Company registration number:
10696531
Shiv Sampatti Ltd
Unaudited filleted financial statements
31 March 2024
Shiv Sampatti Ltd
Contents
Balance sheet
Notes to the financial statements
Shiv Sampatti Ltd
Balance sheet
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
742,289 |
|
|
|
742,289 |
|
|
Investments |
|
6 |
68,814 |
|
|
|
92,845 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
811,103 |
|
|
|
835,134 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
674,523 |
|
|
|
510,237 |
|
|
Cash at bank and in hand |
|
|
13,285 |
|
|
|
137,903 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
687,808 |
|
|
|
648,140 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,089,904) |
|
|
|
(
1,062,168) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
402,096) |
|
|
|
(
414,028) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
409,007 |
|
|
|
421,106 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
479,113) |
|
|
|
(
479,113) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
70,106) |
|
|
|
(
58,007) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
11 |
|
|
102 |
|
|
|
102 |
Profit and loss account |
|
|
|
|
(
70,208) |
|
|
|
(
58,109) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
70,106) |
|
|
|
(
58,007) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and Loss Account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 December 2024
, and are signed on behalf of the board by:
............................................
Dr V. Goel
Director
Company registration number:
10696531
Shiv Sampatti 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 Wales. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 balance sheet at 31 March 2024 shows a deficit of assets. However, in the director's opinion, the circumstances which originally gave rise to this situation are unlikely to recur, and the company is expected to trade profitably in future accounting periods. Moreover the director has indicated that he will not seek repayment of his loan to the company, which stood at £492,739 as at 31 March 2024, until such time as the company has sufficient funds so to do. Therefore these financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent charged, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment property
Investment property is measured initially 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments applicable to the company are basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
742,289 |
742,289 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
742,289 |
742,289 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
742,289 |
742,289 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
In the director's opinion the above cost approximates to the market value of the company's investment properties as at 31 March 2024.
6.
Investments
|
|
Shares in group undertakings and participating interests |
Other investments other than loans |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 |
50 |
92,795 |
92,845 |
|
|
|
|
Disposals |
- |
(
24,031) |
(
24,031) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2024 |
50 |
68,764 |
68,814 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
50 |
68,764 |
68,814 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
50 |
92,795 |
92,845 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
658,050 |
498,050 |
|
Deferred tax asset (note 10) |
|
14,223 |
12,187 |
|
Other debtors |
|
2,250 |
- |
|
|
|
_______ |
_______ |
|
|
|
674,523 |
510,237 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Corporation tax |
|
- |
64 |
|
Director loan accounts |
|
492,739 |
744,654 |
|
Other creditors |
|
597,165 |
317,450 |
|
|
|
_______ |
_______ |
|
|
|
1,089,904 |
1,062,168 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Mortgage loans are secured upon the respective freehold investment properties concerned.
Other creditors include a loan of £595,000 (31 March 2023 - £315,000) from a connected company.
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
479,113 |
479,113 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Mortgage loans are secured upon the respective freehold investment properties concerned.
Included within creditors: amounts falling due after more than one year is an amount of £ 479,113
(2023 £ 479,113 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The two mortgage loans are repayable on an interest-only basis by monthly payments, currently totalling £1,448, over 25 years, with interest at the individual lenders' standard variable rates, currently averaging around 4.5%.
10.
Deferred tax
The deferred tax included in the Balance Sheet is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in debtors (note 7) |
|
14,223 |
12,187 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Unused tax losses |
|
14,223 |
12,187 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
Ordinary 'A' shares of £
1.00 each |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
102 |
|
102 |
|
102 |
|
102 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|