Asian Business Publications Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02234219 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Asian Business Publications Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr C B Patel

Mrs P C Patel

Miss S M Patel

Mr M C Patel

Mrs Urja Patel

SECRETARY:

Miss S M Patel

REGISTERED OFFICE:

Karma Yoga House

12 Hoxton Market

Off Coronet Street

London

N1 6HW

REGISTERED NUMBER:

02234219 (England and Wales)

ACCOUNTANTS:

K J Desai & Company

Chartered Accountants

3 More London Riverside

London

SE1 2RE

FIXED ASSETS

Intangible assets

4

24,615

36,923

Tangible assets

5

8,594

11,548

33,209

48,471

CURRENT ASSETS

Debtors

6

391,084

355,205

Cash at bank and in hand

14,082

56,937

405,166

412,142

CREDITORS

Amounts falling due within one year

7

563,641

471,818

NET CURRENT LIABILITIES

(158,475

)

(59,676

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(125,266

)

(11,205

)

PROVISIONS FOR LIABILITIES

1,531

2,021

NET LIABILITIES

(126,797

)

(13,226

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(126,897

)

(13,326

)

SHAREHOLDERS' FUNDS

(126,797

)

(13,226

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 23 December 2019 and were signed on its behalf by:

Mr C B Patel - Director

Mrs P C Patel - Director

1.	STATUTORY INFORMATION

Asian Business Publications 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. The company's parent company is Gujarat Samachar Publications Limited,

registered in England and Wales ( registered number 01291862) and it has the same registered

address.

The financial statements are presented in Sterling,which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis on the assumption that the

directors will continue to support the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Subscription income is recognised by reference to the number of months covered by the subscription

falling before the accounting date. The balance of the subscription is included in creditors either due

within one year or after one year as appropriate.The Company records advertising income on the

publication date.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being

amortised evenly over its remaining estimated life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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 rulling 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pensions

Contributions in respect of the company's defined contribution personal pension scheme are charged

to the profit and loss account for the year in which they are payable to the scheme.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2018 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

399,192

AMORTISATION

At 1 April 2018

362,269

Charge for year

12,308

At 31 March 2019

374,577

NET BOOK VALUE

At 31 March 2019

24,615

At 31 March 2018

36,923

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

78,686

DEPRECIATION

At 1 April 2018

67,138

Charge for year

2,954

At 31 March 2019

70,092

NET BOOK VALUE

At 31 March 2019

8,594

At 31 March 2018

11,548

6.

DEBTORS

31.3.19

31.3.18

£

£

Amounts falling due within one year:

Trade debtors

178,211

114,568

Other debtors

119,814

149,779

298,025

264,347

Amounts falling due after more than one year:

Other debtors

93,059

90,858

Aggregate amounts

391,084

355,205

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

371,300

373,809

Amounts owed to group undertakings

606

546

Taxation and social security

5,670

1,048

Other creditors

186,065

96,415

563,641

471,818

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

31.3.19

31.3.18

£

£

Miss S M Patel

Balance outstanding at start of year

5,000

5,000

Amounts repaid

(2,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,000

5,000

Mrs P C Patel

Balance outstanding at start of year

1,000

1,000

Amounts repaid

(1,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,000

Mr M C Patel

Balance outstanding at start of year

22,000

22,000

Amounts repaid

(22,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

22,000

Mrs Urja Patel

Balance outstanding at start of year

22,000

22,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,000

22,000

The loans to Merul Patel and Urja Patel carry an interest rate of 2.5% whilst the loans to other

directors are interest free.

During the year, the Directors financed the company by way of current accounts as follows:

31/3/2019 £109,543

31/3/2018 £8,681

The above current accounts are interest free.

On 16 November 2011, the company guaranteed an amount up to £500,000 in respect of the loan

raised Miss S M Patel from Barclays Bank for £1,414,000.

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 Asian Business Publications Limited for the year ended 31 March 2019 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 Asian Business Publications 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 Asian Business Publications Limited and state those matters that we have agreed to state to the Board of Directors of Asian Business Publications 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 Asian Business Publications Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Asian Business Publications 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 loss of Asian Business Publications Limited. You consider that Asian Business Publications 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 Asian Business Publications 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.

K J Desai & Company

Chartered Accountants

3 More London Riverside

London

SE1 2RE

23 December 2019