Chorusline Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01969833 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

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 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 2017 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 and its 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

31 May 2018

FIXED ASSETS

Tangible assets

4

41,594

51,991

Investments

5

5,406

5,805

47,000

57,796

CURRENT ASSETS

Stocks

6

59,810

60,367

Debtors

7

26,607

16,627

Cash at bank and in hand

261,120

274,984

347,537

351,978

CREDITORS

Amounts falling due within one year

8

292,954

313,604

NET CURRENT ASSETS

54,583

38,374

TOTAL ASSETS LESS CURRENT LIABILITIES

101,583

96,170

PROVISIONS FOR LIABILITIES

9

4,387

5,885

NET ASSETS

97,196

90,285

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

97,096

90,185

SHAREHOLDERS' FUNDS

97,196

90,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 31 May 2018 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.

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.

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 balance sheet date.

Deferred tax

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

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

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 NIL (2016 - 6 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 September 2016

and 31 August 2017

20,815

499

263,130

284,444

DEPRECIATION

At 1 September 2016

20,814

295

211,344

232,453

Charge for year

-

40

10,357

10,397

At 31 August 2017

20,814

335

221,701

242,850

NET BOOK VALUE

At 31 August 2017

1

164

41,429

41,594

At 31 August 2016

1

204

51,786

51,991

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2016

5,805

Impairments

(399

)

At 31 August 2017

5,406

NET BOOK VALUE

At 31 August 2017

5,406

At 31 August 2016

5,805

As at 31 August 2017, the market value of the listed investments was £5,406.

6.

STOCKS

2017

2016

£

£

Stocks

59,810

60,367

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,200

2,056

Directors' current accounts

19,928

-

Prepayments

5,479

14,571

26,607

16,627

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

124,039

105,000

Trade creditors

109,196

106,933

Tax

5,088

-

Social security and other taxes

635

886

VAT

17,610

22,908

Other creditors

27,473

23,717

Wages control

6,216

5,367

Pension control

397

-

Directors' current accounts

-

6,318

Accrued expenses

2,300

42,475

292,954

313,604

The bank loan of £124,039 is provided by Bank of Baroda and it is secured and offset against fixed deposit of £207,227

deposited with the same bank. The loan is repayable on withdrawal of the fixed deposit.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

4,387

5,885

Deferred

tax

£

Balance at 1 September 2016

5,885

Accelerated capital allowance

(1,498

)

Balance at 31 August 2017

4,387

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company paid £23,100 (2016 - £28,000) net dividends to the directors.

The overdrawn balance was repaid in December 2017.

12.	ULTIMATE CONTROLLING PARTY