Rohit Soni & Co Limited - Period Ending 2017-06-30
Rohit Soni & Co Limited - Period Ending 2017-06-30
Registration number:
Rohit Soni & Co Limited
for the Year Ended 30 June 2017
629 Foxhall Road
Ipswich
Suffolk
IP3 8NE
Rohit Soni & Co Limited
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Rohit Soni & Co Limited
Company Information
Directors |
Mr R N Soni Mrs T Soni |
Company secretary |
Mrs H Soni |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Rohit Soni & Co Limited
for the Year Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rohit Soni & Co Limited for the year ended 30 June 2017 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Rohit Soni & Co Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Rohit Soni & Co Limited. You consider that Rohit Soni & Co Limited is exempt from the statutory audit requirement for the year.
......................................
Ipswich
Suffolk
IP3 8NE
Page 2 |
Rohit Soni & Co Limited
(Registration number: 04752746)
Abridged Balance Sheet as at 30 June 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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Page 3 |
Rohit Soni & Co Limited
(Registration number: 04752746)
Abridged Balance Sheet as at 30 June 2017
For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Mr R N Soni
Director
Page 4 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
25% reducing balance |
Fixtures, fittings and equipment |
25% reducing balance |
Page 5 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Written off over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Page 6 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 7 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 July 2016 |
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At 30 June 2017 |
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Amortisation |
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At 1 July 2016 |
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Amortisation charge |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
- |
At 30 June 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 8 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Tangible assets |
Total |
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Cost or valuation |
|
At 1 July 2016 |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings and £84 (2016 - £112) in respect of short leasehold land and buildings.
Investment properties
There has been no valuation of investment property by an independent valuer.
Stocks |
2017 |
2016 |
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Other inventories |
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Page 9 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Dividends |
Final dividends paid
2017 |
2016 |
|
Final dividend of £ |
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|
Final dividend of £ |
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- |
Final dividend of £ |
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Page 10 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Transition to FRS 102 |
Balance Sheet at 1 July 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
36,919 |
- |
- |
36,919 |
|
Tangible assets |
2,244 |
- |
- |
2,244 |
|
39,163 |
- |
- |
39,163 |
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Current assets |
|||||
Stocks |
18,020 |
- |
- |
18,020 |
|
Debtors |
179,617 |
- |
- |
179,617 |
|
Cash at bank and in hand |
684,530 |
- |
- |
684,530 |
|
882,167 |
- |
- |
882,167 |
||
Creditors: Amounts falling due within one year |
(357,780) |
- |
- |
(357,780) |
|
Net current assets |
524,387 |
- |
- |
524,387 |
|
Total assets less current liabilities |
563,550 |
- |
- |
563,550 |
|
Creditors: Amounts falling due after more than one year |
(32,863) |
- |
- |
(32,863) |
|
Provisions for liabilities |
- |
- |
(7,833) |
(7,833) |
|
Net assets/(liabilities) |
530,687 |
- |
(7,833) |
522,854 |
|
Capital and reserves |
|||||
Called up share capital |
(400) |
- |
- |
(400) |
|
Other reserves |
- |
- |
7,833 |
7,833 |
|
Profit and loss account |
(530,287) |
- |
- |
(530,287) |
|
Total equity |
(530,687) |
- |
7,833 |
(522,854) |
Page 11 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Balance Sheet at 30 June 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
18,461 |
- |
- |
18,461 |
|
Tangible assets |
989,485 |
(987,803) |
- |
1,682 |
|
Investment property |
- |
987,803 |
9,500 |
997,303 |
|
1,007,946 |
- |
9,500 |
1,017,446 |
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Current assets |
|||||
Stocks |
17,005 |
- |
- |
17,005 |
|
Debtors |
181,186 |
- |
- |
181,186 |
|
Cash at bank and in hand |
403,474 |
- |
- |
403,474 |
|
601,665 |
- |
- |
601,665 |
||
Creditors: Amounts falling due within one year |
(332,010) |
- |
- |
(332,010) |
|
Net current assets |
269,655 |
- |
- |
269,655 |
|
Total assets less current liabilities |
1,277,601 |
- |
9,500 |
1,287,101 |
|
Creditors: Amounts falling due after more than one year |
(705,018) |
- |
- |
(705,018) |
|
Provisions for liabilities |
- |
- |
(5,929) |
(5,929) |
|
Net assets |
572,583 |
- |
3,571 |
576,154 |
|
Capital and reserves |
|||||
Called up share capital |
(400) |
- |
- |
(400) |
|
Other reserves |
- |
- |
(3,571) |
(3,571) |
|
Profit and loss account |
(572,183) |
- |
- |
(572,183) |
|
Total equity |
(572,583) |
- |
(3,571) |
(576,154) |
Page 12 |
Rohit Soni & Co Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2017
Profit and Loss Account for the year ended 30 June 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
1,281,653 |
- |
- |
1,281,653 |
|
Cost of sales |
(941,971) |
- |
- |
(941,971) |
|
Gross profit |
339,682 |
- |
- |
339,682 |
|
Administrative expenses |
(177,995) |
- |
9,500 |
(168,495) |
|
Operating profit |
161,687 |
- |
9,500 |
171,187 |
|
Interest payable and similar expenses |
(11,676) |
- |
- |
(11,676) |
|
(11,676) |
- |
- |
(11,676) |
||
Profit before tax |
150,011 |
- |
9,500 |
159,511 |
|
Taxation |
(30,115) |
- |
1,904 |
(28,211) |
|
Profit for the financial year |
119,896 |
- |
11,404 |
131,300 |
Page 13 |