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Registration number: SC745004

Chadha Residential Ltd

Unaudited Filleted Financial Statements

for the Period from 21 September 2022 to 30 September 2023

 

Chadha Residential Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

Chadha Residential Ltd

Company Information

Directors

Dr Vikas Chadha

Mrs Shweta Chadha

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Chadha Residential Ltd

(Registration number: SC745004)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Investment property

4

345,000

Current assets

 

Debtors

5

100

Cash at bank and in hand

 

44,561

 

44,661

Creditors: Amounts falling due within one year

6

(321,410)

Net current liabilities

 

(276,749)

Total assets less current liabilities

 

68,251

Creditors: Amounts falling due after more than one year

6

(87,075)

Net liabilities

 

(18,824)

Capital and reserves

 

Called up share capital

100

Retained earnings

(18,924)

Shareholders' deficit

 

(18,824)

For the financial period ending 30 September 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 period 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 31 January 2024 and signed on its behalf by:
 

 

Chadha Residential Ltd

(Registration number: SC745004)
Balance Sheet as at 30 September 2023

.........................................
Dr Vikas Chadha
Director

 

Chadha Residential Ltd

Notes to the Unaudited Financial Statements for the Period from 21 September 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

It is the opinion of the directors that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 30 September 2023.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Chadha Residential Ltd

Notes to the Unaudited Financial Statements for the Period from 21 September 2022 to 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

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

4

Investment properties

2023
£

Additions

369,576

Fair value adjustments

(24,576)

At 30 September

345,000

There has been no valuation of investment property by an independent valuer.

 

Chadha Residential Ltd

Notes to the Unaudited Financial Statements for the Period from 21 September 2022 to 30 September 2023

5

Debtors

Current

2023
£

Other debtors

100

 

100

 

Chadha Residential Ltd

Notes to the Unaudited Financial Statements for the Period from 21 September 2022 to 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

1,326

Other creditors

320,084

321,410

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

87,075

7

Loans and borrowings

2023
£

Non-current loans and borrowings

Other borrowings

87,075

8

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

 

Chadha Residential Ltd

Notes to the Unaudited Financial Statements for the Period from 21 September 2022 to 30 September 2023

2023

At 21 September 2022
£

Advances to director
£

At 30 September 2023
£

Dr Vikas Chadha

Loan

-

50

50

       
     

Mrs Shweta Chadha

Loan

-

50

50

       
     

 

Included within other creditors is a balance owed to a related party, Chadha HE Ltd in which Dr Chadha and Mrs Chadha were also directors, of £318,883.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chadha Residential Ltd
for the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chadha Residential Ltd for the period ended 30 September 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Chadha Residential Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chadha Residential Ltd and state those matters that we have agreed to state to the Board of Directors of Chadha Residential Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chadha Residential Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chadha Residential Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chadha Residential Ltd. You consider that Chadha Residential Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Chadha Residential Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

31 January 2024