Registered number
05313213
A & K Chauhan Ltd
Filleted Accounts
26 March 2018
A & K Chauhan Ltd
Registered number: 05313213
Balance Sheet
as at 26 March 2018
Notes 2018
£
Fixed assets
Intangible assets 2 154,794
Tangible assets 3 8,654
163,448
Current assets
Stocks 11,690
Debtors 4 5,946
Cash at bank and in hand 62,105
79,741
Creditors: amounts falling due within one year 5 (266,723)
Net current liabilities (186,982)
Net liabilities (23,534)
Capital and reserves
Called up share capital 100
Profit and loss account (23,634)
Shareholders' funds (23,534)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ashok Chauhan
Director
Approved by the board on 7 September 2018
A & K Chauhan Ltd
Notes to the Accounts
for the year ended 26 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 27 March 2017 193,493
At 26 March 2018 193,493
Amortisation
Provided during the year 38,699
At 26 March 2018 38,699
Net book value
At 26 March 2018 154,794
At 26 March 2017 193,493
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 March 2017 15,010
Additions 8,293
At 26 March 2018 23,303
Depreciation
At 27 March 2017 13,253
Charge for the year 1,396
At 26 March 2018 14,649
Net book value
At 26 March 2018 8,654
At 26 March 2017 1,757
4 Debtors 2018
£
Trade debtors 2,102
Other debtors 3,844
5,946
5 Creditors: amounts falling due within one year 2018
£
Bank loans and overdrafts 125
Trade creditors 11,882
Corporation tax 1,916
Other taxes and social security costs 8,415
Other creditors 244,385
266,723
6 Other information
A & K Chauhan Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Spar Shop
6 Blackhorse Street
Blackrod
BL6 5EN
A & K Chauhan Ltd 05313213 false 2017-03-27 2018-03-26 2018-03-26 VT Final Accounts June 2017 Mr Ashok Chauhan No description of principal activity 05313213 2017-03-27 2018-03-26 05313213 bus:PrivateLimitedCompanyLtd 2017-03-27 2018-03-26 05313213 bus:AuditExemptWithAccountantsReport 2017-03-27 2018-03-26 05313213 bus:Director40 2017-03-27 2018-03-26 05313213 1 2017-03-27 2018-03-26 05313213 2 2017-03-27 2018-03-26 05313213 core:Goodwill 2017-03-27 2018-03-26 05313213 countries:England 2017-03-27 2018-03-26 05313213 bus:FRS102 2017-03-27 2018-03-26 05313213 bus:FullAccounts 2017-03-27 2018-03-26 05313213 2018-03-26 05313213 core:WithinOneYear 2018-03-26 05313213 core:ShareCapital 2018-03-26 05313213 core:RetainedEarningsAccumulatedLosses 2018-03-26 05313213 core:Goodwill 2018-03-26 05313213 2017-03-26 05313213 core:Goodwill 2017-03-26 iso4217:GBP