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REGISTERED NUMBER: 05736166 (England and Wales)










SHARMA CORPORATION LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHARMA CORPORATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr R K Sharma
Mrs R Sharma





SECRETARY: Mrs R Sharma





REGISTERED OFFICE: Cash's Business Centre
1st Floor
228 Widdrington Road
Coventry
West Midlands
CV1 4PB





REGISTERED NUMBER: 05736166 (England and Wales)





ACCOUNTANTS: Shah & Co (Accountants) Ltd
Chartered Certified Accountants
Cash's Business Centre
1st Floor
228 Widdrington Road
Coventry
West Midlands
CV1 4PB

SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,628,245 2,509,803
3,628,245 2,509,803

CURRENT ASSETS
Stocks 44,664 36,136
Debtors 6 49,299 10,000
Cash at bank and in hand 49,605 176,531
143,568 222,667
CREDITORS
Amounts falling due within one year 7 68,877 70,732
NET CURRENT ASSETS 74,691 151,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,702,936

2,661,738

CREDITORS
Amounts falling due after more than one
year

8

133,993

177,892
NET ASSETS 3,568,943 2,483,846

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 2,465,187 1,365,187
Retained earnings 1,103,656 1,118,559
SHAREHOLDERS' FUNDS 3,568,943 2,483,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2023 and were signed on its behalf by:





Mr R K Sharma - Director


SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Sharma Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill being the amount paid in connection of the acquisition of two petrol stations in 2011 and 2013 respectively, being amortised over their estimated useful economic lives of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 40,000
AMORTISATION
At 1 April 2022
and 31 March 2023 40,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2022 2,100,000 224,021 39,500
Additions - - 25,246
Revaluations 1,100,000 - -
At 31 March 2023 3,200,000 224,021 64,746
DEPRECIATION
At 1 April 2022 - - 16,668
Charge for year - - 14,745
At 31 March 2023 - - 31,413
NET BOOK VALUE
At 31 March 2023 3,200,000 224,021 33,333
At 31 March 2022 2,100,000 224,021 22,832

SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 166,986 98,023 2,628,530
Additions 33,340 1,894 60,480
Revaluations - - 1,100,000
At 31 March 2023 200,326 99,917 3,789,010
DEPRECIATION
At 1 April 2022 46,180 55,879 118,727
Charge for year 18,486 8,807 42,038
At 31 March 2023 64,666 64,686 160,765
NET BOOK VALUE
At 31 March 2023 135,660 35,231 3,628,245
At 31 March 2022 120,806 42,144 2,509,803

Cost or valuation at 31 March 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2017 2,100,000 224,021 64,746
Valuation in 2022 1,100,000 - -
3,200,000 224,021 64,746

Fixtures
and Computer
fittings equipment Totals
£    £    £   
Valuation in 2017 200,326 99,917 2,689,010
Valuation in 2022 - - 1,100,000
200,326 99,917 3,789,010

If Freehold property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 734,814 734,814

Value of land in freehold land and buildings 3,200,000 -

Freehold property was valued on an open market basis on 1 December 2022 by Christie & Co. Chartered Surveyors .

SHARMA CORPORATION LIMITED (REGISTERED NUMBER: 05736166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 49,299 10,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 20,030 18,604
Taxation and social security 26,668 29,950
Other creditors 22,179 22,178
68,877 70,732

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 104,747 128,669
Other creditors 29,246 49,223
133,993 177,892

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 104,747 128,669

The bank loans are secured by a mortgage debenture on the business premises and fixed and floating charge over all the current and future assets of the company.

10. RESERVES
Revaluation
reserve
£   
At 1 April 2022 1,365,187
Transfer 1,100,000

At 31 March 2023 2,465,187