ACCOUNTS - Final Accounts

Caseware UK (AP4) 2014.0.91 2014.0.91 2017-01-312017-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseCommunity Pharmacyfalse2016-02-01 08510742 2016-02-01 2017-01-31 08510742 2015-02-01 2016-01-31 08510742 2017-01-31 08510742 2016-01-31 08510742 2015-02-01 08510742 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2016-01-31 08510742 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-02-01 2016-01-31 08510742 d:Director1 2016-02-01 2017-01-31 08510742 d:Director2 2016-02-01 2017-01-31 08510742 c:FurnitureFittings 2016-02-01 2017-01-31 08510742 c:FurnitureFittings 2017-01-31 08510742 c:FurnitureFittings 2016-01-31 08510742 c:FurnitureFittings c:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 08510742 c:Goodwill 2016-02-01 2017-01-31 08510742 c:Goodwill 2017-01-31 08510742 c:Goodwill 2016-01-31 08510742 c:CurrentFinancialInstruments 2017-01-31 08510742 c:CurrentFinancialInstruments 2016-01-31 08510742 c:Non-currentFinancialInstruments 2017-01-31 08510742 c:Non-currentFinancialInstruments 2016-01-31 08510742 c:CurrentFinancialInstruments c:WithinOneYear 2017-01-31 08510742 c:CurrentFinancialInstruments c:WithinOneYear 2016-01-31 08510742 c:Non-currentFinancialInstruments c:AfterOneYear 2017-01-31 08510742 c:Non-currentFinancialInstruments c:AfterOneYear 2016-01-31 08510742 c:ShareCapital 2017-01-31 08510742 c:ShareCapital 2016-01-31 08510742 c:ShareCapital 2015-02-01 08510742 c:RetainedEarningsAccumulatedLosses 2016-02-01 2017-01-31 08510742 c:RetainedEarningsAccumulatedLosses 2017-01-31 08510742 c:RetainedEarningsAccumulatedLosses 2015-02-01 2016-01-31 08510742 c:RetainedEarningsAccumulatedLosses 2016-01-31 08510742 c:RetainedEarningsAccumulatedLosses 2015-02-01 08510742 c:AcceleratedTaxDepreciationDeferredTax 2017-01-31 08510742 c:TaxLossesCarry-forwardsDeferredTax 2017-01-31 08510742 d:FRS102 2016-02-01 2017-01-31 08510742 d:AuditExempt-NoAccountantsReport 2016-02-01 2017-01-31 08510742 d:FullAccounts 2016-02-01 2017-01-31 08510742 d:PrivateLimitedCompanyLtd 2016-02-01 2017-01-31 iso4217:GBP

Registered number: 08510742

RAVIKA LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2017

RAVIKA LTD

REGISTERED NUMBER: 08510742

BALANCE SHEET

AS AT 31 JANUARY 2017

		2017		2016
Note		£		£

Fixed assets
Intangible assets	2		384,424		478,975
Tangible assets	3		46,083		62,582
			430,507		541,557
Current assets
Stocks	4	68,461		61,642
Debtors: amounts falling due within one year	5	81,493		57,144
Cash at bank and in hand		6,506		39,664
		156,460		158,450
Creditors: amounts falling due within one year	6	(426,608)		(432,624)
Net current liabilities			(270,148)		(274,174)
Total assets less current liabilities			160,359		267,383
Creditors: amounts falling due after more than one year	7		(361,807)		(389,256)
Provisions for liabilities
Deferred tax	8	(58,629)		-
			(58,629)		-
Net liabilities			(260,077)		(121,873)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(260,079)	(121,875)
	(260,077)	(121,873)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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RAVIKA LTD

REGISTERED NUMBER: 08510742

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2017

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by.

Mr Ravi C Ganatra	Mrs Ruchika Ganatra
Director	Director

Date: 12 July 2017

The notes on pages 4 to 12 form part of these financial statements.

