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COMPANY REGISTRATION NUMBER: 02829832
Niram Investments Limited
Filleted Unaudited Financial Statements
31 March 2023
Niram Investments Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,372,252
1,405,105
Current assets
Stocks
1,500
1,500
Debtors
7
108,466
115,022
Investments
8
500,000
Cash at bank and in hand
388,816
925,314
---------
------------
998,782
1,041,836
Creditors: amounts falling due within one year
9
159,527
217,411
---------
------------
Net current assets
839,255
824,425
------------
------------
Total assets less current liabilities
2,211,507
2,229,530
Creditors: amounts falling due after more than one year
10
28,153
38,018
Provisions
Taxation including deferred tax
175,013
178,539
------------
------------
Net assets
2,008,341
2,012,973
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
550,260
546,376
Profit and loss account
1,458,079
1,466,595
------------
------------
Shareholders funds
2,008,341
2,012,973
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Niram Investments Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
D J Gandhi
Director
Company registration number: 02829832
Niram Investments Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Milife Care Services, Unit 7c Earls Way, Thurmaston, Leicester, LE4 8FY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully written off
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Land & Buildings
-
2% straight line
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 53 (2022: 50 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
130,000
---------
Amortisation
At 1 April 2022 and 31 March 2023
130,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
1,425,000
29,991
1,454,991
Additions
1,334
1,334
------------
--------
------------
At 31 March 2023
1,425,000
31,325
1,456,325
------------
--------
------------
Depreciation
At 1 April 2022
28,500
21,386
49,886
Charge for the year
30,587
3,600
34,187
------------
--------
------------
At 31 March 2023
59,087
24,986
84,073
------------
--------
------------
Carrying amount
At 31 March 2023
1,365,913
6,339
1,372,252
------------
--------
------------
At 31 March 2022
1,396,500
8,605
1,405,105
------------
--------
------------
The freehold property was revalued at £1,425,000 on the basis of the market value and the director considers the amount disclosed in the accounts to be the fair value of the property.
7. Debtors
2023
2022
£
£
Trade debtors
98,788
112,159
Other debtors
9,678
2,863
---------
---------
108,466
115,022
---------
---------
8. Investments
2023
2022
£
£
Short-term deposits
500,000
---------
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,160
11,160
Trade creditors
16,505
31,354
Corporation tax
24,558
59,549
Social security and other taxes
15,429
16,150
Other creditors
91,875
99,198
---------
---------
159,527
217,411
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,153
38,018
--------
--------