Jasmi Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06544566 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Jasmi Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Manji

Mrs M Manji

REGISTERED OFFICE:

406 Kingsland Road

London

E8 4AA

REGISTERED NUMBER:

06544566 (England and Wales)

ACCOUNTANTS:

Aequitas

Chartered Accountants

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Intangible assets

4

200,000

225,000

Tangible assets

5

-

2,673

200,000

227,673

CURRENT ASSETS

Stocks

45,950

46,250

Debtors

6

287,954

259,473

Cash at bank and in hand

439,481

409,519

773,385

715,242

CREDITORS

Amounts falling due within one year

7

304,684

273,622

NET CURRENT ASSETS

468,701

441,620

TOTAL ASSETS LESS CURRENT LIABILITIES

668,701

669,293

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

667,701

668,293

668,701

669,293

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2020 and were signed on its behalf by:

Mr M Manji - Director

1.	STATUTORY INFORMATION

The presentation currency of the financial statements is the Pound Sterling (£) which is also the

functional currency of the company. Monetary amounts in these financial statements are rounded to

the nearest £.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for accessories and

services provided in the normal course of business, and is shown net of VAT and other sales related

taxes. The fair value of consideration takes into account trade discount, settlement discounts and

volume rebates. Turnover represents revenue generated from retail and wholesale medical products

sales.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight

line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial

year following the acquisition and in other periods if events or changes in circumstances indicate that

the carrying value may not be recoverable.

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being

amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Tangible fixed asset under the cost model are stated at historical cost less accumulated depreciation

and any accumulated impairment losses. Historical cost includes expenditure that is directly

attributable to bringing the asset to the location and condition necessary for it to be capable of

operating in the manner intended by management.

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 Statement of Income

and Retained Earnings, 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.

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.

A defined contribution plan is pension plan under which the Company pays fixed contributions into a

separate entity. Once the contributions have been paid the Company has no further payment

obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings

when they fall due. Amount not paid are shown in accruals as liability in the Statement of financial

position. The assets of the plan are held separately from the Company in independently administered

funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

500,000

AMORTISATION

At 1 May 2019

275,000

Amortisation for year

25,000

At 30 April 2020

300,000

NET BOOK VALUE

At 30 April 2020

200,000

At 30 April 2019

225,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2019

and 30 April 2020

66,563

DEPRECIATION

At 1 May 2019

63,890

Charge for year

2,673

At 30 April 2020

66,563

NET BOOK VALUE

At 30 April 2020

-

At 30 April 2019

2,673

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

134,513

119,220

Other debtors

125,750

125,000

VAT

20,144

7,465

Deferred tax asset

Accelerated capital allowances

1,111

847

Prepayments and accrued income

6,436

6,941

287,954

259,473

Included within other debtors is the loan amount of £100,000 provided to BW Foundation, a registered

charity (Charity number 1121549). Mr M Manji, a director of the Company is also a trustee of BW

Foundation. The loan is unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

166,084

126,542

Taxation and social security

8,569

6,373

Other creditors

130,031

140,707

304,684

273,622

8.	RELATED PARTY DISCLOSURES

During the year, the company paid annual rent of £19,500 for the premises owned jointly by the

directors Mr Mukhtar Manji and Mrs Mansura Manji.