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Registration number: 10152063

Prepared for the registrar

VPS Sharda Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

VPS Sharda Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

VPS Sharda Limited

Company Information

Directors

Mr R Sharda

Mr A Sharda

N Sharda

Company secretary

Mr V Sharda

Mrs N Sharda

Registered office

7 Kendal Way
Chorlton
Crewe
Cheshire
CW2 5SA

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

 

VPS Sharda Limited

(Registration number: 10152063)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

300,000

279,064

Investments

5

1,291,345

1,291,245

 

1,591,345

1,570,309

Current assets

 

Debtors

6

97,570

10,367

Cash at bank and in hand

 

59,644

134,163

 

157,214

144,530

Creditors: Amounts falling due within one year

7

(1,067,754)

(991,265)

Net current liabilities

 

(910,540)

(846,735)

Total assets less current liabilities

 

680,805

723,574

Creditors: Amounts falling due after more than one year

7

(630,705)

(694,410)

Deferred tax liabilities

 

(769)

-

Net assets

 

49,331

29,164

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

20,167

-

Profit and loss account

29,064

29,064

Shareholders' funds

 

49,331

29,164

For the financial year ending 30 April 2023 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.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 


Mr R Sharda
Director

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

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:
7 Kendal Way
Chorlton
Crewe
Cheshire
CW2 5SA

 

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

The company is reliant on the continued support from loans by Butt Lane Healthcare Limited and the Directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Judgements

No significant judgements have been made by management in preparing these financial statements.

Tax

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

The current corporation 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.

Deferred income 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 property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers or the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

4

Investment properties

2023
£

At 1 May 2022

279,064

Fair value adjustments

20,936

At 30 April 2023

300,000


The directors are of the opinion that the value shown reflects the current market value of the investment property based on information available for other comparable properties.

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,291,345

1,291,245

Subsidiaries

£

Cost

At 1 May 2022

1,291,245

Additions

100

At 30 April 2023

1,291,345

Carrying amount

At 30 April 2023

1,291,345

At 30 April 2022

1,291,245

 

6

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

11

88,196

-

Prepayments

 

9,374

10,367

   

97,570

10,367

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

272,517

354,399

Amounts due to related parties

11

793,497

635,246

Accrued expenses

 

1,740

1,620

 

1,067,754

991,265

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

630,705

694,410

2023
£

2022
£

After more than five years by instalments

389,964

400,617

389,964

400,617

The bank loans are secured by fixed and floating charges over the assets of the company.

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

71,332

69,534

Other borrowings

201,185

284,865

272,517

354,399

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

630,705

694,410

2023
£

2022
£

After more than five years by instalments

389,964

400,617

-

-

The bank loans are secured by fixed and floating charges over the assets of the company.

 

VPS Sharda Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Potential gain on the investment property

769

769

2022

Liability
£

Potential gain on the investment property

-

-

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

34

34

34

34

Ordinary B Shares of £1 each

34

34

34

34

Ordinary C Shares of £1 each

16

16

16

16

Ordinary D Shares of £1 each

16

16

16

16

 

100

100

100

100

The different classes of shares referred to above carry separate rights to dividends, however in all other significant respects, rank pari passu.

 

11

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company. As at the balance sheet date, the directors were owed £201,185 (2022: £284,865). There are no fixed repayment terms and no interest is charged.
 

Summary of transactions with all subsidiaries

Butt Lane Healthcare Limited
 During the year, the company charged rent of £12,600 (2022 - £12,600) and management charges of £8,020 (2022 - £11,000) to Butt Lane Healthcare Limited. At the balance sheet date, the company owed Butt Lane Healthcare Limited £793,497 (2022 - £635,246). There are no fixed repayment terms and no interest is charged.
 

VPS Sharda Investments Limited
At the balance sheet date, VPS Sharda Investments Limited owed the company £88,196 (2022 - £nil). There are no fixed repayment terms and no interest is charged.