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COMPANY REGISTRATION NUMBER: SC539766
Chellandi Ltd
Filleted Unaudited Financial Statements
31 March 2024
Chellandi Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
887,697
752,437
Current assets
Debtors
6
1,594
3,338
Cash at bank and in hand
14,551
15,316
--------
--------
16,145
18,654
Creditors: amounts falling due within one year
7
471,488
337,256
---------
---------
Net current liabilities
455,343
318,602
---------
---------
Total assets less current liabilities
432,354
433,835
Creditors: amounts falling due after more than one year
8
364,160
371,771
Provisions
11,069
11,069
---------
---------
Net assets
57,125
50,995
---------
---------
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
33,207
33,207
Profit and loss account
23,916
17,786
--------
--------
Shareholders funds
57,125
50,995
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chellandi Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Dr. A. Subbarayan
Director
Company registration number: SC539766
Chellandi Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year before taxation of £10,118(2023 - £14,041). The directors consider that, due to the continued profitability of the company, the going concern basis is applicable for the preparation of the financial statements. The ability of the company to continue to trade is dependant on the support of the bank and the directors who have confirmed that they will not withdraw their loan to the company until such time as the company has surplus funds available.
Judgements and key sources of estimation uncertainty
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
33% straight line
Investment property
Tangible fixed assets include investment property. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provision of the Companies Act 2006 is required in order to give a true and fair view.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,000
-------
----
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost or Valuation
At 1 April 2023
751,746
2,695
754,441
Additions
135,606
135,606
---------
-------
---------
At 31 March 2024
887,352
2,695
890,047
---------
-------
---------
Depreciation
At 1 April 2023
2,004
2,004
Charge for the year
346
346
---------
-------
---------
At 31 March 2024
2,350
2,350
---------
-------
---------
Carrying amount
At 31 March 2024
887,352
345
887,697
---------
-------
---------
At 31 March 2023
751,746
691
752,437
---------
-------
---------
The directors have reviewed the values carried in the accounts for the company's investment properties and are of the view that the current market values are not materially different from the value reflected in these accounts.
6. Debtors
2024
2023
£
£
Trade debtors
147
2,153
Other debtors
1,447
1,185
-------
-------
1,594
3,338
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,622
7,600
Corporation tax
1,988
2,478
Other creditors
461,878
327,178
---------
---------
471,488
337,256
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
364,160
371,771
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £333,656 (2023: £341,372) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank holds a standard security over the company's investment property and a floating charge for all monies due to them by the company.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Transactions with the director
The company is owned by the directors. At the year end the company was due to repay the directors £459,898 (2023 - £324,865). This loan is interest free and repayable on demand.