Prasad (FR) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC503409 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2020

FOR

PRASAD (FR) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S P Appanna Nagendran

SECRETARY:

Mrs S Gnani Ramadoss

REGISTERED OFFICE:

3 Sandhaven Close

Ellon

Aberdeenshire

AB41 8AG

REGISTERED NUMBER:

SC503409 (Scotland)

FIXED ASSETS

Intangible assets

5

211,070

237,545

Tangible assets

6

20,875

8,730

231,945

246,275

CURRENT ASSETS

Stocks

1,500

-

Debtors

7

28,303

27,612

Cash at bank and in hand

87,194

90,519

116,997

118,131

CREDITORS

Amounts falling due within one year

8

104,421

90,996

NET CURRENT ASSETS

12,576

27,135

TOTAL ASSETS LESS CURRENT LIABILITIES

244,521

273,410

CREDITORS

Amounts falling due after more than one year

9

(155,120

)

(227,749

)

PROVISIONS FOR LIABILITIES

(3,945

)

(1,633

)

NET ASSETS

85,456

44,028

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

85,356

43,928

SHAREHOLDERS' FUNDS

85,456

44,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 11 February 2021 and were signed by:

S P Appanna Nagendran - Director

1.	STATUTORY INFORMATION

Prasad (FR) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

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

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

20% 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.

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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 6 April 2019

and 5 April 2020

264,745

AMORTISATION

At 6 April 2019

27,200

Charge for year

26,475

At 5 April 2020

53,675

NET BOOK VALUE

At 5 April 2020

211,070

At 5 April 2019

237,545

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 6 April 2019

10,723

Additions

13,999

At 5 April 2020

24,722

DEPRECIATION

At 6 April 2019

1,993

Charge for year

1,854

At 5 April 2020

3,847

NET BOOK VALUE

At 5 April 2020

20,875

At 5 April 2019

8,730

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

28,303

27,612

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

5,000

9,300

Trade creditors

55,876

43,262

Taxation and social security

22,935

23,321

Other creditors

20,610

15,113

104,421

90,996

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

108,120

180,749

Other creditors

47,000

47,000

155,120

227,749

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

88,120

143,549

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

113,120

190,049

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

12.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan due to the company's director Mr S P Appanna Nagendran and Mrs S Gnani Ramadoss amounting to £62,992 (2019 - £57,282). This loan is non interest bearing and has no fixed terms of repayment.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is S P Appanna Nagendran.