Mehta Consultants Ltd 31/03/2018 iXBRL

Mehta Consultants Ltd 31/03/2018 iXBRL

MEHTA CONSULTANTS LTD - Company Information

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Company Registration Number: 07538862
MEHTA CONSULTANTS LTD
Unaudited Filleted Financial Statements
31 March 2018
MEHTA CONSULTANTS LTD
Contents
Balance Sheet
Notes To The Financial Statements
MEHTA CONSULTANTS LTD
Balance Sheet
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 877 1,097
_______ _______
877 1,097
Current assets
Debtors 7 37,326 32,542
Investments 8 98,080 107,907
Cash at bank and in hand 455,695 326,406
_______ _______
591,101 466,855
Creditors: amounts falling due
within one year 9 ( 57,391) ( 54,014)
_______ _______
Net current assets 533,710 412,841
_______ _______
Net assets 534,587 413,938
_______ _______
Capital and reserves
Called up share capital 11 101 101
Profit and loss account 534,486 413,837
_______ _______
Shareholders funds 534,587 413,938
_______ _______
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:
............................. .............................
Dr Hemang Mehta Dr Kinnari Mehta
Director Director
Company Registration Number: 07538862
MEHTA CONSULTANTS LTD
Notes To The Financial Statements
Year Ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.
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 tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, 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. However, no provision for deferred tax has been made in these financial statements, as, in the opinion of the directors, the amounts involved are not material.
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 - 20 % 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:
Fittings fixtures and equipment - 20 % reducing balance
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.
Financial instruments
Current asset investments are initially recognised and subsequently measured at fair value, with any changes recognised in profit or loss. All other financial instruments applicable to the company are basic as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018 9,960
_______
Amortisation
At 1 April 2017 and 31 March 2018 9,960
_______
Carrying amount
At 31 March 2018 -
_______
At 31 March 2017 -
_______
6. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2017 and 31 March 2018 2,678
_______
Depreciation
At 1 April 2017 1,581
Charge for the year 220
_______
At 31 March 2018 1,801
_______
Carrying amount
At 31 March 2018 877
_______
At 31 March 2017 1,097
_______
7. Debtors
2018 2017
£ £
Trade debtors 37,326 32,542
_______ _______
8. Investments
2018 2017
£ £
Short term deposits 98,080 107,907
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 31,822 33,273
Director loan accounts 21,140 12,250
Other creditors 4,429 8,491
_______ _______
57,391 54,014
_______ _______
10. Financial instruments at fair value
2018 2017
£ £
Financial assets measured at fair value through profit or loss
Unlisted current asset investments 98,080 107,907
_______ _______
11. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
'A' Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
101 101 101 101
_______ _______ _______ _______
12. Controlling party
The company is controlled by its directors, Dr Hemang Mehta and Dr Kinnari Mehta, who each own 49.5% of the issued share capital.