REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
SHRIJI PROPERTY LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
SHRIJI PROPERTY LIMITED |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Contents of the Financial Statements |
for the year ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SHRIJI PROPERTY LIMITED |
Company Information |
for the year ended 31st March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Redhill Chambers |
2d High Street |
Redhill |
Surrey |
RH1 1RJ |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Balance Sheet |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Property valuation reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Balance Sheet - continued |
31st March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Notes to the Financial Statements |
for the year ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Shriji Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable for the year. The company is not registered for VAT. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
The investment properties are held at fair value and are valued by an independent surveyor who is experienced in the valuation of residential properties in the area. |
Surpluses on revaluation are recognised in the profit and loss account and are transferred to the property valuation reserve. |
No provision for depreciation is charged in respect of investment properties. This policy represents a departure from the requirements of Companies Act 2006, to provide for systematic annual depreciation for fixed assets. As the property is held for investment rather than for consumption, the director does not consider that the adoption of this policy is necessary to provide a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
Revaluations | (75,000 | ) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2009 | 345,369 |
Valuation in 2013 | 250,000 |
Valuation in 2015 | 154,337 |
Valuation in 2016 | 129,500 |
Valuation in 2019 | (579,500 | ) |
Valuation in 2020 | 70,000 |
Valuation in 2021 | 130,000 |
Valuation in 2022 | 300,000 |
Valuation in 2023 | (75,000 | ) |
Cost | 2,200,294 |
2,925,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,200,294 | 2,200,294 |
The freehold property was valued on an open market basis on 31st March 2023 by the director . |
In accordance with applicable accounting standards, no depreciation is charged in respect of investment properties. This policy represents a departure from the requirements of the Companies Act 2006, to provide systematic annual depreciation for fixed assets. However, as the property is held for investment and not consumption, the director does not consider the adoption of this policy necessary to give a true and fair view. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Other creditors |
Deferred income |
Accrued expenses |
SHRIJI PROPERTY LIMITED (REGISTERED NUMBER: 05116260) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Property |
Retained | valuation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2022 | 1,030,365 |
Deficit for the year | ( |
) | ( |
) |
Transfer | 75,000 | (75,000 | ) | - |
At 31st March 2023 | 954,920 |
11. | RELATED PARTY DISCLOSURES |
The company owes £1,886,161 (2022- £1,886,161) to Yamunaji Holdings Limited, the parent company, which is controlled by the director. There are no formal repayment terms attaching to the loan, which is interest free. |
The ultimate controlling party is |
12. | DEFERRED TAX |
A provision of £181,777 (£151,844 - 2022) has been made in connection with the tax that would be payable in the event of the disposal of the investment properties. This provision has been made in order to comply with the requirements of FRS 102 1A, but there are no plans to sell either of the investment properties in the foreseeable future. |