Company registration number 517698 (England and Wales)
BHOJSONS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BHOJSONS (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
BHOJSONS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
756,398
766,677
Investment properties
6
1,950,000
1,950,000
2,706,398
2,716,677
Current assets
Bills receivable
3,014,305
3,352,684
Debtors
8
564,936
535,590
Cash at bank and in hand
110,980
284,178
3,690,221
4,172,452
Creditors: amounts falling due within one year
9
(2,643,933)
(3,181,816)
Net current assets
1,046,288
990,636
Total assets less current liabilities
3,752,686
3,707,313
Provisions for liabilities
(261,908)
(261,908)
Net assets
3,490,778
3,445,405
Capital and reserves
Called up share capital
500,000
500,000
Profit and loss reserves
2,990,778
2,945,405
Total equity
3,490,778
3,445,405
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
D.L. Moorjani
Director
Company Registration No. 517698
BHOJSONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Bhojsons (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of the investment property.
1.2
Going concern
At the time of approving the financial statements, the director has considered the financial operations for a period of 12 months following the date of approval of these financial statements. As at the date of approving these financial statements the company has not been significantly affected by the pandemic and performance is in line with expectations.
After considering the above matters and current situation, the director believes that the company with have adequate resources to meets its liabilities as they fall due. The director therefore considers it appropriate to continue to apply the going concern basis for preparing the financial statements.
1.3
Turnover
Turnover consists of invoiced sales commission earned on the management of shipments worldwide and is recognised when freight is shipped. Fees charged for investment management services are recognised per the investment terms.
1.4
Tangible fixed assets
Investment property is carried at fair value and any revaluation movements are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Freehold land and building is stated at cost. Land is not depreciated. The building is depreciated over 50 years on a straight line basis.
Furniture and fittings is stated at original historical cost less aggregate depreciation. Depreciation is provided at 12.5% per annum on reducing balance.
At each reporting date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
Leasehold land and buildings
12.5% per annum on reducing balance.
1.5
Investment property
Investment property is carried at fair value using the most recent valuation and market data as at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
BHOJSONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. They are subsequently measured at amortised cost using the effective interest method. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
1.7
Foreign currencies
Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
1.8
Leases
Rentals applicable to operating leases are recognised in the profit and loss account as incurred.
Rents receivable on the investment property under the terms of the operating lease are included in the profit and loss account on a receivable basis.
1.9
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.10
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax amounts are not discounted.
BHOJSONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Investment property valuations
As disclosed in note 8, the valuations are prepared by the director, in conjunction with professional valuers.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
3
Turnover and other revenue
The company accounts for its confirming transactions as agent. Turnover consists of invoiced sales commission and fees.
2024
2023
£
£
Value of shipments on which the company earned its commission
3,171,541
4,956,023
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
7
5
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
14,071
13,575
Auditors' remuneration
12,075
12,025
Auditors' remuneration for non audit work
5,925
5,395
BHOJSONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,950,000
The investment property was valued on an open market value basis on 31 March 2024 by the director from available market data on recent disposals of similar properties in the area. At amortised historical cost, the property would have been included in the balance sheet at £517,583 (2023: £521,177).
7
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
800,849
98,037
898,886
Additions
3,792
3,792
At 31 March 2024
800,849
101,829
902,678
Depreciation and impairment
At 1 April 2023
80,666
51,543
132,209
Depreciation charged in the year
7,950
6,121
14,071
At 31 March 2024
88,616
57,664
146,280
Carrying amount
At 31 March 2024
712,233
44,165
756,398
At 31 March 2023
720,183
46,494
766,677
Included in land and buildings is freehold land of £393,763 (2023: £393,763) which is not depreciated.
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
564,936
535,590
BHOJSONS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank borrowings
2,554,560
3,015,941
Corporation tax
18,045
7,161
Other creditors
71,328
158,714
2,643,933
3,181,816
Bank borrowings of £2,554,560 is secured on company cash deposits and the total bank borrowings are guaranteed by a third party.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ian Jefferson
Statutory Auditor:
Azets Audit Services
11
Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024
2023
£
£
Within one year
80,000
78,329
Between two and five years
169,699
249,699
249,699
328,028
12
Other financial commitments
Letters of credit
2024
2023
£
£
Letters of credit outstanding at the year end
-
219,188
13
Immediate Controlling Party
The immediate controlling party is Bhojsons Holdings Company Limited whose registered office is at Helm Trust Company Limited, 1st Floor, 17 Bond Street, St. Helier, Jersey JE3 3NP, Channel Islands.