Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date12023-04-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10672137 2023-04-01 2024-03-31 10672137 2022-04-01 2023-03-31 10672137 2024-03-31 10672137 2023-03-31 10672137 c:Director1 2023-04-01 2024-03-31 10672137 c:RegisteredOffice 2023-04-01 2024-03-31 10672137 d:FurnitureFittings 2023-04-01 2024-03-31 10672137 d:FurnitureFittings 2024-03-31 10672137 d:FurnitureFittings 2023-03-31 10672137 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10672137 d:OfficeEquipment 2023-04-01 2024-03-31 10672137 d:OfficeEquipment 2024-03-31 10672137 d:OfficeEquipment 2023-03-31 10672137 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10672137 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10672137 d:FreeholdInvestmentProperty 2024-03-31 10672137 d:FreeholdInvestmentProperty 2023-03-31 10672137 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 10672137 d:CurrentFinancialInstruments 2024-03-31 10672137 d:CurrentFinancialInstruments 2023-03-31 10672137 d:Non-currentFinancialInstruments 2024-03-31 10672137 d:Non-currentFinancialInstruments 2023-03-31 10672137 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10672137 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10672137 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10672137 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10672137 d:ShareCapital 2024-03-31 10672137 d:ShareCapital 2023-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2024-03-31 10672137 d:InvestmentPropertiesRevaluationReserve 2023-03-31 10672137 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2024-03-31 10672137 d:RetainedEarningsAccumulatedLosses 2023-03-31 10672137 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10672137 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10672137 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 10672137 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 10672137 d:OtherDeferredTax 2024-03-31 10672137 d:OtherDeferredTax 2023-03-31 10672137 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10672137 c:OrdinaryShareClass1 2024-03-31 10672137 c:OrdinaryShareClass2 2023-04-01 2024-03-31 10672137 c:OrdinaryShareClass2 2024-03-31 10672137 c:FRS102 2023-04-01 2024-03-31 10672137 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10672137 c:FullAccounts 2023-04-01 2024-03-31 10672137 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 10672137 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 10672137 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10672137









SHREE MAHAGANAPATHI LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SHREE MAHAGANAPATHI LTD
 
 
COMPANY INFORMATION


Director
A V Kamath 




Registered number
10672137



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
SHREE MAHAGANAPATHI LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
SHREE MAHAGANAPATHI LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHREE MAHAGANAPATHI LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shree Mahaganapathi Ltd for the year ended 31 March 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of Shree Mahaganapathi Ltd in accordance with the terms of our engagement letter dated 2 August 2022Our work has been undertaken solely to prepare for your approval the financial statements of Shree Mahaganapathi Ltd and state those matters that we have agreed to state to the director of Shree Mahaganapathi Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shree Mahaganapathi Ltd and its director for our work or for this report. 

It is your duty to ensure that Shree Mahaganapathi Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Shree Mahaganapathi Ltd. You consider that Shree Mahaganapathi Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Shree Mahaganapathi Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

15 November 2024
Page 1

 
SHREE MAHAGANAPATHI LTD
REGISTERED NUMBER: 10672137

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
556
742

Investment property
 5 
260,000
266,000

  
260,556
266,742

Current assets
  

Debtors: amounts falling due within one year
 6 
179
164

Cash at bank and in hand
  
9,105
5,790

  
9,284
5,954

Creditors: amounts falling due within one year
 7 
(87,161)
(84,580)

Net current liabilities
  
 
 
(77,877)
 
 
(78,626)

Total assets less current liabilities
  
182,679
188,116

Creditors: amounts falling due after more than one year
 8 
(160,767)
(160,767)

Provisions for liabilities
  

Deferred tax
 9 
(5,455)
(6,100)

  
 
 
(5,455)
 
 
(6,100)

Net assets
  
16,457
21,249


Capital and reserves
  

Called up share capital 
 10 
3
3

Investment property revluation reserve
 11 
44,100
48,960

Profit and loss account
 11 
(27,646)
(27,714)

  
16,457
21,249


Page 2

 
SHREE MAHAGANAPATHI LTD
REGISTERED NUMBER: 10672137
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.






A V Kamath
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Shree Mahaganapathi Ltd is a private company limited by shares, incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal place of business is Norwich and the Company's principal activity is that of the investment in and letting of residential properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the Company in respect of property rental income. Revenue is recognised on a accruals basis covering the period for which the rental is due under the terms of the tenancy agreement.

 
2.3

Finance costs

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is  calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the  balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not  reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted  by the balance sheet date

Page 4

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
504
1,579
2,083



At 31 March 2024

504
1,579
2,083



Depreciation


At 1 April 2023
404
937
1,341


Charge for the year on owned assets
25
161
186



At 31 March 2024

429
1,098
1,527



Net book value



At 31 March 2024
75
481
556



At 31 March 2023
100
642
742

Page 6

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
266,000


Surplus on revaluation
(6,000)



At 31 March 2024
260,000

The 2024 valuations were made by the Director.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
205,556
205,556

205,556
205,556


6.


Debtors

2024
2023
£
£


Prepayments and accrued income
179
164

179
164



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
2,041
-

Other creditors
82,930
82,930

Accruals and deferred income
2,190
1,650

87,161
84,580


Page 7

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
160,767
160,767

160,767
160,767


The bank loan is secured by a fixed charge over the investment property.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
160,767
160,767

160,767
160,767




9.


Deferred taxation




2024


£






At beginning of year
(6,100)


Charged to profit or loss
645



At end of year
(5,455)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(106)
(141)

Tax losses carried forward
4,995
5,525

Revaluation on investment properties
(10,344)
(11,484)

(5,455)
(6,100)

Page 8

 
SHREE MAHAGANAPATHI LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1.00 each
2
2
1 B Ordinary share of £1.00
1
1

3

3



11.


Reserves

Investment property revaluation reserve

The revaluation reserve represents the cumulative value of revaluations of the Company's freehold property to fair value.

Other reserves

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses


12.


Related party transactions

As at 31 March 2024, the Company owed the director £82,930 (2023: £82,930)

 
Page 9