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Registered Number: 07695289
England and Wales

 

 

 

Y PATEL LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 11,900    13,600 
Tangible fixed assets 4 7,660    8,732 
19,560    22,332 
Current assets      
Stocks 5,440    6,100 
Debtors 75,628    136,717 
Cash at bank and in hand 40,447    4,329 
121,515    147,146 
Creditors: amount falling due within one year (39,887)   (80,032)
Net current assets 81,628    67,114 
 
Total assets less current liabilities 101,188    89,446 
Creditors: amount falling due after more than one year (6,830)   (14,236)
Net assets 94,358    75,210 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 94,258    75,110 
Shareholders' funds 94,358    75,210 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 16 August 2024 and were signed on its behalf by:


-------------------------------
Yunus Mohmed PATEL
Director
1
General Information
Y PATEL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07695289, registration address 41 HIGHWOOD GARDENS, ILFORD, ESSEX, IG5 0AZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises  sale of stationery and Post Office franchise income net of VAT.  In the previous years, the Post Office franchise income was disclosed as Other Operating Income.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years. Goodwill  is amortised @5% per annum  on Straight Line Method
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 15%
Stocks
Stocks of stationery  are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 5).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 July 2023 34,000    34,000 
Additions  
Disposals  
At 30 June 2024 34,000    34,000 
Amortisation
At 01 July 2023 20,400    20,400 
Charge for year 1,700    1,700 
On disposals  
At 30 June 2024 22,100    22,100 
Net book values
At 30 June 2024 11,900    11,900 
At 30 June 2023 13,600    13,600 


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 July 2023 33,700    33,700 
Additions 278    278 
Disposals  
At 30 June 2024 33,978    33,978 
Depreciation
At 01 July 2023 24,968    24,968 
Charge for year 1,350    1,350 
On disposals  
At 30 June 2024 26,318    26,318 
Net book values
Closing balance as at 30 June 2024 7,660    7,660 
Opening balance as at 01 July 2023 8,732    8,732 


2