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COMPANY REGISTRATION NUMBER: 07313139
PULSES & GRAINS INTERNATIONAL LIMITED
Filleted Financial Statements
For the year ended
31 December 2021
PULSES & GRAINS INTERNATIONAL LIMITED
Financial Statements
Year ended 31 December 2021
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
PULSES & GRAINS INTERNATIONAL LIMITED
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
995,104
995,243
Current assets
Debtors
6
782
642
Cash at bank and in hand
17,191
12,206
--------
--------
17,973
12,848
Creditors: amounts falling due within one year
7
( 547,897)
( 558,151)
---------
---------
Net current liabilities
( 529,924)
( 545,303)
---------
---------
Total assets less current liabilities
465,180
449,940
Provisions
Taxation including deferred tax
8
( 69,425)
( 52,763)
---------
---------
Net assets
395,755
397,177
---------
---------
Capital and reserves
Called up share capital
10
200,000
200,000
Other reserves
11
287,864
315,634
Profit and loss account
11
( 92,109)
( 118,457)
---------
---------
Shareholders funds
395,755
397,177
---------
---------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
PULSES & GRAINS INTERNATIONAL LIMITED
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 May 2022 , and are signed on behalf of the board by:
Sunil Deepchand Parakh Director
Company registration number: 07313139
PULSES & GRAINS INTERNATIONAL LIMITED
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 343 Jersey Road, Osterley, Middlesex, TW7 5PJ.
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, other than investment properties measured at fair value through profit or loss. Functional and presentation currency The financial statements are presented in UK pound sterling (GBP), which is the company's functional currency. All financial information presented in GBP has been rounded to the nearest pound, except where otherwise indicated.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable.
Other income shown in the statement of comprehensive income represents rent receivable during the year.
Trade and other debtors
Trade and other debtors do not carry any interest and are stated at their original invoice value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade and other creditors
Trade and other creditors do not carry any interest and are stated at their original invoice value.
Consolidation
The financial statements present information about the company as an individual entity and not about its group.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, tax is recognised in other comprehensive income. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% straight line.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued annually by directors and once in three years by independent professional valuers to reflect its fair market value and any changes in its value are recognised in profit or loss. The investment property was previously measured at cost and depreciated over 60 years straight line, as the property was occupied by the company. However the owner occupation ended on 1 October 2018 when the property was fully rented out. The property is now accounted for as an investment property under section 16 of FRS 102. Fair value has been determined by a recent asking price for sale which the directors consider to be a reasonable estimate. Provision for deferred tax is recognised on the revaluation gain as required by FRS 102.
4. Taxation on ordinary activities
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
3,528
3,787
Adjustments in respect of prior periods
( 337)
-------
-------
Total current tax
3,191
3,787
-------
-------
Deferred tax:
Origination and reversal of timing differences
16,662
--------
-------
Taxation on ordinary activities
19,853
3,787
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2020: higher than) the standard rate of corporation tax in the UK of 19 % (2020: 19 %).
2021
2020
£
£
Profit on ordinary activities before taxation
18,431
18,019
--------
--------
Profit on ordinary activities by rate of tax
3,502
3,424
Adjustment to tax charge in respect of prior periods
( 337)
Effect of capital allowances and depreciation
26
26
Unused tax losses
337
Effect of deferred tax on fair value gain exempt from tax
16,662
--------
--------
Tax on profit
19,853
3,787
--------
--------
5. Tangible assets
Freehold investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
995,000
12,499
1,007,499
---------
--------
------------
Depreciation
At 1 January 2021
12,256
12,256
Charge for the year
139
139
---------
--------
------------
At 31 December 2021
12,395
12,395
---------
--------
------------
Carrying amount
At 31 December 2021
995,000
104
995,104
---------
--------
------------
At 31 December 2020
995,000
243
995,243
---------
--------
------------
The freehold investment property has been valued by the directors. The carrying values are considered to fairly represent open market value at the balance sheet date. The historical cost of the freehold property was £717,299 (2020: £717,299).
6. Debtors
2021
2020
£
£
Other debtors
782
642
----
----
7. Creditors: amounts falling due within one year
2021
2020
£
£
Amounts due to parent company
540,644
550,644
Accruals and deferred income
1,525
1,520
Corporation tax
3,528
3,787
Other creditors
2,200
2,200
---------
---------
547,897
558,151
---------
---------
8. Provisions
Deferred tax (note 9)
£
At 1 January 2021
52,763
Additions
16,662
--------
At 31 December 2021
69,425
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions (note 8)
69,425
52,763
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Fair value adjustment of investment property
69,425
52,763
--------
--------
10. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
---------
---------
---------
---------
11. Reserves
Profit and loss account - These reserves record retained earnings and accumulated losses. Other reserves - These reserves record fair value gain/loss net of deferred tax.
12. Summary audit opinion
The auditor's report for the year dated 12 May 2022 was unqualified .
The senior statutory auditor was Anup Bhamm , for and on behalf of Carringtons Limited .
13. Related party transactions
The company entered into the following related party transactions during the year:
Relationship Transaction Type 2021 2020
£ £
Parent company Amount due to/(from) 540,644 550,644
The above loan is interest free and repayable on demand.
14. Ultimate parent undertaking
The immediate parent undertaking is Pulses & Grains International Pte Ltd, incorporated and registered in Singapore, which is the smallest and largest company which includes the company in its group accounts. The registered office of the parent undertaking is, 77 High Street, #04-12, High Street Plaza, Singapore 179433. The ultimate parent undertaking is Poona Dal & Besan Mills Pvt. Limited, incorporated and registered in India which controls the company.