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Registration number: SC556288

Chadha H E Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Chadha H E Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

Chadha H E Ltd

Company Information

Directors

Dr Vikas Chadha

Mrs Shweta Chadha

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Chadha H E Ltd

(Registration number: SC556288)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,986

3,006

Investment property

5

165,000

165,000

Other financial assets

6

18,826

20,000

 

185,812

188,006

Current assets

 

Debtors

7

393,116

281,379

Cash at bank and in hand

 

95,061

28,151

 

488,177

309,530

Creditors: Amounts falling due within one year

8

(63,676)

(67,976)

Net current assets

 

424,501

241,554

Total assets less current liabilities

 

610,313

429,560

Provisions for liabilities

(437)

(571)

Net assets

 

609,876

428,989

Capital and reserves

 

Called up share capital

10

10

Revaluation reserve

6,459

7,633

Retained earnings

603,407

421,346

Shareholders' funds

 

609,876

428,989

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

 

Chadha H E Ltd

(Registration number: SC556288)
Balance Sheet as at 29 February 2024

.........................................
Dr Vikas Chadha
Director

 

Chadha H E Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Chadha H E Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% of Cost

Office Equipment

33% of Cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Chadha H E Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

3,680

3,747

7,427

Additions

-

919

919

At 29 February 2024

3,680

4,666

8,346

Depreciation

At 1 March 2023

1,849

2,572

4,421

Charge for the year

458

1,481

1,939

At 29 February 2024

2,307

4,053

6,360

Carrying amount

At 29 February 2024

1,373

613

1,986

At 28 February 2023

1,831

1,175

3,006

5

Investment properties

2024
£

At 1 March

165,000

At 29 February

165,000

There has been no valuation of investment property by an independent valuer.

 

Chadha H E Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2023

20,000

20,000

Fair value adjustments

(1,174)

(1,174)

At 29 February 2024

18,826

18,826

Impairment

Carrying amount

At 29 February 2024

18,826

18,826

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

11,779

Prepayments

704

717

Other debtors

392,412

268,883

 

393,116

281,379

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

60,985

34,624

Other creditors

2,691

33,352

63,676

67,976

 

Chadha H E Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

Within one year

11,256

11,256

Between one and five years

13,380

24,097

24,636

35,353

10

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Dr Vikas Chadha

Loan

-

5,565

5,565

Mrs Shweta Chadha

Loan

-

5,565

5,565

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Dr Vikas Chadha

-

15,512

Mrs Shweta Chadha

-

15,511

 

-

31,023

The maximum balance outstanding during the year amounted to £31,023.

The directors current accounts are repayable on demand.

Included within other debtors is a balance owed to by related party, Chadha Residential Ltd in which Dr Chadha and Mrs Chadha were also directors, of £348,883 (2023: £238,883).

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chadha H E Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chadha H E Ltd for the year ended 29 February 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Chadha H E Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chadha H E Ltd and state those matters that we have agreed to state to the Board of Directors of Chadha H E Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chadha H E Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chadha H E Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chadha H E Ltd. You consider that Chadha H E Ltd 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 accounts of Chadha H E Ltd. 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

20 November 2024