ALPESH_PATEL_VENTURES_LIM - Accounts


Company Registration No. 04077919 (England and Wales)
ALPESH PATEL VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
ALPESH PATEL VENTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALPESH PATEL VENTURES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,626
29,974
Investments
4
6,336
30,955
11,962
60,929
Current assets
Debtors
6
158,040
636,684
Cash at bank and in hand
155,763
387,792
313,803
1,024,476
Creditors: amounts falling due within one year
7
(428,201)
(1,194,294)
Net current liabilities
(114,398)
(169,818)
Total assets less current liabilities
(102,436)
(108,889)
Provisions for liabilities
(1,069)
(5,695)
Net liabilities
(103,505)
(114,584)
Capital and reserves
Called up share capital
8
10
10
Capital redemption reserve
10
10
Profit and loss reserves
(103,525)
(114,604)
Total equity
(103,505)
(114,584)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ALPESH PATEL VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 October 2019
Mr A B Patel
Director
Company Registration No. 04077919
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
1
Accounting policies
Company information

Alpesh Patel Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

As at the balance sheet date the financial statements show that the company has liabilities in excess of assets of £103,505 (2018: £114,584) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.

1.3
Turnover

Turnover represents the amount derived from provision of services which fall within the company’s principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer and office equipment
25% on cost
Website development
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment

Investments in unquoted equity instruments are included at cost less provisions for impairment. Any gains or losses are recognised in the profit and loss account.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Debtors
Short term debtors are measured at transaction price, less any impairments. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.9
Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average number of employees (including director) employed by the company during the year was 1 (2018 - 1).

3
Tangible fixed assets
Plant and machinery etc
Website development
Total
£
£
£
Cost
At 1 February 2018
30,844
82,924
113,768
Disposals
(22,047)
(82,924)
(104,971)
At 31 January 2019
8,797
-
8,797
Depreciation and impairment
At 1 February 2018
12,144
71,651
83,795
Depreciation charged in the year
7,482
11,273
18,755
Eliminated in respect of disposals
(16,455)
(82,924)
(99,379)
At 31 January 2019
3,171
-
3,171
Carrying amount
At 31 January 2019
5,626
-
5,626
At 31 January 2018
18,701
11,273
29,974
4
Fixed asset investments
2019
2018
£
£
Investments
6,336
30,955
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 February 2018
30,955
Additions
1,814
Disposals
(26,433)
At 31 January 2019
6,336
Carrying amount
At 31 January 2019
6,336
At 31 January 2018
30,955
5
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
6,336
30,955
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,178
-
Other debtors
147,862
636,684
158,040
636,684
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
232,770
79,958
Taxation and social security
-
8,563
Other creditors
195,431
1,105,773
428,201
1,194,294
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 7 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
10
10
9
Related party transactions

Included within other creditors is an amount of £74,190 (2018: £74,190) the company owed to Tradermind Limited, a company in which the director holds a directorship and shareholding.

 

10
Directors' transactions

Included within other debtors is £53,203 (2018: £224,674) owed to the company by the director. Interest of £4,848 (2018: £6,073) was charged in the year. The outstanding balance was repaid within 9 months of the end of the accounting period.

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