Registered number
01403567
G.B. Patel & Sons Limited
Filleted Unaudited Accounts
31 March 2024
G.B. Patel & Sons Limited
Registered number: 01403567
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 61,292 72,117
Current assets
Stocks 63,260 58,560
Debtors 4 255,793 318,302
Cash at bank and in hand 207,402 53,734
526,455 430,596
Creditors: amounts falling due within one year 5 (223,061) (181,466)
Net current assets 303,394 249,130
Total assets less current liabilities 364,686 321,247
Provisions for liabilities (11,426) (15,235)
Net assets 353,260 306,012
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 343,260 296,012
Shareholder's funds 353,260 306,012
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R Rohilla
Director
Approved by the board on 20 November 2024
G.B. Patel & Sons Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Improvements to property over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Improve to property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 46,627 117,930 164,557
Additions 7,204 - 7,204
On disposals - - -
At 31 March 2024 53,831 117,930 171,761
Depreciation
At 1 April 2023 35,449 56,991 92,440
Charge for the year 2,794 15,235 18,029
On disposals - - -
At 31 March 2024 38,243 72,226 110,469
Net book value
At 31 March 2024 15,588 45,704 61,292
At 31 March 2023 11,178 60,939 72,117
4 Debtors 2024 2023
£ £
Trade debtors 85,434 118,967
Amounts owed by related companies 66,317 96,317
Other debtors 104,042 103,018
255,793 318,302
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 81,893 81,572
Corporation tax 21,468 7,550
Other creditors 119,700 92,344
223,061 181,466
6 Controlling party
The company is controlled by Mr R Rohilla, the company director.
7 Other information
G.B. Patel & Sons Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 Northcote Road
London
SW11 1NJ
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