Megachoice Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02890762 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

MEGACHOICE LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K K Bhudia

Mrs M K Bhudia

SECRETARY:

Mrs M K Bhudia

REGISTERED OFFICE:

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

REGISTERED NUMBER:

02890762 (England and Wales)

ACCOUNTANTS:

Sterling Associates

Chartered Accountants

5 Theobald Court

Theobald Street

Elstree

Hertfordshire

WD6 4RN

BANKERS:

HSBC Plc

69 Park Royal Road

Park Royal

London

NW10 7JR

FIXED ASSETS

Tangible assets

4

2,926,345

1,229,584

Investments

5

576,004

506,652

3,502,349

1,736,236

CURRENT ASSETS

Debtors

330,061

349,765

Cash at bank and in hand

212,358

143,118

542,419

492,883

CREDITORS

Amounts falling due within one year

63,625

51,256

NET CURRENT ASSETS

478,794

441,627

TOTAL ASSETS LESS CURRENT LIABILITIES

3,981,143

2,177,863

CREDITORS

Amounts falling due after more than one year

6

(727,523

)

(747,003

)

PROVISIONS FOR LIABILITIES

(339,364

)

-

NET ASSETS

2,914,256

1,430,860

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Fair value reserve

8

1,357,458

-

Retained earnings

1,526,798

1,400,860

SHAREHOLDERS' FUNDS

2,914,256

1,430,860

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 September 2017 and were signed on its behalf by:

K K Bhudia - Director

1.	STATUTORY INFORMATION

Megachoice 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

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 statement of financial position date.

Deferred tax

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

position 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.

Fixed asset investments

Fixed asset investments are shown at costs less any provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 January 2016

1,230,835

Revaluations

1,696,822

At 31 December 2016

2,927,657

DEPRECIATION

At 1 January 2016

1,251

Charge for year

61

At 31 December 2016

1,312

NET BOOK VALUE

At 31 December 2016

2,926,345

At 31 December 2015

1,229,584

Tangible fixed assets include investment properties held by the company. The original cost of the properties was £1,229,178

and the properties were revalued to £2,926,000 by the directors on 31 December 2016.

Cost or valuation at 31 December 2016 is represented by:

Totals

£

Valuation in 2016

1,696,822

Cost

1,230,835

2,927,657

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2016

578,888

Additions

49,883

Disposals

(67,479

)

Share of profit/(loss)

15,707

At 31 December 2016

576,999

PROVISIONS

At 1 January 2016

72,236

Charge for year

995

Provision written back

(72,236

)

At 31 December 2016

995

NET BOOK VALUE

At 31 December 2016

576,004

At 31 December 2015

506,652

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2016

2015

£

£

Repayable by instalments

Bank loans more 5 yr by instal

273,167

289,349

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

438,357

454,539

The bank loan is secured against assets of the company.

8.

RESERVES

Fair

value

reserve

£

FV Reserve - Inv properties

1,357,458

At 31 December 2016

1,357,458

9.	ULTIMATE CONTROLLER

The directors are the ultimate controllers as they hold majority of the issued share capital of the company.