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Registered Number: 09885724
England and Wales

 

 

 

SOMANI PORTFOLIO LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 March 2022

End date: 28 February 2023
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Somani Portfolio Limited for the year ended 28 February 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the member of Somani Portfolio Limited, as a body, in accordance with the terms of our engagement letter dated 28 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Somani Portfolio Limited and state those matters that we have agreed to state to the Board ofs of Somani Portfolio Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Somani Portfolio Limited and its members as a body for our work or for this report.

It is your duty to ensure that Somani Portfolio Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Somani Portfolio Limited. You consider that Somani Portfolio Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Somani Portfolio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
SNP Plus Ltd
Accountants and Tax Advisors
284 Station Road
Harrow, London
HA1 2EA
28 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,763,232    1,763,232 
1,763,232    1,763,232 
Current assets      
Debtors: amounts falling due within one year 50,908    8,265 
Creditors: amount falling due within one year (10,849)   (10,193)
Net current assets 40,059    (1,928)
 
Total assets less current liabilities 1,803,291    1,761,304 
Creditors: amount falling due after more than one year (1,520,000)   (1,520,000)
Net assets 283,291    241,304 
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account 283,191    241,204 
Shareholder's funds 283,291    241,304 
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 28 November 2023 and were signed by:


-------------------------------
Hassan Somani
Director
2
General Information
Somani Portfolio Limited is a private company, limited by shares, registered in England and Wales, registration number 09885724, registration address Roebuck Nursing Home, London Road, Stevenage, Hertfordshire, SG2 8DS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of rental services supplied by the company, net of discounts.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.
Fixtures and Fittings 20% Straight Line
Investment properties
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
In the opinion of the director, the valuation of Investment Property  will still be the initial cost price of the property. Hence, as per him, disclosed price is the current market price.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Total
  £   £   £
At 01 March 2022 1,763,232    5,799    1,769,031 
Additions    
Disposals    
At 28 February 2023 1,763,232    5,799    1,769,031 
Depreciation
At 01 March 2022   5,799    5,799 
Charge for year    
On disposals    
At 28 February 2023   5,799    5,799 
Net book values
Closing balance as at 28 February 2023 1,763,232      1,763,232 
Opening balance as at 01 March 2022 1,763,232      1,763,232 

Investment Properties
Director thinks the historical costs of the properties shown in the financial statements as on 28th February 2023 represent fair value of the properties.

4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr. Hassan Somani 50,908 8,265 
Somani Holdings Limited1,520,000 1,520,000 


Somani Holdings Ltd, a company where Mr. Hassan Somani is one of the director, has provided a loan of £1,520,000.00 (2022 : £1,520,000.00) to the company. The loan is interest free and repayable on demand.
3