Registration number:
Kshitij Akshay Limited
for the Year Ended 31 May 2023
Kshitij Akshay Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kshitij Akshay Limited
Company Information
Directors |
Mrs K Sabnis Mr S Sabnis |
Company secretary |
Mrs K Sabnis |
Registered office |
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Accountants |
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Kshitij Akshay Limited
(Registration number: 04711389)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Kshitij Akshay Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Disposals |
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( |
At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
- |
( |
At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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- |
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At 31 May 2022 |
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- |
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Kshitij Akshay Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Corporation tax |
5,901 |
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Other taxes and social security |
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Directors' current account |
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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).