Registered number
10790514
Gulati Properties Ltd
Filleted Accounts
31 January 2023
Gulati Properties Ltd
Registered number: 10790514
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 700,000 700,000
Current assets
Debtors 4 6,950 8,950
Cash at bank and in hand 9,419 9,823
16,369 18,773
Creditors: amounts falling due within one year 5 (254,879) (257,976)
Net current liabilities (238,510) (239,203)
Total assets less current liabilities 461,490 460,797
Creditors: amounts falling due after more than one year 6 (254,739) (277,813)
Provisions for liabilities (23,532) (23,532)
Net assets 183,219 159,452
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 100,321 100,321
Profit and loss account 82,798 59,031
Shareholders' funds 183,219 159,452
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 Surjit Singh
Director
Approved by the board on 23 October 2023
Gulati Properties Ltd
Notes to the Accounts
for the year ended 31 January 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 represent the value of rent receivable.
Investment properties
Investment properties are revalued annually and the aggregate surplus or deficiet is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment properties
Land and buildings
£
Cost
At 1 February 2022 700,000
At 31 January 2023 700,000
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 700,000
At 31 January 2022 700,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 576,147 576,147
Cumulative depreciation based on historical cost - -
576,147 576,147
The investment properties were measured for fair value by the directors, and in their opion the fair value of the investment property is fairly stated.
4 Debtors 2023 2022
£ £
Trade debtors 950 950
Other debtors 6,000 8,000
6,950 8,950
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,364 20,234
Trade creditors - 2,440
Taxation and social security costs 5,639 9,270
Other creditors 227,876 226,032
254,879 257,976
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 254,739 277,813
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 166,591 187,955
Secured bank loans 276,103 296,047
Bank loan is secured by first legal charge over the freehold land and building held by the company.
8 Revaluation reserve 2023 2022
£ £
At 1 February 2022 100,321 -
Gain on revaluation of land and buildings - 123,853
Deferred taxation arising on the revaluation of land and buildings - (23,532)
At 31 January 2023 100,321 100,321
9 Related party transactions
Other debtors include £6,000 (2022: £8,000) unsecured loan to J.S.G (UK) Ltd, a company incorporated in England and Wales with common control.
10 Controlling party
The company is under the control of its director Mr Surjit Singh.
11 Other information
Gulati Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1B, First Floor
142 Johnsons Street
Southall
Middlesex
UB2 5FD
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