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Registration number: 04711389

Kshitij Akshay Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Kshitij Akshay Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Kshitij Akshay Limited

Company Information

Directors

Mrs K Sabnis

Mr S Sabnis

Company secretary

Mrs K Sabnis

Registered office

63 Park Hill Road
Croydon
Surrey
CR0 5NG

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountant
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Kshitij Akshay Limited

(Registration number: 04711389)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

607

 

1,062

Current assets

   

 

Debtors

5

15,175

 

10,460

 

Cash at bank and in hand

 

927,642

 

931,447

 

 

942,817

 

941,907

 

Creditors: Amounts falling due within one year

6

(18,117)

 

(33,341)

 

Net current assets

   

924,700

 

908,566

Total assets less current liabilities

   

925,307

 

909,628

Provisions for liabilities

 

(2,793)

 

(2,892)

Net assets

   

922,514

 

906,736

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

922,512

 

906,734

 

Shareholders' funds

   

922,514

 

906,736

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.

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

.........................................
Mr S Sabnis
Director

 

Kshitij Akshay Limited

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 and Wales.

The address of its registered office is:
63 Park Hill Road
Croydon
Surrey
CR0 5NG
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements are presented in Pound Sterling, which is the functional currency of the company.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of services provided.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Kshitij Akshay Limited

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

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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

25% Straight Line

Motor vehicles

25% Straight Line

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

2,987

21,235

24,222

Disposals

(1,165)

-

(1,165)

At 31 May 2023

1,822

21,235

23,057

Depreciation

At 1 June 2022

1,925

21,235

23,160

Charge for the year

455

-

455

Eliminated on disposal

(1,165)

-

(1,165)

At 31 May 2023

1,215

21,235

22,450

Carrying amount

At 31 May 2023

607

-

607

At 31 May 2022

1,062

-

1,062

 

Kshitij Akshay Limited

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

11,520

9,656

Other debtors

3,655

804

 

15,175

10,460

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

525

525

Corporation tax

 

5,901

-

Other taxes and social security

 

5,867

3,089

Directors' current account

7

5,824

29,727

 

18,117

33,341

7

Related party transactions

Other transactions with directors


During the year the company made the following related party transactions:

Mr S Sabnis and Mrs K Sabnis
(Directors and Shareholders)

A dividend of £3,000 was paid to Mr S Sabnis during the year.

A dividend of £3,000 was paid to Mr K Sabnis during the year.

At the balance sheet date the amount due to Mr S Sabnis and Mrs K Sabnis was £5,824 (2022 - £29,727).