Company Registration No. 10306260 (England and Wales)
DHOLAK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
DHOLAK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DHOLAK LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
7,181,700
7,167,338
Current assets
Stocks
1,780,862
494,836
Debtors
4
1,185,343
770,748
Cash at bank and in hand
20,768
22,844
2,986,973
1,288,428
Creditors: amounts falling due within one year
5
(7,768,141)
(2,566,472)
Net current liabilities
(4,781,168)
(1,278,044)
Total assets less current liabilities
2,400,532
5,889,294
Creditors: amounts falling due after more than one year
6
(588,928)
(4,073,427)
Provisions for liabilities
7
(521,631)
(522,430)
Net assets
1,289,973
1,293,437
Capital and reserves
Called up share capital
99
99
Investment property reserve
1,756,064
1,755,265
Profit and loss reserves
(466,190)
(461,927)
Total equity
1,289,973
1,293,437

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 31 August 2022 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 members have 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.

DHOLAK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
K Pankhania
Director
Company Registration No. 10306260
DHOLAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 3 -
1
Accounting policies
Company information

Dholak Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

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
Going concern

The directors have considered the effect of the on-going Covid-19 truepandemic. The directors consider that the pandemic caused some disruption to the company's activities. The company is supported by bank loans and loans from connected companies who have confirmed that such support will be continued in the future. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable from investment property.

Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business.

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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

1.6
Stocks

Stocks of properties for resale are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition, including directly attributable finance costs.

 

At the reporting date, an assessment is made for impairment.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

DHOLAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

The financial assets are reviewed for impairment each year.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
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.

DHOLAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11

Investment property reserve

The investment property reserve comprises the fair value uplift on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.

2
Employees

There were no employees in the current or the previous year.

 

3
Investment property
2022
£
Fair value
At 1 September 2021
7,167,338
Additions
14,362
At 31 August 2022
7,181,700

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at 31 August 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £4,907,201 (2021 : £4,892,838).

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
1,143,747
709,378
Prepayments and accrued income
41,596
61,370
1,185,343
770,748
DHOLAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
4,309,617
15,750
Trade creditors
597,340
86,561
Other taxation and social security
-
0
4,038
Other creditors
2,781,689
2,409,897
Accruals and deferred income
79,495
50,226
7,768,141
2,566,472
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
588,928
4,073,427

The banks have the following securities:

- A first debenture over the company's assets and undertaking.

- First legal charges over the investment properties.

- A first legal charge over the property in stock.

- Fixed and floating charges covering all the properties of undertaking of the company.

- A cross guarantee by a connected company.

- Joint and several personal guarantees limited to the facility amounts from the directors.

Amounts included above which fall due after five years are as follows:
Payable by instalments
535,500
551,250
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
521,631
522,430

Deferred tax arising on revaluation gains on investment property is provided at a rate of 25% (2021 : 25%).

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