Company Registration No. 09726223 (England and Wales)
SHRAVAN PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SHRAVAN PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHRAVAN PROPERTIES LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,000,000
1,000,000
Investments
4
887,595
892,145
1,887,595
1,892,145
Current assets
Debtors
5
110,360
18,017
Cash at bank and in hand
8,521
24,997
118,881
43,014
Creditors: amounts falling due within one year
6
(1,649,026)
(1,601,484)
Net current liabilities
(1,530,145)
(1,558,470)
Total assets less current liabilities
357,450
333,675
Creditors: amounts falling due after more than one year
7
(395,965)
(395,885)
Net liabilities
(38,515)
(62,210)
Capital and reserves
Called up share capital
100
100
Investment property reserve
(105,734)
(105,734)
Profit and loss reserves
67,119
43,424
Total equity
(38,515)
(62,210)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SHRAVAN PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Abhishek Sachdev
Director
Company Registration No. 09726223
SHRAVAN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Shravan Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is supported by a mortgage and loans from a connected company who has confirmed that such support will continue in the future. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income receivable from investment property.

Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Loans made to other entities to facilitate property development in return for a share in the profit of the development, are treated as fixed asset investments and measured at fair value under the provision of Section 12 of FRS 102.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

SHRAVAN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and other borrowings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Due to insufficient certainty over recoverability, the deferred tax asset associated with the fair value loss on investment properties is not recognised.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the asset is realised.

SHRAVAN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.10

Investment property reserve

The investment property reserve comprises the fair value adjustments on the company's investment property. Any movement in the fair value of the investment property during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.

2
Employees

The company had no employees during the current or the previous year.

3
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
1,000,000

The fair value of the investment property has been arrived on the basis of valuation carried out by the directors at 31 July 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £1,105,734 (2022: £1,105,734).

4
Fixed asset investments
2023
2022
£
£
Shares in undertakings with participating interests
887,595
892,145
Movements in fixed asset investments
Shares in undertakings with participating interests
£
Cost or valuation
At 1 August 2022
892,145
Repayments
(4,550)
At 31 July 2023
887,595
Carrying amount
At 31 July 2023
887,595
At 31 July 2022
892,145
SHRAVAN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Share of LLP profit
17,224
18,017
Other debtors
93,136
-
0
110,360
18,017

 

6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,570
184
Other creditors
1,635,323
1,590,088
Accruals and deferred income
8,133
11,212
1,649,026
1,601,484
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
395,965
395,885

 

The borrowing is secured over one of the investment properties of the company. Personal guarantee by the shareholders is provided on the borrowings.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
395,965
395,885
8
Financial commitments, guarantees and contingent liabilities

The company charges to the banks which fund the projects in the entities in which it invests, a continuing security for the payment and discharge of the secured liabilities by way of fixed charges over the shares of the company. The charges contain negative pledge, rank as first charges and are given with full title guarantee.

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