Company registration number 11341108 (England and Wales)
BHAGAT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BHAGAT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
BHAGAT HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,654,892
1,657,274
Investments
4
2
2
1,654,894
1,657,276
Current assets
Debtors
5
250,248
299,794
Cash at bank and in hand
22,267
37,969
272,515
337,763
Creditors: amounts falling due within one year
6
(302,211)
(325,630)
Net current (liabilities)/assets
(29,696)
12,133
Total assets less current liabilities
1,625,198
1,669,409
Creditors: amounts falling due after more than one year
7
(3,455,063)
(3,155,326)
Net liabilities
(1,829,865)
(1,485,917)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,829,965)
(1,486,017)
Total equity
(1,829,865)
(1,485,917)
BHAGAT HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr Keshav Bhagat
Director
Company registration number 11341108 (England and Wales)
BHAGAT HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
(1,206,686)
(1,206,586)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(279,331)
(279,331)
Balance at 31 December 2022
100
(1,486,017)
(1,485,917)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(343,948)
(343,948)
Balance at 31 December 2023
100
(1,829,965)
(1,829,865)
BHAGAT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Bhagat Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Elm Avenue, Ruislip, England, HA4 8PE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for processed food items provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and equipment
Nil
Fixtures and fittings
20% Straight line method
Office Equipment
20% Straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

BHAGAT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

BHAGAT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Office Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,387,706
262,561
16,004
7,256
1,673,527
Additions
-
0
2,159
-
0
-
0
2,159
At 31 December 2023
1,387,706
264,720
16,004
7,256
1,675,686
Depreciation and impairment
At 1 January 2023
-
0
-
0
11,933
4,320
16,253
Depreciation charged in the year
-
0
-
0
3,201
1,340
4,541
At 31 December 2023
-
0
-
0
15,134
5,660
20,794
Carrying amount
At 31 December 2023
1,387,706
264,720
870
1,596
1,654,892
At 31 December 2022
1,387,706
262,561
4,071
2,936
1,657,274
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
BHAGAT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,842
219,405
Amounts owed by group undertakings
1,746
1,644
Other debtors
32,560
61,645
233,148
282,694
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
17,100
17,100
Total debtors
250,248
299,794
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
148,832
160,809
Amounts owed to group undertakings
-
0
83
Taxation and social security
1,810
1,901
Other creditors
151,569
162,837
302,211
325,630
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,455,063
3,155,326
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
83
Key management personnel
1,820,947
1,477,305
BHAGAT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,746
1,644
Key management personnel
4,355
4,355
2023-12-312023-01-01false24 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityKeshav BhagatK Bhagatfalsefalse113411082023-01-012023-12-31113411082023-12-31113411082022-12-3111341108core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3111341108core:PlantMachinery2023-12-3111341108core:FurnitureFittings2023-12-3111341108core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3111341108core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3111341108core:PlantMachinery2022-12-3111341108core:FurnitureFittings2022-12-3111341108core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3111341108core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111341108core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111341108core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111341108core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3111341108core:CurrentFinancialInstruments2023-12-3111341108core:CurrentFinancialInstruments2022-12-3111341108core:ShareCapital2023-12-3111341108core:ShareCapital2022-12-3111341108core:RetainedEarningsAccumulatedLosses2023-12-3111341108core:RetainedEarningsAccumulatedLosses2022-12-3111341108core:ShareCapital2021-12-3111341108core:RetainedEarningsAccumulatedLosses2021-12-3111341108bus:Director12023-01-012023-12-3111341108core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31113411082022-01-012022-12-3111341108core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111341108core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3111341108core:PlantMachinery2023-01-012023-12-3111341108core:FurnitureFittings2023-01-012023-12-3111341108core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3111341108core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3111341108core:PlantMachinery2022-12-3111341108core:FurnitureFittings2022-12-3111341108core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31113411082022-12-3111341108core:WithinOneYear2023-12-3111341108core:WithinOneYear2022-12-3111341108core:AfterOneYear2023-12-3111341108core:AfterOneYear2022-12-3111341108core:Non-currentFinancialInstruments2023-12-3111341108core:Non-currentFinancialInstruments2022-12-3111341108bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111341108bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111341108bus:FRS1022023-01-012023-12-3111341108bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3111341108bus:Director22023-01-012023-12-3111341108bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP