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Registered number: 00191101
THE EAST INDIAN PRODUCE COMPANY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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THE EAST INDIAN PRODUCE COMPANY LTD
REGISTERED NUMBER: 00191101
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
A Satija
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THE EAST INDIAN PRODUCE COMPANY LTD
REGISTERED NUMBER: 00191101
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2021
The notes on pages 3 to 11 form part of these financial statements.
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The principal activity of The East Indian Produce Company Ltd is that of consultancy and marketing services.
The company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 4th Floor, 53 - 54 Grosvenor Street, London W1K 3HU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The company is a member of a defined-benefit pension plan. The surplus is not recognised in the statement of financial position as it is not expected to be recoverable through reduced contributions or refunds in the forseeable future.
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assuptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for income and expenses during the year. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised or disclosed in the financial statements.
(i) Defined benefit pension scheme
The company has a defined benefit pension scheme. Assumptions used in estimating the values of assets and liabilities are disclosed in note 12.
(ii) Tangible fixed assets
The depreciation charge for tangible fixed assets is calculated in accordance with rates set out in note 2.4.
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The average monthly number of employees, including directors, during the year was 3 (2020 - 3).
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Charge for the year on owned assets
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Investments in subsidiary companies
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Allotted, called up and fully paid
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100,000 (2020 - 100,000) Ordinary shares of £1.00 each
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The Company operates a Defined benefit pension scheme.
The pension costs and asset for the year ending 31 March 2020 are based on the advice of a professionally qualified actuary. The most recent formal valuation is dated 30 September 2017. The results of the valuation were that the scheme was now in surplus and no further contributions were required. The asset is not recognised due to uncertaity over when it might be recovered.
The contribution made for the year ended 31 March 2020 was £xxxl (2020 - £nil). The agreed contribution rate for future years is Nil%.
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Reconciliation of present value of plan liabilities:
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Reconciliation of present value of plan liabilities
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At the beginning of the year
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Reconciliation of present value of plan assets:
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At the beginning of the year
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Composition of plan assets:
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11.Pension commitments (continued)
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Fair value of plan assets
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Present value of plan liabilities
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Net pension scheme liability
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Principal actuarial assumptions at the Statement of financial position date (expressed as weighted averages):
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female member aged 45 now
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Commitments under operating leases
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At 31 March 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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THE EAST INDIAN PRODUCE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.
The audit report was signed on 14 December 2021 by Dominic Anthony FCCA ACA (Senior statutory auditor) on behalf of Ashcroft Partnership LLP.
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