Registered number
02431684
Janta Fashions Limited
Filleted Accounts
31 March 2023
Janta Fashions Limited
Registered number: 02431684
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 1,998,669 1,998,669
Current assets
Debtors 4 21,895 19,381
Cash at bank and in hand 4,506 566
26,401 19,947
Creditors: amounts falling due within one year 5 (297,133) (280,575)
Net current liabilities (270,732) (260,628)
Total assets less current liabilities 1,727,937 1,738,041
Creditors: amounts falling due after more than one year 6 (664,816) (703,338)
Net assets 1,063,121 1,034,703
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 603,245 603,245
Profit and loss account 459,776 431,358
Shareholders' funds 1,063,121 1,034,703
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.
J S Rai
Director
Approved by the board on 22 March 2024
Janta Fashions Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets 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 represents rent receivable from the investment properties.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property
Total
£
Fair value
At 1 April 2022 1,998,669
At 31 March 2023 1,998,669
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 1,998,669
At 31 March 2022 1,998,669
Fair value at 31 March 2023 is represented by:
Valuation in 2023 603,245
Cost 1,395,424
1,998,669
If investment property had not been revalued it would have been included at the following historical cost:
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,395,424 1,395,424
1,395,424 1,395,424
Investment property was valued on open market basis on 31 March 2023 by directors.
4 Debtors 2023 2022
£ £
Trade debtors 17,013 16,499
Other debtors 4,882 2,882
21,895 19,381
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 70,788 70,788
Trade creditors 16,175 16,008
Taxation and social security costs 48,376 47,252
Other creditors 161,794 146,527
297,133 280,575
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 664,816 703,338
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 735,604 774,126
Bank loan is secured by way of charge on the company's investment property and debenture over the company's assets.
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 603,245 603,245
At 31 March 2023 603,245 603,245
9 Related party transactions
The company occupies premises owned by the directors at a rental value of £6,600 (2022 - £6,600) p.a. At the balance Sheet date there was no amount outstanding.
10 Other information
Janta Fashions Limited is a private company limited by shares and incorporated in England. Its registered office is:
45 Burch Road
Northfleet
Kent
DA11 9NE
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