Page 2

RAVIKA LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2017

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 February 2015	2	(64,231)	(64,229)
Comprehensive income for the year
Loss for the year	-	(57,644)	(57,644)

At 1 February 2016	2	(121,875)	(121,873)
Comprehensive income for the year
Loss for the year	-	(138,204)	(138,204)
Total comprehensive income for the year	-	(138,204)	(138,204)
At 31 January 2017	2	(260,079)	(260,077)

Page 3

RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Going concern

The financial statements have been prepared on the assumption that the company will have the continued financial support of the shareholders. The shareholders of the company have sufficient resources to finance the company as and when the need arises.
The financial statements have been prepared on a going concern basis which is dependent on the financial support of the shareholders to ensure that the company will continue in operational existence for the foreseeable future.

1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.Accounting policies (continued)

1.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

1.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.Accounting policies (continued)

1.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 February 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

1.8

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

2.	Intangible assets

		Goodwill
		£
	Cost
	At 1 February 2016	661,861
	At 31 January 2017	661,861
	Amortisation
	At 1 February 2016	182,886
	Charge for the year	94,551
	At 31 January 2017	277,437
	Net book value
	At 31 January 2017	384,424
	At 31 January 2016	478,975

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RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

3.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 February 2016	93,614
	Additions	2,780
	At 31 January 2017	96,394
	Depreciation
	At 1 February 2016	31,032
	Charge for the year	19,279
	At 31 January 2017	50,311
	Net book value
	At 31 January 2017	46,083
	At 31 January 2016	62,582

4.	Stocks
		2017	2016
		£	£

Finished goods and goods for resale	68,461	61,642
	68,461	61,642

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RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Debtors

					2017	2016
					£	£


Trade debtors	69,160	45,235
Other debtors	1,000	1,000
VAT repayable	4,262	5,076
Prepayments	7,071	5,833
	81,493	57,144

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans and overdraft	60,797	44,985
Obligations under finance lease and hire purchase contracts	12,663	15,196
Trade creditors	103,700	114,634
Directors' loan account	249,398	252,548
Wages and Salaries	-	4,197
Other taxation and social security	50	1,064
	426,608	432,624

7.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	361,807	376,593
Net obligations under finance leases and hire purchase contracts	-	12,663
	361,807	389,256

Secured loans

The bank loan is secured by a fixed and floating charge over the assets of the company. Net obligations under hire purchase contracts are secured against assets concerned.

Page 9

RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

8.	Deferred taxation

		2017
		£

	Charged to profit or loss	(58,629)
	At end of year	(58,629)

	The deferred taxation balance is made up as follows:
					2017
					£

	Accelerated capital allowances	(9,217)
	Tax losses carried forward	(49,412)
		(58,629)

9.	Controlling party

The company was under control of Mr Ravi Ganatra (50% share) and Mrs Ruchika Ganatra (50% share), by virtue of the fact that between them they own entire issued share capital of the company.

Page 10


		RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

10.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 February 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 31 January 2016	Effect of transition 31 January 2016	FRS 102 (as restated) 31 January 2016
	Note	£	£	£

Fixed assets	541,557	-	541,557
Current assets	158,450	-	158,450
Creditors: amounts falling due within one year	(432,624)	-	(432,624)
Net current liabilities	(274,174)	-	(274,174)
Total assets less current liabilities	267,383	-	267,383
Creditors: amounts falling due after more than one year	(389,255)	-	(389,255)
Provisions for liabilities	-	(12,516)	(12,516)
Net assets	121,872	12,516	134,388

Capital and reserves

121,872

12,516

134,388

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RAVIKA LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

10.First time adoption of FRS 102 (continued)

		As previously stated 31 January 2016	Effect of transition 31 January 2016	FRS 102 (as restated) 31 January 2016
	Note	£	£	£

Turnover	646,611	-	646,611
Cost of sales	(408,026)	-	(408,026)
	238,585	-	238,585
Administrative expenses	(279,504)	-	(279,504)
Other operating income	242	-	242
Operating profit	(40,677)	-	(40,677)
Interest payable and similar charges	(16,967)	-	(16,967)
Taxation	-	12,516	12,516
Loss on ordinary activities after taxation and for the financial year	(57,644)	(12,516)	(70,160)

Explanation of changes to previously reported profit and equity:

Deferred tax was not calculated for the year ended 31 January 2016.

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