H V Parmar Limited
H V Parmar Limited
Registered number: 09205830
Unaudited Financial Statements
For The Year Ended 30 September 2019
LAS Accountants LLP
H V Parmar Limited
Unaudited Financial Statements
For The Year Ended 30 September 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
H V Parmar Limited
Statement of Financial Position
As at
30 September 2019
Statement of Financial Position
Registered number:
09205830
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 153,398 | 186,070 | |||
Page 1
H V Parmar Limited
Statement of Financial Position (continued)
As at
30 September 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
H V Parmar Limited
Notes to the Financial Statements
For The Year Ended 30 September 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting polices adopted are set below.
1.2.
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Computer Equipment |
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Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
1.4.
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 statement of financial position date.
1.5.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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.
Page 3
H V Parmar Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
1.7.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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4.
Tangible Assets
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| Depreciation | |
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| Provided during the period |
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| Net Book Value | |
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5.
Debtors
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Page 4
H V Parmar Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
6.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Corporation tax |
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| Other taxes and social security | - |
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| Credit Card |
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| Shareholders' loan account |
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| Accruals and deferred income |
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| Director's loan account |
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8.
Related Party Transactions
The overdrawn shareholder loan account(s) were repaid within 9 months of the year end and therefore no Section 455 tax is payable.
9.
General Information
H V Parmar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09205830 . The registered office is No.1 Royal Exchange, London, EC3V 3DG.
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