VENUS PROPERTY HOLDINGS LTD |
Registered number: |
14116048 |
Balance Sheet |
as at 31 May 2023 |
|
Notes |
|
|
2023 |
|
£ |
|
Fixed assets |
Tangible assets |
3 |
|
|
2,106,540 |
|
Current assets |
Cash at bank and in hand |
|
|
100 |
|
|
Net current assets |
|
|
|
100 |
|
|
Total assets less current liabilities |
|
|
|
2,106,640 |
|
|
Creditors: amounts falling due after more than one year |
4 |
|
|
(2,106,540) |
|
|
|
Net assets |
|
|
|
100 |
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
Shareholders' funds |
|
|
|
100 |
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Sandeep Singh Johal |
Director |
Approved by the board on 8 February 2024 |
|
VENUS PROPERTY HOLDINGS LTD |
Notes to the Accounts |
for the period from 18 May 2022 to 31 May 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
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 |
|
The Company had no income during this year. |
|
|
Going concern |
|
The directors expect income to start next year. As a result the going concern basis of accounting is adopted. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
2 |
Employees |
2023 |
|
Number |
|
|
|
Average number of persons employed by the company |
0 |
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
Additions |
2,106,540 |
|
At 31 May 2023 |
2,106,540 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 May 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2023 |
2,106,540 |
|
|
4 |
Creditors: amounts falling due after one year |
2023 |
|
£ |
|
|
|
Bank and other loans (secured) |
2,106,540 |
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
Balvinder Singh Johal |
|
As at 31st May 2023 Mr Balvinder Singh Johal had loans repayable to him to the sum of £800,000. No interest was charged in respect of the loan. |
|
Sandeep Singh Johal |
|
As at 31st May 2023 Mr Sandeep Singh Johal had loans repayable to him to the sum of £394,790. No interest was charged in respect of the loan. |
|
Johal Properties (London) Ltd |
|
As at 31st May 2023 Johal Properties (London) Ltd , a company with common directors,had loans repayable to them to the sum of £911,750. No interest was charged in respect of the loan. |
|
|
6 |
Controlling party |
|
|
The company was under the ultimate control of its director, Balvinder Singh Johal by virtue of his ownership, together with associates, of the company’s entire issued share capital. |
|
|
7 |
Other information |
|
|
VENUS PROPERTY HOLDINGS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
58 Lower Clapton Road |
|
Clapton |
|
London |
|
E5 0RN |