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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JAGDISH PATEL & SONS LIMITED Notes to the Accounts for the year ended 31 December 2023
Tangible fixed assets and depreciation
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 has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% as per reducing balance method
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.
Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
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 entity after deducting all of its financial liabilities.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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JAGDISH PATEL & SONS LIMITED Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
233,000 
At 31 December 2023
233,000 
Amortisation
At 1 January 2023
233,000 
At 31 December 2023
233,000 
Net book value
At 31 December 2023
- 
5
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
34,757 
227,773 
262,530 
Additions
- 
25,400 
25,400 
At 31 December 2023
34,757 
253,173 
287,930 
Depreciation
At 1 January 2023
- 
135,355 
135,355 
Charge for the year
- 
16,251 
16,251 
At 31 December 2023
- 
151,606 
151,606 
Net book value
At 31 December 2023
34,757 
101,567 
136,324 
At 31 December 2022
34,757 
92,418 
127,175 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
53,400 
57,485 
Other debtors
2,250 
2,250 
55,650 
59,735 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
23,698 
30,062 
VAT
10,368 
24,155 
Trade creditors
197,585 
130,999 
Taxes and social security
20,569 
23,027 
Other creditors
82,883 
133,833 
Loans from directors
1,122 
264,161 
Accruals
5,219 
5,219 
341,444 
611,456 
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JAGDISH PATEL & SONS LIMITED Notes to the Accounts for the year ended 31 December 2023
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
35,351 
45,130 
9
Transactions with related parties
The company was under the control of Mr J Patel throughout the current and previous year. At the year end the company owed the director J Patel £1,122(2022: £264,161).
10
Average number of employees
During the year the average number of employees was 11 (2022: 11).
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