Registered number
11584322
GADDIPATI SERVICES LTD
Filleted Accounts
29 February 2024
GADDIPATI SERVICES LTD
Registered number: 11584322
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 231,920 260,910
Tangible assets 4 483,444 381,618
715,364 642,528
Current assets
Stocks 3,030 3,815
Debtors 5 810 580
Cash at bank and in hand 97,026 42,753
100,866 47,148
Creditors: amounts falling due within one year 6 (65,504) (29,301)
Net current assets 35,362 17,847
Total assets less current liabilities 750,726 660,375
Creditors: amounts falling due after more than one year 7 (593,470) (528,322)
Provisions for liabilities (33,999) -
Net assets 123,257 132,053
Capital and reserves
Called up share capital 100 100
Profit and loss account 123,157 131,953
Shareholder's funds 123,257 132,053
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Kanneganti
Director
Approved by the board on 12 September 2024
GADDIPATI SERVICES LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% net book value
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 289,900
At 29 February 2024 289,900
Amortisation
At 1 March 2023 28,990
Provided during the year 28,990
At 29 February 2024 57,980
Net book value
At 29 February 2024 231,920
At 28 February 2023 260,910
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 304,500 144,211 448,711
Additions - 146,562 146,562
At 29 February 2024 304,500 290,773 595,273
Depreciation
At 1 March 2023 - 67,093 67,093
Charge for the year - 44,736 44,736
At 29 February 2024 - 111,829 111,829
Net book value
At 29 February 2024 304,500 178,944 483,444
At 28 February 2023 304,500 77,118 381,618
Freehold land and buildings: 2024 2023
£ £
Historical cost 304,500 304,500
Cumulative depreciation based on historical cost - -
304,500 304,500
5 Debtors 2024 2023
£ £
Trade debtors 810 580
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 47,442 4,202
Taxation and social security costs 15,264 24,377
Other creditors 2,798 722
65,504 29,301
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 465,187 503,891
Obligations under finance lease and hire purchase contracts 128,283 24,431
593,470 528,322
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 275,415 322,857
Secured bank loans 273,199 314,192
The bank loan is secured on free-hold building.
9 Related party transactions
L Kanneganti - Director

Amount due from/(to) the related party (£324)(2024), (£66)(2023).
10 Controlling party
The company's ultimate controlling party is L Kanneganti by virtue of her ownership of 100% of the issued share capital in the company.
11 Other information
GADDIPATI SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
9c Southwoods
Yeovil
BA20 2QQ
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