ASANGHERA HOMES LTD 13722377 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true 13722377 2022-12-01 2023-11-30 13722377 2023-11-30 13722377 core:CurrentFinancialInstruments 2023-11-30 13722377 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13722377 core:Non-currentFinancialInstruments 2023-11-30 13722377 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 13722377 bus:SmallEntities 2022-12-01 2023-11-30 13722377 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13722377 bus:FilletedAccounts 2022-12-01 2023-11-30 13722377 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13722377 bus:RegisteredOffice 2022-12-01 2023-11-30 13722377 bus:Director1 2022-12-01 2023-11-30 13722377 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13722377 bus:Agent1 2022-12-01 2023-11-30 13722377 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 13722377 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2022-12-01 2023-11-30 13722377 core:RevaluationReserve 2022-12-01 2023-11-30 13722377 core:RevaluationReserve core:LandBuildings 2022-12-01 2023-11-30 13722377 core:LandBuildings 2022-12-01 2023-11-30 13722377 countries:England 2022-12-01 2023-11-30 13722377 2022-11-30 13722377 2021-11-03 2022-11-30 13722377 2022-11-30 13722377 core:CurrentFinancialInstruments 2022-11-30 13722377 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 13722377 core:Non-currentFinancialInstruments 2022-11-30 13722377 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 13722377

ASANGHERA HOMES LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
ASANGHERA HOMES LTD
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ASANGHERA HOMES LTD for the year ended 30 November 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of ASANGHERA HOMES LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ASANGHERA HOMES LTD and state those matters that we have agreed to state to the Board of Directors of ASANGHERA HOMES LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ASANGHERA HOMES LTD and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ASANGHERA HOMES LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ASANGHERA HOMES LTD. You consider that ASANGHERA HOMES LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of ASANGHERA HOMES LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

21 August 2024

 

ASANGHERA HOMES LTD

(Registration number: 13722377)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

753,000

230,693

Current assets

 

Debtors

5

11,049

83

Cash at bank and in hand

 

1,830

30

 

12,879

113

Creditors: Amounts falling due within one year

6

(375,124)

(99,749)

Net current liabilities

 

(362,245)

(99,636)

Total assets less current liabilities

 

390,755

131,057

Creditors: Amounts falling due after more than one year

6

(259,535)

(167,500)

Provisions for liabilities

(52,929)

-

Net assets/(liabilities)

 

78,291

(36,443)

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

158,786

-

Retained earnings

(80,497)

(36,445)

Shareholders' funds/(deficit)

 

78,291

(36,443)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

 

ASANGHERA HOMES LTD

(Registration number: 13722377)
Balance Sheet as at 30 November 2023

.........................................
Mr Amardeep Singh Sanghera
Director

 

ASANGHERA HOMES LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

These financial statements were authorised for issue by the Board on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statement is Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

ASANGHERA HOMES LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

ASANGHERA HOMES LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Investment properties

2023
£

At 1 December

230,693

Additions

310,592

Fair value adjustments

211,715

At 30 November

753,000

The investment properties were valued on an open market basis by the directors on 30 November 2023.

5

Debtors

Current

2023
£

2022
£

Prepayments

7,800

83

Other debtors

3,249

-

 

11,049

83

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

136,986

-

Accruals and deferred income

 

4,728

1,336

Other creditors

 

233,410

98,413

 

375,124

99,749

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

259,535

167,500

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

ASANGHERA HOMES LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

(158,786)

(158,786)

Surplus/deficit on revaluation of other assets

158,786

-

158,786

158,786

(158,786)

-

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

259,535

167,500

Current loans and borrowings

2023
£

2022
£

Bank borrowings

136,986

-

9

Related party transactions


Directors
Included in other creditors due within one year is an amount of £230,161 (2022: £98,413) due to the directors of the company. The amount is interest free and repayable on demand.