Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been me2022-04-01falseNo description of principal activity12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10672137 2022-04-01 2023-03-31 10672137 2021-04-01 2022-03-31 10672137 2023-03-31 10672137 2022-03-31 10672137 c:Director1 2022-04-01 2023-03-31 10672137 c:RegisteredOffice 2022-04-01 2023-03-31 10672137 d:FurnitureFittings 2022-04-01 2023-03-31 10672137 d:FurnitureFittings 2023-03-31 10672137 d:FurnitureFittings 2022-03-31 10672137 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10672137 d:OfficeEquipment 2022-04-01 2023-03-31 10672137 d:OfficeEquipment 2023-03-31 10672137 d:OfficeEquipment 2022-03-31 10672137 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10672137 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10672137 d:FreeholdInvestmentProperty 2023-03-31 10672137 d:FreeholdInvestmentProperty 2022-03-31 10672137 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 10672137 d:CurrentFinancialInstruments 2023-03-31 10672137 d:CurrentFinancialInstruments 2022-03-31 10672137 d:Non-currentFinancialInstruments 2023-03-31 10672137 d:Non-currentFinancialInstruments 2022-03-31 10672137 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10672137 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 10672137 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10672137 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 10672137 d:ShareCapital 2023-03-31 10672137 d:ShareCapital 2022-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2023-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2022-03-31 10672137 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2023-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2022-03-31 10672137 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10672137 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10672137 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 10672137 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 10672137 d:OtherDeferredTax 2023-03-31 10672137 d:OtherDeferredTax 2022-03-31 10672137 c:OrdinaryShareClass1 2022-04-01 2023-03-31 10672137 c:OrdinaryShareClass1 2023-03-31 10672137 c:OrdinaryShareClass2 2022-04-01 2023-03-31 10672137 c:OrdinaryShareClass2 2023-03-31 10672137 c:FRS102 2022-04-01 2023-03-31 10672137 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10672137 c:FullAccounts 2022-04-01 2023-03-31 10672137 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10672137









SHREE MAHAGANAPATHI LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SHREE MAHAGANAPATHI LTD
 
 
COMPANY INFORMATION


Director
A V Kamath 




Registered number
10672137



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
SHREE MAHAGANAPATHI LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
SHREE MAHAGANAPATHI LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHREE MAHAGANAPATHI LTD
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shree Mahaganapathi Ltd for the year ended 31 March 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Shree Mahaganapathi Ltd in accordance with the terms of our engagement letter dated 2 August 2022Our work has been undertaken solely to prepare for your approval the financial statements of Shree Mahaganapathi Ltd  and state those matters that we have agreed to state to the director of Shree Mahaganapathi Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shree Mahaganapathi Ltd and its director for our work or for this report. 

It is your duty to ensure that Shree Mahaganapathi Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shree Mahaganapathi Ltd. You consider that Shree Mahaganapathi Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Shree Mahaganapathi Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

14 September 2023
Page 1

 
SHREE MAHAGANAPATHI LTD
REGISTERED NUMBER: 10672137

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
742
989

Investment property
 5 
266,000
264,000

  
266,742
264,989

Current assets
  

Debtors: amounts falling due within one year
 6 
164
152

Cash at bank and in hand
  
5,790
4,453

  
5,954
4,605

Creditors: amounts falling due within one year
 7 
(84,580)
(85,690)

Net current liabilities
  
 
 
(78,626)
 
 
(81,085)

Total assets less current liabilities
  
188,116
183,904

Creditors: amounts falling due after more than one year
 8 
(160,767)
(160,767)

Provisions for liabilities
  

Deferred tax
 9 
(6,100)
(6,974)

  
 
 
(6,100)
 
 
(6,974)

Net assets
  
21,249
16,163


Capital and reserves
  

Called up share capital 
  
3
3

Investment property reserve
 11 
48,960
43,833

Profit and loss account
 11 
(27,714)
(27,673)

  
21,249
16,163


Page 2

 
SHREE MAHAGANAPATHI LTD
REGISTERED NUMBER: 10672137
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 director acknowledges his 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 on 14 September 2023.






A V Kamath
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Shree Mahaganapathi Ltd is a private company limited by shares, incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principal place of business is Norwich and the company's principal activity is that of the investment in and letting of residential properties.

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

Turnover comprises revenue recognised by the company in respect of property rental income. Revenue is recognised on a accruals basis covering the period for which the rental is due under the terms of the tenancy agreement.

 
2.3

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.

 
2.4

Borrowing costs

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

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been me

Page 4

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 5

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
504
1,579
2,083



At 31 March 2023

504
1,579
2,083



Depreciation


At 1 April 2022
371
723
1,094


Charge for the year on owned assets
33
214
247



At 31 March 2023

404
937
1,341



Net book value



At 31 March 2023
100
642
742



At 31 March 2022
133
856
989

Page 6

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
264,000


Surplus on revaluation
2,000



At 31 March 2023
266,000

The 2023 valuations were made by the Director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
205,556
205,556

205,556
205,556


6.


Debtors

2023
2022
£
£


Prepayments and accrued income
164
152

164
152



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
82,930
82,930

Accruals and deferred income
1,650
2,760

84,580
85,690


Page 7

 
SHREE MAHAGANAPATHI LTD
 
 
 
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
160,767
160,767

160,767
160,767


The bank loan is secured by a fixed charge over the investment property.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
160,767
160,767

160,767
160,767




9.


Deferred taxation




2023


£






At beginning of year
(6,974)


Charged to profit or loss
874



At end of year
(6,100)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(141)
(247)

Tax losses carried forward
5,525
7,884

Revaluation on investment properties
(11,484)
(14,611)

(6,100)
(6,974)

Page 8

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1.00 each
2
2
1 B Ordinary share of £1.00
1
1

3

3



11.


Reserves

Investment property revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the Company's freehold property to fair value.

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses


12.


Related party transactions

As at 31 March 2023, the company owed the director £82,930 (2022: £82,930). 

 
Page 9