Parth Services Limited 31/03/2018 iXBRL

PARTH SERVICES LIMITED - Company Information

31/03/2018 2018-03-31 false false false false false false false false false false true false false true false false false false false true true false No description of principal activities is disclosed 2017-04-01 Sage Accounts Production 18.30 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 04964751 2017-04-01 2018-03-31 04964751 2018-03-31 04964751 2017-03-31 04964751 2016-04-01 2017-03-31 04964751 2017-03-31 04964751 core:NetGoodwill 2017-04-01 2018-03-31 04964751 core:LandBuildings core:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 04964751 core:FurnitureFittingsToolsEquipment 2017-04-01 2018-03-31 04964751 core:MotorVehicles 2017-04-01 2018-03-31 04964751 bus:RegisteredOffice 2017-04-01 2018-03-31 04964751 bus:LeadAgentIfApplicable 2017-04-01 2018-03-31 04964751 bus:Director1 2017-04-01 2018-03-31 04964751 bus:CompanySecretary1 2017-04-01 2018-03-31 04964751 core:NetGoodwill 2018-03-31 04964751 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-31 04964751 core:FurnitureFittingsToolsEquipment 2017-03-31 04964751 core:MotorVehicles 2017-03-31 04964751 core:LandBuildings core:OwnedOrFreeholdAssets 2018-03-31 04964751 core:FurnitureFittingsToolsEquipment 2018-03-31 04964751 core:MotorVehicles 2018-03-31 04964751 core:WithinOneYear 2018-03-31 04964751 core:WithinOneYear 2017-03-31 04964751 core:AfterOneYear 2018-03-31 04964751 core:AfterOneYear 2017-03-31 04964751 core:ShareCapital 2018-03-31 04964751 core:ShareCapital 2017-03-31 04964751 core:RetainedEarningsAccumulatedLosses 2018-03-31 04964751 core:RetainedEarningsAccumulatedLosses 2017-03-31 04964751 core:NetGoodwill 2017-03-31 04964751 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-31 04964751 core:FurnitureFittingsToolsEquipment 2017-03-31 04964751 core:MotorVehicles 2017-03-31 04964751 bus:Director1 2017-03-31 04964751 bus:Director1 2018-03-31 04964751 bus:Director1 2016-03-31 04964751 bus:Director1 2017-03-31 04964751 bus:Director1 2016-04-01 2017-03-31 04964751 bus:SmallEntities 2017-04-01 2018-03-31 04964751 bus:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 04964751 bus:FullAccounts 2017-04-01 2018-03-31 04964751 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 04964751 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31

Company registration number: 04964751

Parth Services Limited

Unaudited filleted financial statements

31 March 2018

Parth Services Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Parth Services Limited

Directors and other information


	Directors	Mr Yogesh Jhala


	Secretary	Indira Jhala


	Company number	04964751


	Registered office	384 Kenton Road
		Kenton
		Harrow
		Middlesex
		HA3 9DP


	Business address	384 Kenton Road
		Kenton
		Harrow
		Middlesex
		HA3 9DP


	Accountants	R B Shah Accountancy Limited
		44 Jellicoe Gardens
		Stanmore
		Middlesex
		HA7 3NS

Parth Services Limited

Statement of financial position

31 March 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1		1
Tangible assets	6	609,753		617,813
		_______		_______
			609,754		617,814

Current assets
Stocks		81,220		92,954
Debtors	7	6,466		6,334
Cash at bank and in hand		403,737		317,049
		_______		_______
		491,423		416,337
Creditors: amounts falling due
within one year	8	( 282,883)		( 251,367)
		_______		_______
Net current assets			208,540		164,970
			_______		_______
Total assets less current liabilities			818,294		782,784

Creditors: amounts falling due
after more than one year	9		( 469,061)		( 498,901)
			_______		_______
Net assets			349,233		283,883
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			349,133		283,783
			_______		_______
Shareholders funds			349,233		283,883
			_______		_______

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 December 2018 , and are signed on behalf of the board by:

Mr Yogesh Jhala

Director

Company registration number: 04964751

Parth Services Limited

Notes to the financial statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 384 Kenton Road, Kenton, Harrow, Middlesex, HA3 9DP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Fittings fixtures and equipment	-	25 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2017 and 31 March 2018	100,000	100,000
	_______	_______
Amortisation
At 1 April 2017 and 31 March 2018	99,999	99,999
	_______	_______
Carrying amount
At 31 March 2018	1	1
	_______	_______
At 31 March 2017	1	1
	_______	_______

6. Tangible assets

	Freehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2017 and 31 March 2018	708,366	99,510	1,500	809,376
	_______	_______	_______	_______
Depreciation
At 1 April 2017	92,347	97,717	1,499	191,563
Charge for the year	7,121	939	-	8,060
	_______	_______	_______	_______
At 31 March 2018	99,468	98,656	1,499	199,623
	_______	_______	_______	_______
Carrying amount
At 31 March 2018	608,898	854	1	609,753
	_______	_______	_______	_______
At 31 March 2017	616,019	1,793	1	617,813
	_______	_______	_______	_______

7. Debtors

	2018	2017
	£	£
Other debtors	6,466	6,334
	_______	_______

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	30,000	30,000
Trade creditors	105,925	90,025
Corporation tax	31,150	37,433
Social security and other taxes	10,801	13,286
Other creditors	105,007	80,623
	_______	_______
	282,883	251,367
	_______	_______

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	169,061	198,901
Other creditors	300,000	300,000
	_______	_______
	469,061	498,901
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 169,061 (2017 £ 198,901 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is secured by way of debentures and charges as detailed below: 1. Barclays Bank Plc has registered a Fixed and Floating charge debenture dated 30.12.2003 over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings and fixtures, fixed plant and machinery. 2. Barclays Bank Plc has also registered a Legal Charge dated 11.05.2004, over the Freehold Property at Kenton Park Service Station, 384 Kenton Road, Kenton, Harrow, Middlesex.

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Yogesh Jhala	( 377,423)	( 22,998)	( 400,421)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Yogesh Jhala	( 354,128)	( 23,295)	( 377,423)
		_______	_______	_______

11. Controlling party

The company is under the control of the sole director, Mr Y Jhala who together with his wife owns 100% of the issued share capital.