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

REGISTERED NUMBER: 01969833 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

CHORUSLINE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr V Sanghani

Mrs N Sanghani

SECRETARY:

Mrs N Sanghani

REGISTERED OFFICE:

505 Pinner Road

North Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

01969833 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chorusline Limited for the year ended 31 August 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chorusline Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chorusline Limited and state those matters that we have agreed to state to the Board of Directors of Chorusline Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chorusline Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chorusline Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Chorusline Limited. You consider that Chorusline Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chorusline Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

30 May 2022

FIXED ASSETS

Tangible assets

4

100,057

21,213

Investments

5

4,369

3,688

104,426

24,901

CURRENT ASSETS

Cash at bank and in hand

105,703

164,065

CREDITORS

Amounts falling due within one year

6

96,694

92,991

NET CURRENT ASSETS

9,009

71,074

TOTAL ASSETS LESS CURRENT LIABILITIES

113,435

95,975

CREDITORS

Amounts falling due after more than one year

7

(75,712

)

(70,303

)

PROVISIONS FOR LIABILITIES

8

(17,422

)

(2,092

)

NET ASSETS

20,301

23,580

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

20,201

23,480

SHAREHOLDERS' FUNDS

20,301

23,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 30 May 2022 and were signed on its behalf by:

Mr V Sanghani - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover represents sales of gift and souvenir products, excluding value added tax.

Tangible fixed assets

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

Long leasehold

-

Straight line over 15 years

Fixtures and fittings

-

20% 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Fixed asset investments

Listed investments are stated at market value. Any changes in the market value of the investment is reported as fair value gain/loss in the profit and loss account.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2020

20,815

263,130

-

283,945

Additions

-

92,758

34,467

127,225

Disposals

-

(263,130

)

-

(263,130

)

At 31 August 2021

20,815

92,758

34,467

148,040

DEPRECIATION

At 1 September 2020

20,814

241,918

-

262,732

Charge for year

-

18,552

8,617

27,169

Eliminated on disposal

-

(241,918

)

-

(241,918

)

At 31 August 2021

20,814

18,552

8,617

47,983

NET BOOK VALUE

At 31 August 2021

1

74,206

25,850

100,057

At 31 August 2020

1

21,212

-

21,213

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2020

3,587

Impairments

782

At 31 August 2021

4,369

NET BOOK VALUE

At 31 August 2021

4,369

At 31 August 2020

3,587

As at 31 August 2020, the market value of the listed investments was £3,687.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/21

31/8/20

£

£

Other loans

14,545

9,697

Hire purchase contracts

3,411

-

Trade creditors

19,731

21,207

Tax

543

2,108

Social security and other taxes

768

2,088

VAT

17,285

29,201

Other creditors

11,865

9,993

Wages control

16,401

6,886

Pension control

341

507

Directors' current accounts

9,804

9,004

Accrued expenses

2,000

2,300

96,694

92,991

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/21

31/8/20

£

£

Other loans - 1-2 years

14,545

14,545

Other loans - 2-5 years

41,213

55,758

Hire purchase contracts

19,954

-

75,712

70,303

Included within other loan is Coronavirus Business Interruption Loan (CBIL) of £80,000. The loan is repayable in 6 years with the rate of interest being 3.24% above base rate starting 13 months after the first drawdown. Interest due for first 12 months is paid by the UK government as grant also known as business interruption payment .

HP Loan from Volkswagen Financial Services during the year £23,365 paid by 48 monthly rentals of £355.00 starting one month from the date of Signature.

8.	PROVISIONS FOR LIABILITIES

31/8/21

31/8/20

£

£

Deferred tax

17,422

2,092

Deferred tax

£

Balance at 1 September 2020

2,092

Provided during year

15,330

Accelerated capital allowance

Balance at 31 August 2021

17,422

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/8/21

31/8/20

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company paid Nil (2020 - £14,000) dividends to the directors.

11.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controller as they hold all the issued share capital of the company.