Company registration number SC411643 (Scotland)
CHOHAN & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHOHAN & CO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CHOHAN & CO LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CHOHAN & CO LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chohan & Co Limited for the year ended 30 November 2023 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Chohan & Co 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 Chohan & Co Limited and state those matters that we have agreed to state to the board of directors of Chohan & Co Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chohan & Co Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Chohan & Co 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 loss of Chohan & Co Limited. You consider that Chohan & Co 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 Chohan & Co 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.

MMG Chartered Accountants
25 November 2024
Chapelshade House
78-84 Bell Street
Dundee
Scotland
DD1 1RQ
CHOHAN & CO LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,100
10,400
Tangible assets
4
44,004
42,773
53,104
53,173
Current assets
Stocks
14,500
10,000
Debtors
5
16,922
16,344
Cash at bank and in hand
1,625
603
33,047
26,947
Creditors: amounts falling due within one year
6
(182,394)
(140,485)
Net current liabilities
(149,347)
(113,538)
Total assets less current liabilities
(96,243)
(60,365)
Creditors: amounts falling due after more than one year
7
(11,227)
(12,394)
Provisions for liabilities
(8,290)
(8,127)
Net liabilities
(115,760)
(80,886)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(115,761)
(80,887)
Total equity
(115,760)
(80,886)
CHOHAN & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -

For the financial year ended 30 November 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 director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
Mr M E Chohan
Director
Company registration number SC411643 (Scotland)
CHOHAN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Chohan & Co Limited is a private company limited by shares incorporated in Scotland. The registered office is 24a Pennywell Road, Edinburgh, United Kingdom, EH4 4HD.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Intangible fixed assets other than goodwill
Enter amortisation rate via StatDB - cd999270
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CHOHAN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

 

CHOHAN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
10
11
3
Intangible fixed assets
£
Cost
At 1 December 2022 and 30 November 2023
13,000
Amortisation and impairment
At 1 December 2022
2,600
Amortisation charged for the year
1,300
At 30 November 2023
3,900
Carrying amount
At 30 November 2023
9,100
At 30 November 2022
10,400
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
109,874
Additions
15,897
At 30 November 2023
125,771
Depreciation and impairment
At 1 December 2022
67,101
Depreciation charged in the year
14,666
At 30 November 2023
81,767
Carrying amount
At 30 November 2023
44,004
At 30 November 2022
42,773
CHOHAN & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,450
6,450
Other debtors
10,472
9,894
16,922
16,344
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,606
8,606
Trade creditors
4,999
4,999
Taxation and social security
4,613
(1,438)
Other creditors
164,176
128,318
182,394
140,485
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,227
12,394
2023-11-302022-12-01falsefalsefalse25 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr M E ChohanSC4116432022-12-012023-11-30SC4116432023-11-30SC4116432022-11-30SC411643core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-11-30SC411643core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-30SC411643core:OtherPropertyPlantEquipment2023-11-30SC411643core:OtherPropertyPlantEquipment2022-11-30SC411643core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-30SC411643core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-30SC411643core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-30SC411643core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-30SC411643core:CurrentFinancialInstruments2023-11-30SC411643core:CurrentFinancialInstruments2022-11-30SC411643core:ShareCapital2023-11-30SC411643core:ShareCapital2022-11-30SC411643core:RetainedEarningsAccumulatedLosses2023-11-30SC411643core:RetainedEarningsAccumulatedLosses2022-11-30SC411643bus:Director12022-12-012023-11-30SC411643core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-012023-11-30SC411643core:PlantMachinery2022-12-012023-11-30SC411643core:ComputerEquipment2022-12-012023-11-30SC411643core:MotorVehicles2022-12-012023-11-30SC4116432021-12-012022-11-30SC411643core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-30SC411643core:OtherPropertyPlantEquipment2022-11-30SC411643core:OtherPropertyPlantEquipment2022-12-012023-11-30SC411643core:WithinOneYear2023-11-30SC411643core:WithinOneYear2022-11-30SC411643core:Non-currentFinancialInstruments2023-11-30SC411643core:Non-currentFinancialInstruments2022-11-30SC411643bus:PrivateLimitedCompanyLtd2022-12-012023-11-30SC411643bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC411643bus:FRS1022022-12-012023-11-30SC411643bus:AuditExemptWithAccountantsReport2022-12-012023-11-30SC411643bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP