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COMPANY REGISTRATION NUMBER: 07313139
PULSES & GRAINS INTERNATIONAL LIMITED
Filleted Financial Statements
For the year ended
31 December 2023
PULSES & GRAINS INTERNATIONAL LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
PULSES & GRAINS INTERNATIONAL LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
950,000
995,000
Current assets
Debtors
6
350
350
Cash at bank and in hand
7,255
10,983
-------
--------
7,605
11,333
Creditors: amounts falling due within one year
7
( 510,045)
( 528,409)
---------
---------
Net current liabilities
( 502,440)
( 517,076)
---------
---------
Total assets less current liabilities
447,560
477,924
Provisions
Taxation including deferred tax
8
( 58,175)
( 69,425)
---------
---------
Net assets
389,385
408,499
---------
---------
Capital and reserves
Called up share capital
11
200,000
200,000
Other reserve
12
254,114
287,864
Profit and loss account
12
( 64,729)
( 79,365)
---------
---------
Shareholders funds
389,385
408,499
---------
---------
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.
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.
PULSES & GRAINS INTERNATIONAL LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 May 2024 , and are signed on behalf of the board by:
Sunil Deepchand Parakh Director
Company registration number: 07313139
PULSES & GRAINS INTERNATIONAL LIMITED
Notes to the Financial Statements
Year ended 31 December 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 343 Jersey Road, Osterley, Middlesex, TW7 5PJ.
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, other than investment properties measured at fair value through profit or loss. Functional and presentation currency The financial statements are presented in UK pound sterling (GBP), which is the company's functional currency. All financial information presented in GBP has been rounded to the nearest pound, except where otherwise indicated.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable.
Other income shown in the statement of comprehensive income represents rent receivable during the year.
Trade and other debtors
Trade and other debtors do not carry any interest and are stated at their original invoice value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade and other creditors
Trade and other creditors do not carry any interest and are stated at their original invoice value.
Consolidation
The financial statements present information about the company as an individual entity and not about its group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. In this case, tax is recognised in other comprehensive income. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued annually by directors and once in three years by independent professional valuers to reflect its fair market value and any changes in its value are recognised in profit or loss. The investment property was previously measured at cost and depreciated over 60 years straight line, as the property was occupied by the company. However the owner occupation ended on 1 October 2018 when the property was fully rented out. The property is now accounted for as an investment property under section 16 of FRS 102. Fair value has been determined by a recent asking price for sale which the directors consider to be a reasonable estimate. Provision for deferred tax is recognised on the revaluation gain as required by FRS 102.
4. Taxation on ordinary activities
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
3,542
3,085
Deferred tax:
Origination and reversal of timing differences
( 11,250)
--------
-------
Taxation on ordinary activities
( 7,708)
3,085
--------
-------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 26,822)
15,829
--------
--------
(Loss)/profit on ordinary activities by rate of tax
( 5,096)
3,008
Effect of expenses not deductible for tax purposes
8,550
Effect of capital allowances and depreciation
20
Effect of revenue exempt from tax
( 11,250)
Effect of different UK tax rates on some earnings
88
Tax adjustment for expenses not allowed for tax
57
--------
--------
Tax on (loss)/profit
( 7,708)
3,085
--------
--------
5. Tangible assets
Freehold investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
995,000
12,499
1,007,499
---------
--------
------------
Depreciation
At 1 January 2023
12,499
12,499
Fair value adjustment
45,000
45,000
---------
--------
------------
At 31 December 2023
45,000
12,499
57,499
---------
--------
------------
Carrying amount
At 31 December 2023
950,000
950,000
---------
--------
------------
At 31 December 2022
995,000
995,000
---------
--------
------------
Included within the above is investment property as follows:
£
At 1 January 2023
995,000
Fair value adjustments
( 45,000)
---------
At 31 December 2023
950,000
---------
The freehold investment property has been valued by the directors. The carrying values are considered to fairly represent open market value at the balance sheet date. The historical cost of the freehold property was £717,299 (2022: £717,299).
6. Debtors
2023
2022
£
£
Other debtors
350
350
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to parent company
504,673
523,644
Accruals and deferred income
1,830
1,680
Corporation tax
3,542
3,085
---------
---------
510,045
528,409
---------
---------
8. Provisions
Deferred tax (note 9)
£
At 1 January 2023
69,425
Charge against provision
( 11,250)
--------
At 31 December 2023
58,175
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 8)
58,175
69,425
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of investment property
58,175
69,425
--------
--------
10. Analysis of other comprehensive income
Other reserve
Profit and loss account
Total
£
£
£
Year ended 31 December 2023
Transfer of fair value movements on investment property to other reserves
(33,750)
33,750
--------
--------
----
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
---------
---------
---------
---------
PULSES & GRAINS INTERNATIONAL LIMITED
Notes to the Financial Statements (continued)
Year ended 31 December 2023
12. Reserves
Profit and loss account - These reserves record retained earnings and accumulated losses. Other reserve - This reserve records fair value gain/loss net of deferred tax.
13. Summary audit opinion
The auditor's report dated 18 May 2024 was unqualified .
The senior statutory auditor was Anup Bhamm , for and on behalf of Carringtons Limited .
14. Related party transactions
The company entered into the following related party transactions during the year:
Relationship Transaction Type 2023 2022
£ £
Parent company Amount due to/(from) 504,673 523,644
The above loan is interest free and repayable on demand.
15. Ultimate parent undertaking
The immediate parent undertaking is Pulses & Grains International Pte Ltd, incorporated and registered in Singapore, which is the smallest and largest company which includes the company in its group accounts. The registered office of the parent undertaking is, 77 High Street, #04-12, High Street Plaza, Singapore 179433. The ultimate parent undertaking is Poona Dal & Besan Mills Pvt. Limited, incorporated and registered in India which controls the company.