Company registration number 11010805 (England and Wales)
FLORA DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
FLORA DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
FLORA DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
74,650
119,441
Current assets
Debtors
7
47,627
47,402
Cash at bank and in hand
10,252,565
27,390,099
10,300,192
27,437,501
Creditors: amounts falling due within one year
8
(56,034)
(849,830)
Net current assets
10,244,158
26,587,671
Net assets
10,318,808
26,707,112
Capital and reserves
Called up share capital
9
9,350,004
25,641,004
Profit and loss reserves
968,804
1,066,108
Total equity
10,318,808
26,707,112
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr Jitendra Patel
Director
Company registration number 11010805 (England and Wales)
FLORA DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
40,941,004
(15,298,676)
25,642,328
Year ended 31 March 2023:
Profit and total comprehensive income
-
16,364,784
16,364,784
Redemption of shares
9
(15,300,000)
(15,300,000)
Balance at 31 March 2023
25,641,004
1,066,108
26,707,112
Year ended 31 March 2024:
Loss and total comprehensive income
-
(97,304)
(97,304)
Redemption of shares
9
(16,291,000)
(16,291,000)
Balance at 31 March 2024
9,350,004
968,804
10,318,808
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Flora Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brockley House, Brockley Avenue, Stanmore, Middlesex, HA7 4LU.
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, . The principal accounting policies adopted are set out below.
1.2
Going concern
The financial performance of the company is set out in the report of the directors and in the statement of profittrue or loss and the other comprehensive income. The financial position of the company is set out in the statement of financial position.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
15% Straight Line
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss
resulting from outright sale of the asset being leased, at normal selling prices, reflecting any
applicable discounts, and finance income over the lease term.
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
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.
1.6
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 balance sheet 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.
1.11
There were no changes in comparative figures during the year.
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
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.
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.
Useful lives of property, plant and equipment
Management reviews the useful lives, depreciation methods and residual values of the items of property, plant and equipment and intangible assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of property, plant and equipment are disclosed in note 6.
3
Other operating income
2024
2023
£
£
Interest income
-
229,972
Sale of property
-
14,062,229
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
811,405
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 7 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(97,304)
17,176,189
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(24,326)
3,263,476
Tax effect of expenses that are not deductible in determining taxable profit
11,198
388,510
Tax effect of income not taxable in determining taxable profit
(1,565,915)
Tax effect of utilisation of tax losses not previously recognised
(1,274,666)
Utilisation of tax losses
13,128
Taxation charge for the year
-
811,405
6
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 and 31 March 2024
298,605
Depreciation and impairment
At 1 April 2023
179,164
Depreciation charged in the year
44,791
At 31 March 2024
223,955
Carrying amount
At 31 March 2024
74,650
At 31 March 2023
119,441
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
47,627
47,402
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
30,000
811,405
Accruals and deferred income
26,034
38,425
56,034
849,830
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,350,004
9,350,004
9,350,004
9,350,004
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable prefernce shares of £1 each
-
16,291,000
-
16,291,000
Preference shares
-
16,291,000
Total share capital
9,350,004
25,641,004
The preference shares are redeemable and or convertible and their rights to Dividends are at the Company's option. The shares have limited voting rights and right to participate in priority to Ordinary Shares in any return of capital. During the period the company redeemed £16,291,000. Redeemable preference shares at a nominal value of £1 per share
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Shilpa Chheda
Statutory Auditor:
KLSA LLP
Date of audit report:
22 August 2024
FLORA DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
11
Parent company
The immediate and ultimate parent company of Flora Developments Limited is ABIL Infraprojects Private Limited, a company registered in India and whose registered office address is St Regis 33rd Floor, Senapti Bapat Marg, Phoenix Mills Compound, Mumbai 400013.
2024-03-312023-04-01false22 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr Jitendra PatelMr Amit Bhosalefalsefalse110108052023-04-012024-03-31110108052024-03-31110108052023-03-3111010805core:MotorVehicles2024-03-3111010805core:MotorVehicles2023-03-3111010805core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111010805core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111010805core:CurrentFinancialInstruments2024-03-3111010805core:CurrentFinancialInstruments2023-03-3111010805core:ShareCapital2024-03-3111010805core:ShareCapital2023-03-3111010805core:RetainedEarningsAccumulatedLosses2024-03-3111010805core:RetainedEarningsAccumulatedLosses2023-03-3111010805core:ShareCapital2022-03-3111010805core:RetainedEarningsAccumulatedLosses2022-03-3111010805bus:Director12023-04-012024-03-3111010805core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31110108052022-04-012023-03-3111010805core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3111010805core:ShareCapital2022-04-012023-03-3111010805core:ShareCapital2023-04-012024-03-3111010805core:MotorVehicles2023-04-012024-03-3111010805core:UKTax2023-04-012024-03-3111010805core:UKTax2022-04-012023-03-311101080512023-04-012024-03-311101080512022-04-012023-03-3111010805core:MotorVehicles2023-03-3111010805core:WithinOneYear2024-03-3111010805core:WithinOneYear2023-03-3111010805bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111010805bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111010805bus:FRS1022023-04-012024-03-3111010805bus:Audited2023-04-012024-03-3111010805bus:Director22023-04-012024-03-3111010805bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP