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COMPANY REGISTRATION NUMBER: 07898729
Dewang Kotecha Limited
Filleted Unaudited Financial Statements
31 January 2023
Dewang Kotecha Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
49,218
2,433
Current assets
Debtors
5
18,743
24,963
Cash at bank and in hand
109,772
34,590
---------
--------
128,515
59,553
Creditors: amounts falling due within one year
6
112,314
32,412
---------
--------
Net current assets
16,201
27,141
--------
--------
Total assets less current liabilities
65,419
29,574
Creditors: amounts falling due after more than one year
7
54,492
24,780
--------
--------
Net assets
10,927
4,794
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
10,827
4,694
--------
-------
Shareholders funds
10,927
4,794
--------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dewang Kotecha Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr D Kotecha
Director
Company registration number: 07898729
Dewang Kotecha Limited
Notes to the Financial Statements
Year ended 31 January 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 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 February 2022
4,601
4,601
Additions
59,090
59,090
--------
-------
--------
At 31 January 2023
59,090
4,601
63,691
--------
-------
--------
Depreciation
At 1 February 2022
2,168
2,168
Charge for the year
11,818
487
12,305
--------
-------
--------
At 31 January 2023
11,818
2,655
14,473
--------
-------
--------
Carrying amount
At 31 January 2023
47,272
1,946
49,218
--------
-------
--------
At 31 January 2022
2,433
2,433
--------
-------
--------
5. Debtors
2023
2022
£
£
Trade debtors
657
Other debtors
18,086
24,963
--------
--------
18,743
24,963
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,988
7,986
Corporation tax
2,486
Social security and other taxes
489
594
Other creditors
103,837
21,346
---------
--------
112,314
32,412
---------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,530
24,780
Other creditors
36,962
--------
--------
54,492
24,780
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Kotecha
( 768)
( 285)
( 1,053)
----
----
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Kotecha
( 9,853)
9,085
( 768)
-------
-------
----