(1) General Information
|
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, England, N2 0QU. |
|
|
(2) Statement of compliance
|
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. |
|
|
|
(3) Significant Accounting Policies
|
Basis of Preparation
|
|
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. |
|
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, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
Sale of goods
|
|
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
Property, plant and equipment
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | Land and Buildings | | Plant and Machinery | | Short Leasehold Properties | | Investment Properties | | Long Leasehold Properties | | Commercial Vehicles | | Fixtures and Fittings | 33% straight line | Equipment | | Motor Cars | |
|
Fixed Asset Investment
|
|
Investments in subsidiaries, jointly controlled entities or associates are accounted for at cost less provision for impairment. |
|
Financial instruments
|
|
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. |
|
|
Loans and receivables
|
|
Loans and receivables are non-derivative financial assets with fixed or determinable payments. |
|
|
Trade and other debtors
|
|
Trade and other debtors are initially recognised at fair value, based upon discounted cash flows at prevailing interest rates for similar instruments, or at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses or if a trade debt is deferred beyond normal business terms, it is measured at the present value of the future cash flows discounted at prevailing interest rates for similar instruments. |
|
|
Trade and other payables
|
|
Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. |
|
Inventories
|
|
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. |
|
Leases
|
|
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in the income statement. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases,the aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis over the lease period. |
|
|
|
(4) Employees
|
During the year, the average number of employees including director was 2 (2022 : 2). |
|
|
|
(5) Tangible fixed assets
|
| Fixtures and Fittings | | £ | Cost | | As at 01 December 2022 | 2,003 | As at 30 November 2023 | 2,003 | Depreciation | | As at 01 December 2022 | 2,003 | As at 30 November 2023 | 2,003 | Net book value | | As at 30 November 2023 | - | As at 30 November 2022 | - |
|
|
|
(6) Debtors
|
Amounts falling due within one year
|
|
| | | 2023 | | 2022 | | £ | | £ | | | | | | Other debtors | 1,252,188 | | 1,241,571 | | | | | | 1,252,188 | | 1,241,571 |
|
|
|
(7) Creditors: Amounts falling due within one year
|
| | | 2023 | | 2022 | | £ | | £ | | | | | | Bank loans and overdrafts | - | | 3,703 | | | | | Other taxes and social security | 2,595 | | 4,358 | Other creditors | 1,686,181 | | 1,641,856 | Accruals and deferred income | 1,645 | | 13,757 | | 1,690,421 | | 1,663,674 |
|
|
(8) Fixed Asset Investment
|
The business has subsidiary name Krish Property Developments Limited. The business hold 100 ordinary share i.e. 100% share capital in subsidiary company.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows : a) Capital and Reserves : GBP 1,557 b) Profit / (Loss) : Nil |
|
|
(9) Control
|
The company is controlled by its directors. |
|
|
(10) Related party transactions
|
a) At the year end the Company was owed GBP 429,819 ( 2022 : GBP 419,318) by Krish Aanya Enterprises Limited, where Divya Modi is the director of the company, in respect of an interest free loan which is repayable on demand.
b) At the year end the Company was owed GBP 800,608 ( 2022 : GBP 800,608) by Krish Property Development Limited, a company under the common control of directors, in respect of an interest free loan which is repayable on demand.
c) Athe the year end the Company was owed GBP 20,145 ( 2022 : GBP 20,145 ) by Aanya Consulting Limited, a company under the common control of director, in respect of an interest free loan which is repayable on demand. d) At the year end the Company owed GBP 1,684,565 ( 2022 : 1,639,638 ) to the director in respect of an interest free loan which is repayable on demand. |
|