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Registered number: 02525242
Navdeep Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 02525242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 83,970 111,946
Investment Properties 5 5,300,000 4,500,000
5,383,970 4,611,946
CURRENT ASSETS
Cash at bank and in hand 122,985 69,625
122,985 69,625
Creditors: Amounts Falling Due Within One Year 6 (452,228 ) (422,225 )
NET CURRENT ASSETS (LIABILITIES) (329,243 ) (352,600 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,054,727 4,259,346
PROVISIONS FOR LIABILITIES
Deferred Taxation (735,028 ) (435,170 )
NET ASSETS 4,319,699 3,824,176
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Revaluation reserve 8 3,907,755 3,107,755
Other reserves (714,875 ) (413,943 )
Profit and Loss Account 1,125,819 1,129,364
SHAREHOLDERS' FUNDS 4,319,699 3,824,176
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Yash Bedi
Director
31 October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Navdeep Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02525242 . The registered office is 16 Queen Street, Ilkeston, Derbyshire, DE7 5GT.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Freehold N/A
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 125,162 44,265 169,427
As at 31 March 2024 125,162 44,265 169,427
Depreciation
As at 1 April 2023 13,441 44,040 57,481
Provided during the period 27,931 45 27,976
As at 31 March 2024 41,372 44,085 85,457
Net Book Value
As at 31 March 2024 83,790 180 83,970
As at 1 April 2023 111,721 225 111,946
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 4,500,000
Revaluations 800,000
As at 31 March 2024 5,300,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 265 715
Corporation tax 40,071 6,181
Other taxes and social security 345 -
VAT 2,385 2,484
Accruals and deferred income 3,815 3,877
Directors' loan accounts 405,347 408,968
452,228 422,225
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Reserves
Revaluation Reserve
£
As at 1 April 2023 3,107,755
Surplus on revaluation 800,000
As at 31 March 2024 3,907,755
Page 4