JASPAL_NEWS_&_OFF_LICENCE - Accounts

JASPAL_NEWS_&_OFF_LICENCE - Accounts

JASPAL NEWS & OFF LICENCE LTD - Company Information

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Company Registration No. 04523004 (England and Wales)
JASPAL NEWS & OFF LICENCE LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
JASPAL NEWS & OFF LICENCE LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
JASPAL NEWS & OFF LICENCE LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JASPAL NEWS & OFF LICENCE LTD FOR THE YEAR ENDED 31 OCTOBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JASPAL NEWS & OFF LICENCE LTD for the year ended 31 October 2015 set out on pages 3 to 10 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/regulations.

This report is made solely to the Board of Directors of JASPAL NEWS & OFF LICENCE LTD, as a body, in accordance with the terms of our engagement letter dated 1 November 2009. Our work has been undertaken solely to prepare for your approval the financial statements of JASPAL NEWS & OFF LICENCE LTD and state those matters that we have agreed to state to the Board of Directors of JASPAL NEWS & OFF LICENCE LTD, 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 JASPAL NEWS & OFF LICENCE LTD and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that JASPAL NEWS & OFF LICENCE LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of JASPAL NEWS & OFF LICENCE LTD. You consider that JASPAL NEWS & OFF LICENCE LTD 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 financial statements of JASPAL NEWS & OFF LICENCE LTD. 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 statutory financial statements.
patara is a trading style of TS Patara & Co Ltd
12 July 2016
Chartered Accountants
352 Bearwood Rd
Bearwood
Birmingham
JASPAL NEWS & OFF LICENCE LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
16,200
18,000
Tangible assets
2
(48)
91
16,152
18,091
Current assets
Stocks
28,305
26,250
Debtors
545
623
Cash at bank and in hand
7,631
7,819
36,481
34,692
Creditors: amounts falling due within one year
(53,395)
(52,382)
Net current liabilities
(16,914)
(17,690)
Total assets less current liabilities
(762)
401
Provisions for liabilities
(18)
(18)
(780)
383
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(880)
283
Shareholders'  funds
(780)
383
JASPAL NEWS & OFF LICENCE LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2015
31 October 2015
- 3 -
For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 12 July 2016
Mr Harpal Nijjar
Director
Company Registration No. 04523004
JASPAL NEWS & OFF LICENCE LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 4 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going Cconcern basis

 

The financial statements have been prepared on a going concern basis. The validity of this basis depends upon the continued financial support of the company’s bankers and directors, although there is no reason to suppose that this support will not continue. No adjustments have been made to the financial statements in respect of the possible invalidity of the going concern basis.

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
15% on cost
Motor vehicles
25% on cost
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2014 & at 31 October 2015
36,000
13,000
49,000
Depreciation
At 1 November 2014
18,000
12,909
30,909
Charge for the year
1,800
139
1,939
At 31 October 2015
19,800
13,048
32,848
Net book value
At 31 October 2015
16,200
(48)
16,152
At 31 October 2014
18,000
91
18,091
JASPAL NEWS & OFF LICENCE LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 5 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
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