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Registered number: 13023787
Maitri Artha Shastra Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
TABS 2 TAX LTD
124, TEMPLAR ROAD
OXFORD
England
OX2 8LZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13023787
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,060 2,060
Tangible Assets 5 716 954
2,776 3,014
CURRENT ASSETS
Cash at bank and in hand - 4,873
- 4,873
Creditors: Amounts Falling Due Within One Year 6 (80,961 ) (42,188 )
NET CURRENT ASSETS (LIABILITIES) (80,961 ) (37,315 )
TOTAL ASSETS LESS CURRENT LIABILITIES (78,185 ) (34,301 )
NET LIABILITIES (78,185 ) (34,301 )
CAPITAL AND RESERVES
Called up share capital 7 1,557 1,557
Share premium account 83,892 83,475
Profit and Loss Account (163,634 ) (119,333 )
SHAREHOLDERS' FUNDS (78,185) (34,301)
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr MAHASEN GUNAWARDENA
Director
30/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Maitri Artha Shastra Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13023787 . The registered office is 73c Kensington Church Street, London, W8 4BG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .TradeMarks. It is not amortised to profit and loss account, it need to reassessed on annual basis.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% R.B
Computer Equipment 25% R.B
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
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4. Intangible Assets
Other
£
Cost
As at 1 December 2022 2,060
As at 30 November 2023 2,060
Net Book Value
As at 30 November 2023 2,060
As at 1 December 2022 2,060
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 460 812 1,272
As at 30 November 2023 460 812 1,272
Depreciation
As at 1 December 2022 115 203 318
Provided during the period 86 152 238
As at 30 November 2023 201 355 556
Net Book Value
As at 30 November 2023 259 457 716
As at 1 December 2022 345 609 954
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 1,388 53
Other creditors 100 -
The earth fund 627 252
Accruals and deferred income - 1,200
Director's loan account 78,846 40,683
80,961 42,188
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,557 1,557
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