Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3123182966258900002022-04-01falseThe principal activity of the company is that of property investment and management22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11325260 2022-04-01 2023-03-31 11325260 2021-04-01 2022-03-31 11325260 2023-03-31 11325260 2022-03-31 11325260 2 2022-04-01 2023-03-31 11325260 d:Director1 2022-04-01 2023-03-31 11325260 e:FreeholdInvestmentProperty 2022-04-01 2023-03-31 11325260 e:FreeholdInvestmentProperty 2023-03-31 11325260 e:FreeholdInvestmentProperty 2022-03-31 11325260 e:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 11325260 e:LeaseholdInvestmentProperty 2022-04-01 2023-03-31 11325260 e:LeaseholdInvestmentProperty 2023-03-31 11325260 e:LeaseholdInvestmentProperty 2022-03-31 11325260 e:LeaseholdInvestmentProperty 2 2022-04-01 2023-03-31 11325260 e:CurrentFinancialInstruments 2023-03-31 11325260 e:CurrentFinancialInstruments 2022-03-31 11325260 e:Non-currentFinancialInstruments 2023-03-31 11325260 e:Non-currentFinancialInstruments 2022-03-31 11325260 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 11325260 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 11325260 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 11325260 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 11325260 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 11325260 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-03-31 11325260 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 11325260 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-03-31 11325260 e:ShareCapital 2023-03-31 11325260 e:ShareCapital 2022-03-31 11325260 e:SharePremium 2023-03-31 11325260 e:SharePremium 2022-03-31 11325260 e:RevaluationReserve 2023-03-31 11325260 e:RevaluationReserve 2022-03-31 11325260 e:RetainedEarningsAccumulatedLosses 2023-03-31 11325260 e:RetainedEarningsAccumulatedLosses 2022-03-31 11325260 d:FRS102 2022-04-01 2023-03-31 11325260 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11325260 d:FullAccounts 2022-04-01 2023-03-31 11325260 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11325260 2 2022-04-01 2023-03-31 11325260 5 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 11325260














AGARWAL PROPERTIES INVESTMENTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7


 
AGARWAL PROPERTIES INVESTMENTS LIMITED
REGISTERED NUMBER:11325260

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
11,591,483
12,945,000

  
11,591,483
12,945,000

Current assets
  

Debtors: amounts falling due within one year
 5 
153
-

Cash at bank and in hand
 6 
867,555
752,262

  
867,708
752,262

Creditors: amounts falling due within one year
 7 
(741,309)
(717,253)

Net current assets
  
 
 
126,399
 
 
35,009

Total assets less current liabilities
  
11,717,882
12,980,009

Creditors: amounts falling due after more than one year
 8 
(5,630,000)
(6,220,000)

  

Net assets
  
6,087,882
6,760,009


Capital and reserves
  

Called up share capital 
  
51
51

Share premium account
  
6,472,251
6,472,251

Revaluation reserve
  
(509,582)
-

Profit and loss account
  
125,162
287,707

  
6,087,882
6,760,009


1

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
REGISTERED NUMBER:11325260
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Sanjay Agarwal
Director

Date: 3 October 2023

The notes on pages 3 to 7 form part of these financial statements.

2

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Agarwal Properties Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 11325260. The registered office is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. The business address is 352 Jersey Road, Middlesex, TW7 5PL.
The principal activity of the company is that of property investment and management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

5

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2022
12,025,000
920,000
12,945,000


Additions at cost
16,065
-
16,065


Disposals
(400,000)
(460,000)
(860,000)


Deficit on revaluation
(356,065)
(153,517)
(509,582)



At 31 March 2023
11,285,000
306,483
11,591,483

The  valuations were made by Colliers International Property Consultants Limited in August 2023, on an open market value for existing use basis.






5.


Debtors

2023
2022
£
£


Other debtors
153
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
867,557
752,262



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
80,000
80,000

Corporation tax
20,380
39,834

Other taxation and social security
-
2,990

Other creditors
608,290
567,941

Accruals and deferred income
32,639
26,488

741,309
717,253


6

 
AGARWAL PROPERTIES INVESTMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
5,630,000
6,220,000


The following liabilities were secured:

2023
2022
£
£



Bank loans
5,710,000
6,300,000

Details of security provided:

The bank loan is secured by way of fixed and floating charges on the investment properties and all assets of the company.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
80,000
80,000

Amounts falling due 1-2 years

Bank loans
20,000
80,000

Amounts falling due 2-5 years

Bank loans
5,610,000
6,140,000


5,710,000
6,300,000


 
7