Priyansh Engineering Consultancy Ltd 06275117 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to provide engineering consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 06275117 2023-04-01 2024-03-31 06275117 2024-03-31 06275117 bus:OrdinaryShareClass1 2024-03-31 06275117 core:CurrentFinancialInstruments 2024-03-31 06275117 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06275117 core:OfficeEquipment 2024-03-31 06275117 bus:SmallEntities 2023-04-01 2024-03-31 06275117 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06275117 bus:FilletedAccounts 2023-04-01 2024-03-31 06275117 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06275117 bus:RegisteredOffice 2023-04-01 2024-03-31 06275117 bus:Director1 2023-04-01 2024-03-31 06275117 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06275117 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06275117 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06275117 core:OfficeEquipment 2023-04-01 2024-03-31 06275117 countries:England 2023-04-01 2024-03-31 06275117 2023-03-31 06275117 core:OfficeEquipment 2023-03-31 06275117 2022-04-01 2023-03-31 06275117 2023-03-31 06275117 bus:OrdinaryShareClass1 2023-03-31 06275117 core:CurrentFinancialInstruments 2023-03-31 06275117 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06275117 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06275117

Priyansh Engineering Consultancy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Priyansh Engineering Consultancy Ltd

(Registration number: 06275117)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

281

678

Current assets

 

Debtors

6

20,477

16,107

Cash at bank and in hand

 

120,284

107,177

 

140,761

123,284

Creditors: Amounts falling due within one year

7

(25,653)

(22,579)

Net current assets

 

115,108

100,705

Net assets

 

115,389

101,383

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

115,289

101,283

Shareholders' funds

 

115,389

101,383

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 October 2024
 

.........................................
Mr Amitkumar Balubhai Gajera
Director

 

Priyansh Engineering Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
60 Gade Avenue
Watford
Hertfordshire
WD18 7LJ
United Kingdom

These financial statements were authorised for issue by the director on 30 October 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Priyansh Engineering Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight line 25%

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.

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.

 

Priyansh Engineering Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

1,796

1,796

At 31 March 2024

1,796

1,796

Depreciation

At 1 April 2023

1,118

1,118

Charge for the year

397

397

At 31 March 2024

1,515

1,515

Carrying amount

At 31 March 2024

281

281

At 31 March 2023

678

678

 

Priyansh Engineering Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,477

16,025

Other debtors

-

82

 

20,477

16,107

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

22,344

21,040

Other creditors

3,309

1,539

25,653

22,579

8

Related party transactions

Shareholders
During the year, the shareholders received further loans of £11,610 and repaid £13,380 . Interest was charged at 2.5% per annum. At the balance sheet date, the amount due to the shareholders was £3,309 (2023: £1,539).