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Registration number: 00943387

NSK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

NSK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

NSK Limited

Company Information

Directors

Mr KA Patel

Dr S D Kaura

Dr S Patel

Mrs SK Patel

Registered office

1 Pine Coombe
Croydon
Surrey
CR0 5HS

Accountants

Flemmings Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

NSK Limited

(Registration number: 00943387)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed Assets

 

Investment property

4

1,375,000

1,650,000

Current assets

 

Debtors

5

7,964

40,307

Cash at bank and in hand

 

878,338

508,043

 

886,302

548,350

Creditors: Amounts falling due within one year

6

(14,359)

(52,285)

Net current assets

 

871,943

496,065

Total assets less current liabilities

 

2,246,943

2,146,065

Provisions for liabilities

(229,263)

-

Net assets

 

2,017,680

2,146,065

Capital and reserves

 

Called up share capital

120,000

120,000

Capital redemption reserve

240,000

240,000

Fair value reserve

977,385

1,133,303

Profit and loss account

680,295

652,762

Total equity

 

2,017,680

2,146,065

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 August 2022 and signed on its behalf by:
 

.........................................
Mr KA Patel
Director

 

NSK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Pine Coombe
Croydon
Surrey
CR0 5HS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover shown in the profit and loss represents amounts invoiced during the year.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

NSK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Investment properties

2022
£

2021
£

At 1 April

1,650,000

1,650,000

Additions

35,000

-

Disposals

(450,000)

-

Fair value adjustments

140,000

-

At 31 March

1,375,000

1,650,000

The directors are of the opinion that the cost of the property including the improvements costs incurred represents the fair value of the property as at 31 March 2022.

There has been no valuation of investment property by an independent valuer.

The historical cost of the investment including improvements is £168,352. The depreciation on this historical cost is £nil.

 

NSK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Debtors

2022
£

2021
£

Prepayments and accrued income

1,811

3,153

Other debtors

2,384

37,154

Loans to related parties

3,769

-

7,964

40,307

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

(63)

1

Accruals and deferred income

1,500

5,400

Taxation and social security

1,700

1,195

Amounts due to related parties

-

26,231

Other creditors

3,947

9,895

Corporation tax

7,275

9,563

14,359

52,285

7

Related party transactions

Summary of transactions with other related parties

During the year the company made the following related party transactions:

Mr KA Patel and Mrs SK Patel
(Directors and Shareholders)

Dividends amounting to £2,000 each were paid to Mr KA Patel and Mrs SK Patel during the year.

At the balance sheet date the total amount due to / (from) Mr KA Patel and Mrs SK Patel was (£3,769) (2021 - £26,231)