Arora Food & Wine Limited - Abbreviated accounts

Arora Food & Wine Limited - Abbreviated accounts

ARORA FOOD & WINE LIMITED - Company Information

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Registered number
07804891
Arora Food & Wine Limited
Unaudited Abbreviated Accounts
31 October 2014
Arora Food & Wine Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Arora Food & Wine Limited for the year ended 31 October 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Arora Food & Wine Limited for the year ended 31 October 2014 which comprise of the balance sheet 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, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Arora Food & Wine Limited, as a body, in accordance with the terms of our engagement letter dated 8 May 2014. Our work has been undertaken solely to prepare for your approval the accounts of Arora Food & Wine Limited and state those matters that we have agreed to state to the Board of Directors of Arora Food & Wine Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arora Food & Wine Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Arora Food & Wine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Arora Food & Wine Limited. You consider that Arora Food & Wine 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 accounts of Arora Food & Wine 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 abbreviated accounts.
J S Gulati & Co
Chartered Accountants
4 Peter James Business Centre
Pump Lane
Hayes
Middlesex
UB3 3NT
20 July 2015
Arora Food & Wine Limited
Registered number: 07804891
Abbreviated Balance Sheet
as at 31 October 2014
Notes 2014 2013
£ £
Fixed assets
Intangible assets 2 146,875 32,958
Tangible assets 3 49,925 37,972
Investments 4 - -
196,800 70,930
Current assets
Stocks 52,215 40,000
Debtors 5 48,184 14,722
Investments held as current assets - -
Cash at bank and in hand 5,440 9,002
105,839 63,724
Creditors: amounts falling due within one year (13,211) (10,476)
Net current assets 92,628 53,248
Total assets less current liabilities 289,428 124,178
Creditors: amounts falling due after more than one year (280,968) (119,688)
Provisions for liabilities - -
Net assets 8,460 4,490
Capital and reserves
Called up share capital 7 100 100
Share premium - -
Revaluation reserve - -
Capital redemption reserve - -
Profit and loss account 8,360 4,390
Shareholder's funds 8,460 4,490
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Jaspal Singh Arora
Director
Approved by the board on 20 July 2015
Arora Food & Wine Limited Registered number
Notes to the Abbreviated Accounts 07804891
for the year ended 31 October 2014
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 20% reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Intangible fixed assets £
Cost
At 1 November 2013 35,000
Additions 150,000
Disposals (35,000)
At 31 October 2014 150,000
Amortisation
At 1 November 2013 2,042
Provided during the year 3,125
On disposals (2,042)
At 31 October 2014 3,125
Net book value
At 31 October 2014 146,875
At 31 October 2013 32,958
3 Tangible fixed assets £
Cost
At 1 November 2013 48,172
Additions 51,647
Surplus on revaluation -
Disposals (48,172)
At 31 October 2014 51,647
Depreciation
At 1 November 2013 10,200
Charge for the year 1,722
Surplus on revaluation -
On disposals (10,200)
At 31 October 2014 1,722
Net book value
At 31 October 2014 49,925
At 31 October 2013 37,972
4 Investments £
Cost
At 1 November 2013 -
Additions -
Disposals -
At 31 October 2014 -
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
[Company name 1] Ordinary - - -
[Company name 2] Ordinary - - -
[Company name 3] Ordinary - - -
[Company name 4] Ordinary - - -
5 Debtors 2014 2013
£ £
Debtors include:
Amounts due after more than one year - -
6 Loans 2014 2013
£ £
Creditors include:
Amounts falling due for payment after more than five years 57,000 -
Secured bank loans - -
7 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
B Ordinary shares £1 each - - -
100 100
? Preference shares £1 each - - -
100 100
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each - -
B Ordinary shares £1 each - -
-
? Preference shares £1 each - -
-
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Jaspal Singh Arora
[Loan 1] - - - -
[Loan 2] - - - -
[Director 2]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 3]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 4]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 5]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 6]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 7]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 8]
[Loan 1] - - - -
[Loan 2] - - - -
[Director 9]
[Loan 1] - - - -
[Loan 2] - - - -
- - - -
9 Guarantees made by the company on behalf of directors
Description and terms Maximum Amount paid
liability and incurred
£ £
Mr Jaspal Singh Arora
[Guarantee 1] - -
[Guarantee 2] - -
[Director 2]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 3]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 4]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 5]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 6]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 7]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 8]
[Guarantee 1] - -
[Guarantee 2] - -
[Director 9]
[Guarantee 1] - -
[Guarantee 2] - -
- -
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