Mongas Kids Wear Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06972866 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

MONGAS KIDS WEAR LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ankit Monga

Arun Monga

SECRETARY:

Ankit Monga

REGISTERED OFFICE:

60-66 The Broadway

Southall

UB1 1QB

REGISTERED NUMBER:

06972866 (England and Wales)

ACCOUNTANTS:

Param & Company Ltd

1st Floor

44 - 50 The Broadway

Southall

Middlesex

UB1 1QB

FIXED ASSETS

Tangible assets

4

10,771,251

11,021,706

Investments

5

100

100

10,771,351

11,021,806

CURRENT ASSETS

Stocks

1,450,834

664,920

Debtors

893,702

58,323

Prepayments and accrued income

-

250,000

Cash at bank and in hand

31,460

54,211

2,375,996

1,027,454

CREDITORS

Amounts falling due within one year

2,945,103

2,505,879

NET CURRENT LIABILITIES

(569,107

)

(1,478,425

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,202,244

9,543,381

CREDITORS

Amounts falling due after more than one year

(7,769,074

)

(6,358,288

)

PROVISIONS FOR LIABILITIES

(102,148

)

(102,148

)

NET ASSETS

2,331,022

3,082,945

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

6

221,053

221,053

Retained earnings

2,109,869

2,861,792

SHAREHOLDERS' FUNDS

2,331,022

3,082,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 September 2021 and were signed on its behalf by:

Ankit Monga - Director

1.	STATUTORY INFORMATION

Mongas Kids Wear 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.

Turnover

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

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 March 2020

and 28 February 2021

11,663,514

DEPRECIATION

At 1 March 2020

641,808

Charge for year

250,455

At 28 February 2021

892,263

NET BOOK VALUE

At 28 February 2021

10,771,251

At 29 February 2020

11,021,706

Cost or valuation at 28 February 2021 is represented by:

Totals

£

Valuation in 2018

221,053

Cost

11,442,461

11,663,514

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 March 2020

and 28 February 2021

100

NET BOOK VALUE

At 28 February 2021

100

At 29 February 2020

100

6.

RESERVES

Fair

value

reserve

£

At 1 March 2020

and 28 February 2021

221,053

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 (2020 - £30,000) were paid to the directors .