(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 21 Kingsend, Ruislip, England, HA4 7DD. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Interest income
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Interest income is recognised using the effective interest method. |
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Borrowing costs
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All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method. |
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Property, plant and equipment
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Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 20% reducing balance | Equipment | 33% reducing balance | Motor Cars | |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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(4) Employees
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During the year, the average number of employees including director was 1 (2022 : 1). |
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(5) Related party transactions
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Kharbanda Limited is a related party by virtue of having the same directors and shareholders. The balance outstanding from this related party as on 31 March 2023 was £101,535 (2022: £95,035). |
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(6) Fixed assets
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| Tangible £ | Investments Property £ | Totals £ | Cost | | | | As at 01 April 2022 | 3,906 | 695,751 | 699,657 | Additions | 3,744 | - | 3,744 | As at 31 March 2023 | 7,650 | 695,751 | 703,401 | Depreciation/Amortisation | | | | As at 01 April 2022 | 1,894 | - | 1,894 | For the year | 1,759 | - | 1,759 | As at 31 March 2023 | 3,653 | - | 3,653 | Net book value | | | | As at 31 March 2023 | 3,997 | 695,751 | 699,748 | As at 31 March 2022 | 2,012 | 695,751 | 697,763 |
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(7) Investment Properties
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These financial statements for the year ended 31 March 2023 are the financial statements of the company prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The property is being measured at fair value under FRS 102 and no fair value gains and losses are reported in profit or loss. |
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(8) Creditors > 1 year (Bank loans)
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The mortgage loan was secured on the investment properties. |
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