Company registration number 09527857 (England and Wales)
GOVIN CONSULTANCY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
GOVIN CONSULTANCY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOVIN CONSULTANCY LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,642
233
Investment property
4
446,000
700,000
448,642
700,233
Current assets
Debtors
5
61,883
65,228
Cash at bank and in hand
206,038
50,867
267,921
116,095
Creditors: amounts falling due within one year
6
(74,436)
(50,437)
Net current assets
193,485
65,658
Total assets less current liabilities
642,127
765,891
Creditors: amounts falling due after more than one year
7
(275,606)
(420,649)
Provisions for liabilities
(11,668)
Net assets
354,853
345,242
Capital and reserves
Called up share capital
250
250
Non-distributable profits reserve
8
48,973
126,574
Distributable profit and loss reserves
305,630
218,418
Total equity
354,853
345,242
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GOVIN CONSULTANCY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2023 and are signed on its behalf by:
Dr G S Karnati
Dr J Gurushankar
Director
Director
Company registration number 09527857 (England and Wales)
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Govin Consultancy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Claremont Drive, Taunton, Somerset, TA1 4JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the
period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
2
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
5,719
Additions
2,835
At 30 April 2023
8,554
Depreciation and impairment
At 1 May 2022
5,486
Depreciation charged in the year
426
At 30 April 2023
5,912
Carrying amount
At 30 April 2023
2,642
At 30 April 2022
233
4
Investment property
2023
£
Fair value
At 1 May 2022
700,000
Additions
55,350
Disposals
(322,500)
Revaluations
13,150
At 30 April 2023
446,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2023 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,303
7,808
Other debtors
10,580
56,757
61,883
64,565
Deferred tax asset
663
61,883
65,228
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,064
4,725
Taxation and social security
38,924
11,996
Other creditors
33,448
33,716
74,436
50,437
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
275,606
420,649
Other creditors include long term bank loans of £258,990 (2022 - £395,985) which are secured by fixed and floating charges and a debenture over the investment properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
258,990
395,985
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
126,574
12,127
Non distributable profits in the year
13,150
126,574
Transfer of non-distributable profits relating to gains realised in the year
(90,751)
(12,127)
At the end of the year
48,973
126,574
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2 Directors
2.00
22,805
11,700
214
(28,870)
5,849
22,805
11,700
214
(28,870)
5,849
Advances made to the directors were unsecured and repayable on demand.