1 April 2022 v2023.33.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP075640512022-04-012023-03-31075640512023-03-31075640512022-03-3107564051core:WithinOneYear2023-03-3107564051core:WithinOneYear2022-03-3107564051core:AfterOneYear2023-03-3107564051core:AfterOneYear2022-03-3107564051core:ShareCapital2023-03-3107564051core:ShareCapital2022-03-3107564051core:RetainedEarningsAccumulatedLosses2023-03-3107564051core:RetainedEarningsAccumulatedLosses2022-03-3107564051bus:Director12022-04-012023-03-3107564051bus:RegisteredOffice2022-04-012023-03-3107564051core:CostValuation2022-04-0107564051core:CostValuation2023-03-310756405112022-04-012023-03-31075640512021-04-012022-03-3107564051countries:EnglandWales2022-04-012023-03-3107564051bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3107564051bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107564051bus:SmallEntities2022-04-012023-03-3107564051bus:FullAccounts2022-04-012023-03-31
Company registration number:
07564051
SRK Reliance Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2023
SRK Reliance Ltd
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Investments 5
116,045
 
116,045
 
Current assets    
Debtors 6
204
 
679
 
Cash at bank and in hand
1,782
 
910
 
1,986
 
1,589
 
Creditors: amounts falling due within one year 7
(35,889
)
(38,928
)
Net current liabilities
(33,903
)
(37,339
)
Total assets less current liabilities 82,142   78,706  
Creditors: amounts falling due after more than one year 8
(33,513
)
(29,292
)
Net assets
48,629
 
49,414
 
Capital and reserves    
Called up share capital
10,000
 
10,000
 
Profit and loss account
38,629
 
39,414
 
Shareholders funds
48,629
 
49,414
 
For the year ending
31 March 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
18 December 2023
, and are signed on behalf of the board by:
F Mennuni
Director
Company registration number:
07564051
SRK Reliance Ltd
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
St Marks Studios
,
14 Chillingworth Road
,
London
,
N7 8QJ
, England.
The company's principal activity is the provision of nautical consultancy services and other business consultancy services.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover from the rendering of nautical consultancy services is recognised by reference to the stage of completion of the contract determined by the value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Where the amount of revenue is contingent on future events, this is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received. When this cannot be estimated reliably, revenue is only recognised to the value of the expenses that it is considered probable will be recovered, with a “catch-up” element of revenue recognised based on stage of completion once a reliable estimate can be made. Consultancy services provided to the client which at the balance sheet date have not been billed have been recognised as revenue and are included in debtors as accrued income

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Foreign currency translation

The transactions denominated in foreign currency are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.
Balances at the year end denominated in a foreign currency are translated at the rate of exchange ruling at the balance sheet date

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.
Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in a future period, except where:
- the company is able to control the reversal of the timing difference; and
- it is probable that the timing difference will not reverse in the foreseeable future.
A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. Deferred tax is calculated 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. With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:
- the company has a legally enforceable right to set off current tax assets against current tax liabilities, and
- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2022: Nil).

5 Investments

Shares in group undertakings and participating interests
£
Cost  
At
1 April 2022
116,045
 
At
31 March 2023
116,045
 
Impairment  
At
1 April 2022
and
31 March 2023
-  
Carrying amount  
At
31 March 2023
116,045
 
At 31 March 2022
116,045
 

6 Debtors

20232022
££
Other debtors
204
 
679
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors -  
2,172
 
Taxation and social security
589
 
4,380
 
Other creditors
35,300
 
32,376
 
35,889
 
38,928
 

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
33,513
 
29,292