(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 3 Carlyle Close, London, N2 0QU. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Financial instruments
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The company has elected to apply the provisions of Section 11 Basic Financial Instrument and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company become party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets : Basic financial assets, which include debtors and cash and bank balances, are initially measured at transactions price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of Financial Liabilities : Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic Financial Liabilities : Basic financial liabilities, including creditors, bank loan, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transactions, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Inventories
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Inventories are measured at the lower of cost and net realisable value. Costs of inventories are determined on a first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less all estimated costs necessary to make the sale. |
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(4) Critical accounting judgements and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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(5) Employees
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During the year, the average number of employees including director was 2 (2023 : 2). |
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(6) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | | | | | | | | | | | | | | | | | Other creditors | 801,057 | | 801,057 | Accruals and deferred income | 600 | | 600 | | 801,657 | | 801,657 |
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(7) Share capital and reserves
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| Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | 100 (2023 : 100) Ordinary Shares of £ 1 each | 100 | | 100 | | 100 | | 100 | | | | Retained earnings | | | 2024 | | | | £ | At 1 March 2023 | | | - | Loss of the year | | | (1,657) | | | | | At 29 February 2024 | | | (1,657) | |
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(8) Related party transactions
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At the year end, the company owed GBP 8,00,000 (2023 : GBP 8,00,000) to Aanya Property Developments Limited, a company under the common control of the director. |
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(9) Ultimate controlling party
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The ultimate controlling party are the directors, D Sarda and D Modi-Sarda via Aanya Property Development Limited. |
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