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COMPANY REGISTRATION NUMBER: 05079578
Sanjay Investments Limited
Filleted Unaudited Financial Statements
31 March 2022
Sanjay Investments Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
4,261,338
4,261,526
Current assets
Debtors
6
( 5,386)
( 5,386)
Cash at bank and in hand
58,709
78,640
--------
--------
53,323
73,254
Creditors: amounts falling due within one year
7
665,672
727,997
---------
---------
Net current liabilities
612,349
654,743
------------
------------
Total assets less current liabilities
3,648,989
3,606,783
Creditors: amounts falling due after more than one year
8
2,086,563
2,188,611
Provisions
Taxation including deferred tax
19,217
19,217
------------
------------
Net assets
1,543,209
1,398,955
------------
------------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
167,500
167,500
Profit and loss account
1,375,708
1,231,454
------------
------------
Shareholders funds
1,543,209
1,398,955
------------
------------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sanjay Investments Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
Mr S Kapila
Director
Company registration number: 05079578
Sanjay Investments Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Lampton Avenue, Hounslow, Middlesex, TW3 4EW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purpose. Deferred taxation is calculated on an un-discounted basis at the tax tares which are expected to apply in the period when the time difference will reverse.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixture, fittings and equipment
-
25% reducing balance
Motor vehicle
-
20% reducing balance
Offie equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 1 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
4,242,670
9,410
31,673
11,447
4,295,200
Additions
4,000
1,344
5,344
------------
--------
--------
--------
------------
At 31 March 2022
4,242,670
13,410
31,673
12,791
4,300,544
------------
--------
--------
--------
------------
Depreciation
At 1 April 2021
7,120
21,294
5,260
33,674
Charge for the year
1,573
2,076
1,883
5,532
------------
--------
--------
--------
------------
At 31 March 2022
8,693
23,370
7,143
39,206
------------
--------
--------
--------
------------
Carrying amount
At 31 March 2022
4,242,670
4,717
8,303
5,648
4,261,338
------------
--------
--------
--------
------------
At 31 March 2021
4,242,670
2,290
10,379
6,187
4,261,526
------------
--------
--------
--------
------------
6. Debtors
2022
2021
£
£
Trade debtors
( 6,143)
( 6,143)
Other debtors
757
757
-------
-------
( 5,386)
( 5,386)
-------
-------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
33,385
27,166
Social security and other taxes
4,135
51
Other creditors
628,152
700,780
---------
---------
665,672
727,997
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,326,809
1,428,857
Other creditors
759,754
759,754
------------
------------
2,086,563
2,188,611
------------
------------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Kapila
( 688,760)
98,059
( 33,817)
( 624,518)
---------
--------
--------
---------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Kapila
( 744,414)
90,511
( 34,857)
( 688,760)
---------
--------
--------
---------
10. Related party transactions
The company was under the control of Mr S Kapila throughout the current and previous year. Mr Kapila is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.