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

REGISTERED NUMBER: 02890762 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

MEGACHOICE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K K Bhudia

Mrs M K Bhudia

SECRETARY:

Mrs M K Bhudia

REGISTERED OFFICE:

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

REGISTERED NUMBER:

02890762 (England and Wales)

ACCOUNTANTS:

Sterling Associates

Chartered Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

BANKERS:

HSBC Plc

69 Park Royal Road

Park Royal

London

NW10 7JR

FIXED ASSETS

Tangible assets

4

2,926,212

2,926,249

Investments

5

517,586

615,641

3,443,798

3,541,890

CURRENT ASSETS

Debtors

6

268,742

289,040

Cash at bank and in hand

289,301

265,757

558,043

554,797

CREDITORS

Amounts falling due within one year

7

69,246

109,430

NET CURRENT ASSETS

488,797

445,367

TOTAL ASSETS LESS CURRENT LIABILITIES

3,932,595

3,987,257

CREDITORS

Amounts falling due after more than one year

8

(593,172

)

(700,699

)

PROVISIONS FOR LIABILITIES

(339,364

)

(339,364

)

NET ASSETS

3,000,059

2,947,194

CAPITAL AND RESERVES

Called up share capital

10

30,000

30,000

Fair value reserve

11

1,357,458

1,357,458

Retained earnings

1,612,601

1,559,736

SHAREHOLDERS' FUNDS

3,000,059

2,947,194

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 15 March 2021 and were signed on its behalf by:

K K Bhudia - Director

1.	STATUTORY INFORMATION

Megachoice Limited 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.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Fixed asset investments

Fixed asset investments are shown at costs less any provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

and 31 December 2019

2,926,000

1,657

2,927,657

DEPRECIATION

At 1 January 2019

-

1,408

1,408

Charge for year

-

37

37

At 31 December 2019

-

1,445

1,445

NET BOOK VALUE

At 31 December 2019

2,926,000

212

2,926,212

At 31 December 2018

2,926,000

249

2,926,249

Cost or valuation at 31 December 2019 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

1,696,822

-

1,696,822

Cost

1,229,178

1,657

1,230,835

2,926,000

1,657

2,927,657

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2019

616,636

Additions

83,922

Disposals

(96,158

)

Share of profit/(loss)

(85,819

)

At 31 December 2019

518,581

PROVISIONS

At 1 January 2019

and 31 December 2019

995

NET BOOK VALUE

At 31 December 2019

517,586

At 31 December 2018

615,641

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by participating interests

268,681

288,979

Other debtors

61

61

268,742

289,040

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

33,041

70,463

Taxation and social security

13,259

25,113

Other creditors

22,946

13,854

69,246

109,430

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

257,916

322,161

Other creditors

335,256

378,538

593,172

700,699

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

125,767

190,012

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

290,957

355,202

The bank loan is secured against assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

30,000

Ordinary

£1

30,000

30,000

11.

RESERVES

Fair

value

reserve

£

At 1 January 2019

and 31 December 2019

1,357,458

12.	ULTIMATE CONTROLLER

The directors are the ultimate controllers as they hold majority of the issued share capital of the company.