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COMPANY REGISTRATION NUMBER: 13552115
Kunal Pinto Ltd
Filleted Unaudited Financial Statements
31 August 2023
Kunal Pinto Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Kunal Pinto Ltd
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Kunal Pinto Ltd
Year ended 31 August 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
29 May 2024
Kunal Pinto Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
7
15,435
Cash at bank and in hand
16,998
1,000
--------
-------
32,433
1,000
Creditors: amounts falling due within one year
8
13,694
573
--------
-------
Net current assets
18,739
427
--------
----
Total assets less current liabilities
18,739
427
--------
----
Net assets
18,739
427
--------
----
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
18,738
426
--------
----
Shareholders funds
18,739
427
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 May 2024 , and are signed on behalf of the board by:
Mr K. Pinto
Director
Company registration number: 13552115
Kunal Pinto Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Brooklyn Road, Cheltenham, GL51 8DT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on profit
Major components of tax expense
Period from
Year to
6 Aug 21 to
31 Aug 23
31 Aug 22
£
£
Current tax:
UK current tax expense
12,734
124
--------
----
Tax on profit
12,734
124
--------
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2022: higher than) the standard rate of corporation tax in the UK of 20.86 % (2022: 19 %).
Period from
Year to
6 Aug 21 to
31 Aug 23
31 Aug 22
£
£
Profit on ordinary activities before taxation
61,046
551
--------
----
Profit on ordinary activities by rate of tax
12,734
105
Effect of expenses not deductible for tax purposes
19
--------
----
Tax on profit
12,734
124
--------
----
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
30,000
--------
----
7. Debtors
2023
2022
£
£
Other debtors
15,435
--------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
12,734
124
Other creditors
960
449
--------
----
13,694
573
--------
----
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Director's advances, credits and guarantees
At 31st August 2023, other debtors include the following amounts due from the director:- Mr K. Pinto £15,302 The loans are interest free and for an indefinite period, however they are repayable on demand