Registered number
13205123
KIRTI ESTATES LIMITED
Filleted Accounts
28 February 2023
KIRTI ESTATES LIMITED
Registered number: 13205123
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,389 1,299
Investments 4 383,845 383,845
385,234 385,144
Current assets
Debtors 5 - 805
Cash at bank and in hand 16,525 5,523
16,525 6,328
Creditors: amounts falling due within one year 6 (175,523) (169,010)
Net current liabilities (158,998) (162,682)
Total assets less current liabilities 226,236 222,462
Creditors: amounts falling due after more than one year 7 (225,384) (225,384)
Provisions for liabilities (59) -
Net assets/(liabilities) 793 (2,922)
Capital and reserves
Called up share capital 100 100
Profit and loss account 693 (3,022)
Shareholders' funds 793 (2,922)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
….........................
Mr K Gupta
Director
Approved by the board on 26 September 2023
KIRTI ESTATES LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rent receivable for the year from the company's investment property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Investment property
Investment properties are measured at fair value. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Funiture, fixture and equipment
£
Cost
At 1 March 2022 1,624
Additions 518
At 28 February 2023 2,142
Depreciation
At 1 March 2022 325
Charge for the year 428
At 28 February 2023 753
Net book value
At 28 February 2023 1,389
At 28 February 2022 1,299
4 Investments
Investment
property
£
Cost
At 1 March 2022 383,845
At 28 February 2023 383,845
5 Debtors 2023 2022
£ £
Deferred tax asset - 776
Other debtors - 29
- 805
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 175,523 169,010
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 225,384 225,384
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 225,384 225,384
Bank loans are secured by first legal charge over the company's investment property.
9 Other information
KIRTI ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
27b Frithwood Avenue
Northwood
Middlesex
HA6 3LY
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