REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st October 2023 |
for |
Shamresh Property Investments Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st October 2023 |
for |
Shamresh Property Investments Ltd |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Contents of the Financial Statements |
for the Year Ended 31st October 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Balance Sheet |
31st October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Balance Sheet - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Notes to the Financial Statements |
for the Year Ended 31st October 2023 |
1. | COMPANY INFORMATION |
Shamresh Property Investments Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
Fixtures and Fittings - 25% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Going concern |
Despite the fact that the company reports negative reserves at the balance sheet date, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st November 2022 |
and 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st November 2022 |
Revaluations | (1,000 | ) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
The investment property, Apartment in The Xchange, Charles Street, Bradford BD1 1EJ of £67,271 relates to a property under construction which is expected to be completed around the middle of 2024. |
The other Investment property purchased on January 2021, Apartment 73 Green Quarter, Cross Green Lane Leeds LS9 0DS. |
Fair value at 31st October 2023 is represented by: |
£ |
Valuation in 2023 | 231,271 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other creditors |
Directors' current accounts | 28,554 | 7,082 |
Accrued expenses |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other loans more 5yrs instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 126,748 | 126,748 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.23 | 31.10.22 |
£ | £ |
Other loans |
The loan is secured by a fixed charge over the property at 73 Green Quarter, Cross Green Lane Leeds LS9 0DS. The security also includes a negative pledge. |
The loan is interest only with the capital repayable at the end of the loan term. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
The A and B Shares confer on the holders the right to vote upon any resolution proposed at any general meeting of the company. |
The A and B Shares rank pari passu in respect of dividend and capital distribution rights. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31st October 2023 and 31st October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The loan is repayable on demand and no interest was charged during the year. |
Shamresh Property Investments Ltd (Registered number: 10417813) |
Notes to the Financial Statements - continued |
for the Year Ended 31st October 2023 |
11. | RELATED PARTY DISCLOSURES |
Included in Other creditors is a balance of £103,009 due to Retail Business Analysis Limited, a company in which Mr Singh has a controlling interest. All transactions were made on an arms length basis. |
Included in Other creditors is a balance of £22,000 due to Horwich Medical Limited, a company in which Dr Reshma Jeena has a controlling interest. All transactions were made on an arms length basis. |
12. | CONTROL |
The company is jointly controlled by the directors Dr R Jeena and Mr S Singh by virtue of their joint holding of 100% of the voting share capital. |