Viknat Ltd 13426797 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is letting of own property. Digita Accounts Production Advanced 6.30.9574.0 true true 13426797 2022-06-01 2023-05-31 13426797 2023-05-31 13426797 bus:OrdinaryShareClass1 2023-05-31 13426797 bus:Original 2023-05-31 13426797 core:CurrentFinancialInstruments 2023-05-31 13426797 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13426797 core:Non-currentFinancialInstruments 2023-05-31 13426797 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 13426797 core:FurnitureFittingsToolsEquipment 2023-05-31 13426797 bus:SmallEntities 2022-06-01 2023-05-31 13426797 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 13426797 bus:FullAccounts 2022-06-01 2023-05-31 13426797 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 13426797 bus:RegisteredOffice 2022-06-01 2023-05-31 13426797 bus:Director1 2022-06-01 2023-05-31 13426797 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 13426797 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 13426797 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 13426797 countries:England 2022-06-01 2023-05-31 13426797 2022-05-31 13426797 core:FurnitureFittingsToolsEquipment 2022-05-31 13426797 2021-05-28 2022-05-31 13426797 2022-05-31 13426797 bus:OrdinaryShareClass1 2022-05-31 13426797 core:CurrentFinancialInstruments 2022-05-31 13426797 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 13426797 core:Non-currentFinancialInstruments 2022-05-31 13426797 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 13426797 core:FurnitureFittingsToolsEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13426797

Viknat Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Viknat Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Viknat Ltd

Company Information

Director

Mr Jaspal Padam

Registered office

7 Walsham Road
Feltham
TW14 0JD

Accountants

ZAS Accountancy & Tax Ltd
Chartered Certified Accountants
Suite 427 Legacy Centre
Hampton Road West
Feltham
Middlesex
TW13 6DH

 

Viknat Ltd

(Registration number: 13426797)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,445

1,796

Investment property

5

351,900

351,900

 

355,345

353,696

Current assets

 

Debtors

6

1,551

1,408

Cash at bank and in hand

 

3,910

5,568

 

5,461

6,976

Creditors: Amounts falling due within one year

7

(149,386)

(142,926)

Net current liabilities

 

(143,925)

(135,950)

Total assets less current liabilities

 

211,420

217,746

Creditors: Amounts falling due after more than one year

7

(255,000)

(255,000)

Net liabilities

 

(43,580)

(37,254)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(43,680)

(37,354)

Shareholders' deficit

 

(43,580)

(37,254)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Viknat Ltd

(Registration number: 13426797)
Balance Sheet as at 31 May 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 November 2023
 

.........................................
Mr Jaspal Padam
Director

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Walsham Road
Feltham
TW14 0JD
United Kingdom

These financial statements were authorised for issue by the director on 11 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is pound sterling.

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Going concern

The financial statements have been prepared on a going concern basis as the director will provide the necessary financial support for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

1,796

1,796

Additions

2,062

2,062

At 31 May 2023

3,858

3,858

Depreciation

Charge for the year

413

413

At 31 May 2023

413

413

Carrying amount

At 31 May 2023

3,445

3,445

At 31 May 2022

1,796

1,796

5

Investment properties

2023
£

At 1 June

351,900

At 31 May

351,900

6

Debtors

Current

2023
£

2022
£

Prepayments

143

-

Other debtors

1,408

1,408

 

1,551

1,408

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

8,660

8,660

Accruals and deferred income

 

5,236

1,400

Other creditors

 

135,490

132,866

 

149,386

142,926

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

255,000

255,000

Creditors include bank loans and overdrafts which are secured of £255,000. The bank loan is secured on the investment property.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

255,000

255,000

 

Viknat Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Current loans and borrowings

Other borrowings

8,660

8,660

10

Related party transactions

Other transactions with the director

The director has given a personal guarantee in respect of the bank loan.

At the year-end, the director was owed £132,719 (2022 - £131,457) by the ocmpany. This amount is interest free and has no set repayment terms.