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Registration number: 08409622

Porecha Regulatory Affairs Services Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Porecha Regulatory Affairs Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Porecha Regulatory Affairs Services Limited

Company Information

Directors

Ms L Porecha

Mr M Drummond

Registered office

Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

 

Porecha Regulatory Affairs Services Limited

(Registration number: 08409622)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Cash at bank and in hand

 

69,930

96,653

Creditors: Amounts falling due within one year

6

(33,075)

(33,519)

Net assets

 

36,855

63,134

Capital and reserves

 

Called up share capital

100

100

Retained earnings

36,755

63,034

Shareholders' funds

 

36,855

63,134

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Ms L Porecha
Director

 

Porecha Regulatory Affairs Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
19 Friars Road
Weston
Hitchin
Herts
SG4 7BA

These financial statements were authorised for issue by the Board on 21 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

 

Porecha Regulatory Affairs Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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 33%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

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.

 

Porecha Regulatory Affairs Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 directors) during the year, was 2 (2023 - 2).

 

Porecha Regulatory Affairs Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

581

581

At 29 February 2024

581

581

Depreciation

At 1 March 2023

581

581

At 29 February 2024

581

581

Carrying amount

At 29 February 2024

-

-

5

Debtors

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,105

1,105

Other creditors

31,970

32,414

33,075

33,519

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         
 

Porecha Regulatory Affairs Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Related party transactions

At the balance sheet date the company owed £29,786 (2023: £30,008) to Lina Porecha and £2,184 (2023: £2,406) to Mark Drummond. There are no terms of repayment on this loan and no interest is being charged.

9

Ultimate controlling party

The ultimate controlling party is Lina Porecha, the director and majority shareholder of the company.