REGISTERED NUMBER: |
POONAH INVESTMENTS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
REGISTERED NUMBER: |
POONAH INVESTMENTS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
POONAH INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Central Chambers |
45-47 Albert Street |
Rugby |
Warwickshire |
CV21 2SG |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
BALANCE SHEET |
31ST AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
BALANCE SHEET - continued |
31ST AUGUST 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
1. | STATUTORY INFORMATION |
Poonah Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
There are no significant judgements that have a material effect on the accounts nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period. |
Turnover |
Turnover represents the net value of rents and recharged expenses receivable. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is carried at fair value. Revaluation surpluses or deficits are recognised in the income statement. Deferred taxation is provided on these gains and the net of revaluation and deferred tax movement transferred to a fair value reserve. |
The directors review the property portfolio each year and adjust the carrying values where they believe that there is a material adjustment to the previous year. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1st September 2022 |
and 31st August 2023 |
DEPRECIATION |
At 1st September 2022 |
and 31st August 2023 |
NET BOOK VALUE |
At 31st August 2023 |
At 31st August 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st September 2022 |
Disposals | ( |
) |
Revaluations | (71,509 | ) |
At 31st August 2023 |
NET BOOK VALUE |
At 31st August 2023 |
At 31st August 2022 |
Fair value at 31st August 2023 is represented by: |
£ |
Valuation in 2020 | 740,041 |
Valuation in 2021 | 296,509 |
Valuation in 2023 | (71,509 | ) |
Cost | 984,959 |
1,950,000 |
If the investments properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 984,959 | 1,213,450 |
The investment properties were valued on an open market basis on 31st August 2023 by the Board of Directors . |
POONAH INVESTMENTS LIMITED (REGISTERED NUMBER: 07536713) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST AUGUST 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax payable |
Social security and other taxes |
Other creditors |
Directors' current accounts | 746,016 | 744,271 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
The bank loans and overdraft are secured by a fixed and floating charge over the property and fixtures and fittings of the company, together with a personal guarantee from B J Singh and K Kaur for £395,000. |