ALPESH_PATEL_VENTURES_LIM - Accounts


Company registration number 04077919 (England and Wales)
ALPESH PATEL VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
ALPESH PATEL VENTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ALPESH PATEL VENTURES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,448
-
0
Tangible assets
4
7,379
6,305
Investments
5
50,000
-
0
66,827
6,305
Current assets
Debtors
6
402,026
226,654
Cash at bank and in hand
304,468
347,109
706,494
573,763
Creditors: amounts falling due within one year
7
(355,077)
(415,716)
Net current assets
351,417
158,047
Total assets less current liabilities
418,244
164,352
Provisions for liabilities
(1,845)
-
0
Net assets
416,399
164,352
Capital and reserves
Called up share capital
8
10
10
Capital redemption reserve
10
10
Profit and loss reserves
416,379
164,332
Total equity
416,399
164,352

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 2022 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 2022
31 January 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 January 2023
Mr A B Patel
Director
Company Registration No. 04077919
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 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
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.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website development costs
20% straight line
1.5
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:

Fixtures and fittings
25% on cost
Computer and office equipment
25% on cost
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Fixed asset investments

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Unlisted investments are stated at cost less any accumulated impairment losses.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans due to connected companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.10
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.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 in the period are included in profit or loss.

2
Employees

The average monthly number of person (including director) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 February 2021
-
0
Additions
9,945
At 31 January 2022
9,945
Amortisation and impairment
At 1 February 2021
-
0
Amortisation charged for the year
497
At 31 January 2022
497
Carrying amount
At 31 January 2022
9,448
At 31 January 2021
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2021
14,886
Additions
4,400
At 31 January 2022
19,286
Depreciation and impairment
At 1 February 2021
8,581
Depreciation charged in the year
3,326
At 31 January 2022
11,907
Carrying amount
At 31 January 2022
7,379
At 31 January 2021
6,305
5
Fixed asset investments
2022
2021
£
£
Other investments
50,000
-
0
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 February 2021
-
Additions
50,000
At 31 January 2022
50,000
Carrying amount
At 31 January 2022
50,000
At 31 January 2021
-
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
37,007
18,586
Other debtors
365,019
208,068
402,026
226,654
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
158,141
232,597
Taxation and social security
64,800
52,466
Other creditors
132,136
130,653
355,077
415,716
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
ALPESH PATEL VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 8 -
9
Related party transactions

Included within other creditors is an amount of £127,713 (2021: £127,973) the company owed to Tradermind Limited, a company in which the director holds a directorship and shareholding. This loan is interest free and repayable on demand.

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr A B Patel
2.00
144,904
417,329
5,469
(283,993)
283,709
144,904
417,329
5,469
(283,993)
283,709
2022-01-312021-02-01false12 January 2023CCH SoftwareCCH Accounts Production 2022.300No description of principal activityMr A B Patel040779192021-02-012022-01-31040779192022-01-31040779192021-01-3104077919core:IntangibleAssetsOtherThanGoodwill2022-01-3104077919core:IntangibleAssetsOtherThanGoodwill2021-01-3104077919core:OtherPropertyPlantEquipment2022-01-3104077919core:OtherPropertyPlantEquipment2021-01-3104077919core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3104077919core:CurrentFinancialInstrumentscore:WithinOneYear2021-01-3104077919core:CurrentFinancialInstruments2022-01-3104077919core:CurrentFinancialInstruments2021-01-3104077919core:ShareCapital2022-01-3104077919core:ShareCapital2021-01-3104077919core:CapitalRedemptionReserve2022-01-3104077919core:CapitalRedemptionReserve2021-01-3104077919core:RetainedEarningsAccumulatedLosses2022-01-3104077919core:RetainedEarningsAccumulatedLosses2021-01-3104077919bus:Director12021-02-012022-01-3104077919core:IntangibleAssetsOtherThanGoodwill2021-02-012022-01-3104077919core:FurnitureFittings2021-02-012022-01-3104077919core:ComputerEquipment2021-02-012022-01-31040779192020-02-012021-01-3104077919core:IntangibleAssetsOtherThanGoodwill2021-01-3104077919core:OtherPropertyPlantEquipment2021-01-3104077919core:OtherPropertyPlantEquipment2021-02-012022-01-3104077919core:WithinOneYear2022-01-3104077919core:WithinOneYear2021-01-3104077919bus:PrivateLimitedCompanyLtd2021-02-012022-01-3104077919bus:SmallCompaniesRegimeForAccounts2021-02-012022-01-3104077919bus:FRS1022021-02-012022-01-3104077919bus:AuditExemptWithAccountantsReport2021-02-012022-01-3104077919bus:FullAccounts2021-02-012022-01-31xbrli:purexbrli:sharesiso4217:GBP