J_V_CHOTAI_AND_SONS_LIMIT - Accounts

J. V. CHOTAI & SONS LIMITED - Company Information

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Company Registration No. 01622192 (England and Wales)

J V CHOTAI AND SONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

J V CHOTAI AND SONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

J V CHOTAI AND SONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

5,426,172

5,288,114

Investments

5,245

5,431,417

5,293,359

Current assets

Stocks

200,730

221,066

Debtors

396,825

561,536

Cash at bank and in hand

566,300

644,773

1,163,855

1,427,375

Creditors: amounts falling due within one year

(467,197)

(454,555)

Net current assets

696,658

972,820

Total assets less current liabilities

6,128,075

6,266,179

Creditors: amounts falling due after more than one year

(625,047)

(778,759)

Provisions for liabilities

(450,000)

5,053,028

5,037,420

Capital and reserves

Called up share capital

100

Revaluation reserve

922,155

Profit and loss account

4,130,773

4,115,165

Shareholders' funds

5,053,028

5,037,420

J V CHOTAI AND SONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2016

- 2 -

For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 20 May 2017

Mr. Jashvant Chotai

Director

Company Registration No. 01622192

J V CHOTAI AND SONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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

All of the acquired goodwill is written off in the year the assets are purchased or first available to be utilised.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2% Straight line.

Computer equipment

25% Straight line.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock

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

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

J V CHOTAI AND SONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost or valuation

At 1 June 2015

1,238,211

5,442,796

5,245

6,686,252

Additions

146,040

At 31 May 2016

1,238,211

5,588,836

5,245

6,832,292

Depreciation

At 1 June 2015

1,238,211

154,682

1,392,893

Charge for the year

7,982

At 31 May 2016

1,238,211

162,664

1,400,875

Net book value

At 31 May 2016

5,426,172

5,245

5,431,417

At 31 May 2015

5,288,114

5,245

5,293,359

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £70,000 (2015 - £68,000).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

(458,289)

540,000

The aggregate amount of creditors for which security has been given amounted to £625,047 (2015 - £778,759).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100