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
JAGDISH PATEL & SONS LIMITED
Company Information
for the year ended 31 December 2023
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
JAGDISH PATEL & SONS LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
136,324
127,175
Inventories
168,720
112,834
Cash at bank and in hand
146,041
581,105
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
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
JAGDISH PATEL & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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 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 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.
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.
JAGDISH PATEL & SONS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill
At 31 December 2023
233,000
At 31 December 2023
233,000
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
At 31 December 2023
34,757
253,173
287,930
At 1 January 2023
-
135,355
135,355
Charge for the year
-
16,251
16,251
At 31 December 2023
-
151,606
151,606
At 31 December 2023
34,757
101,567
136,324
At 31 December 2022
34,757
92,418
127,175
Amounts falling due within one year
Accrued income and prepayments
53,400
57,485
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
23,698
30,062
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
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
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).