David Barbanel Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01240839 (England and Wales)

Financial Statements for the Year Ended 30th June 2022

for

David Barbanel Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Pahwa

REGISTERED OFFICE:

City, Chartered Accountants,

5th Floor, Linen Hall,

162-168 Regent Street,

London

W1B 5TF

REGISTERED NUMBER:

01240839 (England and Wales)

FIXED ASSETS

Intangible assets

4

780,000

840,000

Tangible assets

5

11,586

16,008

791,586

856,008

CURRENT ASSETS

Stocks

105,707

122,537

Debtors

6

878,818

919,077

Prepayments and accrued income

3,505

9,540

Cash at bank

77,616

46,488

1,065,646

1,097,642

CREDITORS

Amounts falling due within one year

7

(501,439

)

(388,824

)

NET CURRENT ASSETS

564,207

708,818

TOTAL ASSETS LESS CURRENT LIABILITIES

1,355,793

1,564,826

CREDITORS

Amounts falling due after more than one year

8

(58,991

)

(81,517

)

NET ASSETS

1,296,802

1,483,309

CAPITAL AND RESERVES

Called up share capital

8,000

8,000

Retained earnings

1,288,802

1,475,309

SHAREHOLDERS' FUNDS

1,296,802

1,483,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 30th April 2023 and were signed by:

R Pahwa - Director

1.	STATUTORY INFORMATION

David Barbanel 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

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.

Plant and machinery etc

-

25% on reducing balance

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.

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 NIL (2021 - 17 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st July 2021

and 30th June 2022

1,200,000

AMORTISATION

At 1st July 2021

360,000

Charge for year

60,000

At 30th June 2022

420,000

NET BOOK VALUE

At 30th June 2022

780,000

At 30th June 2021

840,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st July 2021

11,941

166,644

178,585

Additions

-

3,137

3,137

At 30th June 2022

11,941

169,781

181,722

DEPRECIATION

At 1st July 2021

8,316

154,261

162,577

Charge for year

3,625

3,934

7,559

At 30th June 2022

11,941

158,195

170,136

NET BOOK VALUE

At 30th June 2022

-

11,586

11,586

At 30th June 2021

3,625

12,383

16,008

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

282,142

322,960

Amounts owed by group undertakings

529,820

546,232

Other debtors

66,856

49,885

878,818

919,077

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

74,067

82,800

Trade creditors

413,323

277,687

Taxation and social security

(2,018

)

19,089

Other creditors

16,067

9,248

501,439

388,824

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Other creditors

58,991

81,517

9.	RELATED PARTY DISCLOSURES

As at 30 June 2022 David Barbanel Limited was owed £529,820 (2021: £546,232) by Tower Chemist Limited in which R Pahwa is the majority shareholder.

David Barbanel Limited considers itself to be a subsidiary of Tower Chemist Limited which owns 100% of its shares.

During the year, David Barbanel Ltd paid total dividends of £111,996 (2021: £70,400) to its shareholders.

10.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is R Pahwa.