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Company registration number: 07433449
Bharti Limited
Trading as Fastfare Pharmacy
Unaudited filleted financial statements
30 November 2023
Bharti Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Bharti Limited
Directors and other information
Directors Mr S Mehta
Mrs B Mehta
Company number 07433449
Registered office Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Business address Unit 3 Abbey Parade
Abbey Road Popley
Basingstoke
Hampshire
RG24 9ES
Accountants Hindocha Pandit & Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Bankers Royal Bank Of Scotland
Holt's Farnborough Branch
Lawrie House
Victoria Road
GU14 7NR
Bharti Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Bharti Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bharti Limited for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Bharti Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bharti Limited and state those matters that we have agreed to state to the board of directors of Bharti Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bharti Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bharti Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bharti Limited. You consider that Bharti Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bharti Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hindocha Pandit & Co Limited
Chartered Certified Accountants
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
29 August 2024
Bharti Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 645,901 701,651
Tangible assets 6 33,292 39,275
_______ _______
679,193 740,926
Current assets
Stocks 118,000 110,000
Debtors 7 554,531 679,290
Cash at bank and in hand 125,679 90,314
_______ _______
798,210 879,604
Creditors: amounts falling due
within one year 8 ( 395,633) ( 434,382)
_______ _______
Net current assets 402,577 445,222
_______ _______
Total assets less current liabilities 1,081,770 1,186,148
Creditors: amounts falling due
after more than one year 9 ( 444,479) ( 466,738)
_______ _______
Net assets 637,291 719,410
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 637,289 719,408
_______ _______
Shareholders funds 637,291 719,410
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr S Mehta Mrs B Mehta
Director Director
Company registration number: 07433449
Bharti Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 2 732,148 732,150
Profit for the year 19,260 19,260
_______ _______ _______
Total comprehensive income for the year - 19,260 19,260
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners - ( 32,000) ( 32,000)
_______ _______ _______
At 30 November 2022 and 1 December 2022 2 719,408 719,410
Profit for the year 17,881 17,881
_______ _______ _______
Total comprehensive income for the year - 17,881 17,881
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 30 November 2023 2 637,289 637,291
_______ _______ _______
Bharti Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland House, 228 Portland Crescent, Stanmore, Middlesex, HA7 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 - 20 years straight line
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 1,132,443 1,132,443
_______ _______
Amortisation
At 1 December 2022 430,792 430,792
Charge for the year 55,750 55,750
_______ _______
At 30 November 2023 486,542 486,542
_______ _______
Carrying amount
At 30 November 2023 645,901 645,901
_______ _______
At 30 November 2022 701,651 701,651
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 and 30 November 2023 2 95,404 8,455 103,861
_______ _______ _______ _______
Depreciation
At 1 December 2022 - 57,059 7,526 64,585
Charge for the year - 5,752 232 5,984
_______ _______ _______ _______
At 30 November 2023 - 62,811 7,758 70,569
_______ _______ _______ _______
Carrying amount
At 30 November 2023 2 32,593 697 33,292
_______ _______ _______ _______
At 30 November 2022 2 38,345 929 39,276
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 371,468 341,821
Other debtors 183,063 337,469
_______ _______
554,531 679,290
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 122,910 107,910
Trade creditors 206,232 211,241
Corporation tax 22,957 31,015
Social security and other taxes 3,877 11,339
Other creditors 39,657 72,877
_______ _______
395,633 434,382
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 444,479 466,738
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr S Mehta ( 49,332) 25,225 ( 24,107)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr S Mehta ( 49,663) 331 ( 49,332)
_______ _______ _______
11. Controlling party
During the year the company was under the control of Mr.S Mehta and Mrs.B Mehta the directors and shareholders of the company