Company registration number 11325260 (England and Wales)
AGARWAL PROPERTIES INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AGARWAL PROPERTIES INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
AGARWAL PROPERTIES INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
11,285,000
11,591,483
Current assets
Debtors
5
3,901
153
Cash at bank and in hand
785,417
867,555
789,318
867,708
Creditors: amounts falling due within one year
6
(6,016,673)
(741,309)
Net current (liabilities)/assets
(5,227,355)
126,399
Total assets less current liabilities
6,057,645
11,717,882
Creditors: amounts falling due after more than one year
7
-
0
(5,630,000)
Net assets
6,057,645
6,087,882
Capital and reserves
Called up share capital
8
51
51
Share premium account
6,472,251
6,472,251
Capital redemption reserve
51
51
Non-distributable reserves
(356,065)
(509,582)
Profit and loss reserves
(58,643)
125,111
Total equity
6,057,645
6,087,882

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
Mr S Agarwal
Director
Company registration number 11325260 (England and Wales)
AGARWAL PROPERTIES INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Non-distributable reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
51
6,472,251
-
-
287,707
6,760,009
Purchase of own shares
-
-
0
51
-
(51)
-
As restated
51
6,472,251
51
-
287,656
6,760,009
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
-
(601,511)
(601,511)
Dividends
-
-
-
-
(70,616)
(70,616)
Transfers
-
-
-
(509,582)
509,582
-
Balance at 31 March 2023
51
6,472,251
51
(509,582)
125,111
6,087,882
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
-
-
(4,237)
(4,237)
Dividends
-
-
-
-
(26,000)
(26,000)
Transfers
-
-
-
153,517
(153,517)
-
Balance at 31 March 2024
51
6,472,251
51
(356,065)
(58,643)
6,057,645
AGARWAL PROPERTIES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Agarwal Properties Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable by the company in respect of rental income from the letting of investment property.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AGARWAL PROPERTIES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 April 2023
11,591,483
Disposals
(306,483)
At 31 March 2024
11,285,000

The valuations were made by Colliers International Property Consultants Limited in August 2023 on an open market value for existing use basis.

AGARWAL PROPERTIES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
11,641,065
12,101,065
Accumulated depreciation
-
-
Carrying amount
11,641,065
12,101,065
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,901
153
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,395,000
80,000
Corporation tax
6,776
20,380
Other creditors
614,897
640,929
6,016,673
741,309

Bank loans are secured by way of fixed and floating charges on the investment properties and all assets of the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
0
5,630,000

Bank loans are secured by way of fixed and floating charges on the investment properties and all assets of the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51
51
51
51
AGARWAL PROPERTIES INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
Notes
£
£
Adjustments to prior year
Purchase of own shares
(i)
-
51
Transfer from profit and loss reserves
-
(51)
Total adjustments
-
-
Equity as previously reported
6,760,009
6,087,882
Equity as adjusted
6,760,009
6,087,882
Analysis of the effect upon equity
Capital redemption
51
-
Profit and loss reserves
(51)
-
-
-
Reconciliation of changes in loss for the previous financial period
2023
£
Total adjustments
-
Loss as previously reported
(601,511)
Loss as adjusted
(601,511)
Notes to reconciliation
(i) Purchase of own shares

There was a purchase of own shares in a previous year which was not accounted for correctly and hence no capital redemption reserve was created following the share purchase. This has now been rectified as a prior year adjustment and involved a movement of £51 from the profit and loss reserves to a capital redemption reserve.

 

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