Chorusline Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01969833 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

CHORUSLINE LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr V P Sanghani

Mrs N V Sanghani

SECRETARY:

Mrs N V Sanghani

REGISTERED OFFICE:

505 Pinner Road

North Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

01969833 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Chorusline Limited for the year ended 31 August 2016 which comprise the Income Statement,

Balance Sheet and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chorusline Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chorusline Limited and state those matters that we have agreed to state to the Board of Directors of Chorusline Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chorusline Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chorusline Limited 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 profit of Chorusline Limited. You consider that Chorusline Limited 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 Chorusline Limited. 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

30 May 2017

FIXED ASSETS

Tangible assets

4

51,991

64,989

Investments

5

5,805

7,867

57,796

72,856

CURRENT ASSETS

Stocks

6

60,367

59,254

Debtors

7

16,627

8,838

Cash at bank and in hand

274,984

229,513

351,978

297,605

CREDITORS

Amounts falling due within one year

8

313,604

244,751

NET CURRENT ASSETS

38,374

52,854

TOTAL ASSETS LESS CURRENT LIABILITIES

96,170

125,710

PROVISIONS FOR LIABILITIES

9

5,885

7,494

NET ASSETS

90,285

118,216

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

90,185

118,116

SHAREHOLDERS' FUNDS

90,285

118,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30 May 2017 and were signed on its behalf by:

Mr V P Sanghani - Director

1.	STATUTORY INFORMATION

Chorusline 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland". The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets.

This is the first period that the company has presented its financial statements under FRS102. The last financial

statements for the year ended 31 August 2015 were prepared in accordance with Companies Act, 2006.

The transition date to FRS 102 is 01 September 2014.

Turnover

Turnover represents sales of gift and souvenir products, excluding value added tax.

Tangible fixed assets

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

Long leasehold

-

Straight line over 15 years

Fixtures and fittings

-

20% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investments

Listed investments are stated at market value. Any changes in the market value of the investment is reported as

fair value gain/loss in the profit and loss account.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 September 2015

and 31 August 2016

20,815

499

263,130

284,444

DEPRECIATION

At 1 September 2015

20,814

244

198,397

219,455

Charge for year

-

51

12,947

12,998

At 31 August 2016

20,814

295

211,344

232,453

NET BOOK VALUE

At 31 August 2016

1

204

51,786

51,991

At 31 August 2015

1

255

64,733

64,989

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2015

7,867

Disposals

(848

)

Impairments

(1,214

)

At 31 August 2016

5,805

NET BOOK VALUE

At 31 August 2016

5,805

At 31 August 2015

7,867

As at 31 August 2016, the market value of the listed investments was £5,806.

6.

STOCKS

31/8/16

31/8/15

£

£

Stocks

60,367

59,254

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/16

31/8/15

£

£

Trade debtors

2,056

1,394

Prepayments

14,571

7,444

16,627

8,838

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/16

31/8/15

£

£

Bank loans and overdrafts

105,000

-

Trade creditors

106,933

113,039

Social security and other taxes

886

694

VAT

22,908

20,556

Other creditors

23,717

21,070

Wages control

5,367

4,713

Directors' current accounts

6,318

504

Accrued expenses

42,475

84,175

313,604

244,751

The bank loan of £105,000 is provided by Bank of Baroda and it is secured and offset against fixed deposit of

£153,150 deposited with the same bank. The loan is repayable on withdrawal of the fixed deposit.

9.	PROVISIONS FOR LIABILITIES

31/8/16

31/8/15

£

£

Deferred tax

5,885

7,494

Deferred

tax

£

Balance at 1 September 2015

7,494

Credit to Income Statement during year

(1,609

)

Accelerated capital allowance

Balance at 31 August 2016

5,885

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/8/16

31/8/15

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company paid £28,000 (2015 - £57,000) net dividends to the directors.

Included in creditors amounts less than one year is a director's balance of £6,318 for Mr V Sanghani.

12.	ULTIMATE CONTROLLING PARTY