Chetan Wholesalers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02037701 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

CHETAN WHOLESALERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K K Mandalia

D K Mandalia

N K Mandalia

SECRETARY:

K K Mandalia

REGISTERED OFFICE:

47/49 River Road

Barking

Essex

IG11 0DA

REGISTERED NUMBER:

02037701 (England and Wales)

ACCOUNTANTS:

Ashfords Partnership LLP

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

FIXED ASSETS

Tangible assets

4

666,053

284,523

Investments

5

28,000

28,000

694,053

312,523

CURRENT ASSETS

Stocks

6

1,201,290

1,351,260

Debtors

7

858,314

879,440

Cash at bank and in hand

2,032,809

2,100,145

4,092,413

4,330,845

CREDITORS

Amounts falling due within one year

8

3,142,690

2,928,775

NET CURRENT ASSETS

949,723

1,402,070

TOTAL ASSETS LESS CURRENT LIABILITIES

1,643,776

1,714,593

CREDITORS

Amounts falling due after more than one year

9

(859,015

)

(943,518

)

PROVISIONS FOR LIABILITIES

12

(6,800

)

(9,000

)

NET ASSETS

777,961

762,075

CAPITAL AND RESERVES

Called up share capital

13

40,002

40,002

Fair value reserve

14

13,000

13,000

Retained earnings

14

724,959

709,073

SHAREHOLDERS' FUNDS

777,961

762,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf by:

D K Mandalia - Director

N K Mandalia - Director

1.	STATUTORY INFORMATION

Chetan Wholesalers Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2018

2,825

408,612

72,887

Additions

-

412,000

-

At 31 March 2019

2,825

820,612

72,887

DEPRECIATION

At 1 April 2018

2,672

167,047

62,048

Charge for year

141

32,678

1,626

At 31 March 2019

2,813

199,725

63,674

NET BOOK VALUE

At 31 March 2019

12

620,887

9,213

At 31 March 2018

153

241,565

10,839

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

326,179

17,345

47,454

875,302

Additions

-

12,750

-

424,750

At 31 March 2019

326,179

30,095

47,454

1,300,052

DEPRECIATION

At 1 April 2018

302,137

16,612

40,263

590,779

Charge for year

3,606

3,371

1,798

43,220

At 31 March 2019

305,743

19,983

42,061

633,999

NET BOOK VALUE

At 31 March 2019

20,436

10,112

5,393

666,053

At 31 March 2018

24,042

733

7,191

284,523

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2018

and 31 March 2019

28,000

NET BOOK VALUE

At 31 March 2019

28,000

At 31 March 2018

28,000

Cost or valuation at 31 March 2019 is represented by:

Other

investments

£

Valuation in 2016

6,000

Valuation in 2018

7,000

Cost

15,000

28,000

If Fixed Asset Investments had not been revalued they would have been included at the following historical cost:

31.3.19

31.3.18

£

£

Cost

15,000

15,000

Fixed Asset Investments were valued on at open market basis on 31 March 2018 by the Directors .

Investment in Trade Organisation

6.

STOCKS

31.3.19

31.3.18

£

£

Stocks

1,201,290

1,351,260

7.

DEBTORS

31.3.19

31.3.18

£

£

Amounts falling due within one year:

Trade debtors

119,394

78,674

Accrued interest receivable

7,825

7,548

VAT

-

37,574

Prepayments & accrued income

114,544

112,093

241,763

235,889

Amounts falling due after more than one year:

Netcourt Properties Ltd - Loan

616,551

643,551

Aggregate amounts

858,314

879,440

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts (see note 10)

838,960

398,457

Other loans (see note 10)

196,587

-

Trade creditors

1,928,839

2,441,672

Tax

114,132

56,012

Social security and other taxes

6,394

4,515

VAT

27,173

-

Netcourt Properties Current

Account

8,725

8,725

Wages cont a/c

1,229

-

Pension

459

-

Directors' current accounts

3,072

657

Accrued expenses

17,120

18,737

3,142,690

2,928,775

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans (see note 10)

859,015

943,518

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

353,939

451,423

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.19

31.3.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

712,691

275,433

Bank loans

126,269

123,024

Barclays trade loan

196,587

-

1,035,547

398,457

Amounts falling due between one and two years:

Bank loans - 1-2 years

126,269

123,024

Amounts falling due between two and five years:

Bank loans - 2-5 years

378,807

369,071

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

353,939

451,423

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank overdrafts

712,691

275,433

Bank loans

985,284

1,066,542

1,697,975

1,341,975

The bank overdraft is secured by a charge over the company's other bank account balances and by a personal

guarantee of the directors.

12.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred Tax : Tax allowance

6,800

9,000

Deferred

tax

£

Balance at 1 April 2018

9,000

Credit to Income Statement during year

(2,200

)

Balance at 31 March 2019

6,800

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

40,002

Ordinary

£1

40,002

40,002

14.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2018

709,073

13,000

722,073

Profit for the year

215,896

215,896

Dividends

(200,010

)

(200,010

)

At 31 March 2019

724,959

13,000

737,959

15.	ULTIMATE CONTROLLING PARTY

The Company is under the control of Mr K K , Mr D K and Mr N K Mandalia by virtue of their beneficial

shareholding in the Company.