Jayachoice Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07716891 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

JAYACHOICE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs H D Vara

D C Vara

REGISTERED OFFICE:

278 Upper Richmond Road

London

SW15 6TQ

REGISTERED NUMBER:

07716891 (England and Wales)

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Intangible assets

4

44,667

78,167

Tangible assets

5

163,852

175,332

208,519

253,499

CURRENT ASSETS

Stocks

6

27,560

54,500

Debtors

7

168,669

182,727

Cash at bank and in hand

45,107

17,509

241,336

254,736

CREDITORS

Amounts falling due within one year

8

291,567

366,637

NET CURRENT LIABILITIES

(50,231

)

(111,901

)

TOTAL ASSETS LESS CURRENT LIABILITIES

158,288

141,598

CREDITORS

Amounts falling due after more than one year

9

140,417

121,664

NET ASSETS

17,871

19,934

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

17,771

19,834

SHAREHOLDERS' FUNDS

17,871

19,934

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

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

Mrs H D Vara - Director

1.	STATUTORY INFORMATION

Jayachoice Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

25% on cost

Fixtures and fittings

-

25% reducing balance

Computer equipment

-

25% reducing balance

Government grants

During the year the company has received government grant of £25,000.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and net realisable value.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

335,000

AMORTISATION

At 1 April 2020

256,833

Amortisation for year

33,500

At 31 March 2021

290,333

NET BOOK VALUE

At 31 March 2021

44,667

At 31 March 2020

78,167

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

215,381

51,691

7,270

274,342

DEPRECIATION

At 1 April 2020

51,508

41,893

5,609

99,010

Charge for year

8,615

2,450

415

11,480

At 31 March 2021

60,123

44,343

6,024

110,490

NET BOOK VALUE

At 31 March 2021

155,258

7,348

1,246

163,852

At 31 March 2020

163,873

9,798

1,661

175,332

6.

STOCKS

2021

2020

£

£

Finished goods

27,560

54,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

128,359

154,320

Amounts owed by participating interests

10,000

-

Other debtors

14,410

14,410

VAT

15,900

13,997

168,669

182,727

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 10)

32,328

34,752

Trade creditors

216,235

241,867

Corporation Tax payable

2,238

4,061

Social security and other taxes

7,626

3,916

Other creditors

3,562

2,671

Net wages

5,959

-

Director's current account

20,619

67,762

Accruals and deferred income

3,000

11,608

291,567

366,637

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 10)

40,417

21,664

Directors' loan accounts

100,000

100,000

140,417

121,664

10.

LOANS

The above bank loan is secured against the property.

11.	RELATED PARTY DISCLOSURES

Included in creditors as at 31 March 2021 is £120,619 (2020: £167,762) an amount due to the director of the company. there are no specific terms of repayment.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of holding 100% of the issued share capital.