D S Wijayatilake Limited 04400112 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of medical consultancy and investments in property and other assets. Digita Accounts Production Advanced 6.30.9574.0 true 04400112 2023-04-01 2024-03-31 04400112 2024-03-31 04400112 bus:OrdinaryShareClass1 2024-03-31 04400112 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 04400112 core:CurrentFinancialInstruments 2024-03-31 04400112 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04400112 core:Non-currentFinancialInstruments 2024-03-31 04400112 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04400112 core:FurnitureFittingsToolsEquipment 2024-03-31 04400112 core:LandBuildings 2024-03-31 04400112 bus:SmallEntities 2023-04-01 2024-03-31 04400112 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04400112 bus:FilletedAccounts 2023-04-01 2024-03-31 04400112 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04400112 bus:RegisteredOffice 2023-04-01 2024-03-31 04400112 bus:CompanySecretary1 2023-04-01 2024-03-31 04400112 bus:Director1 2023-04-01 2024-03-31 04400112 bus:Director2 2023-04-01 2024-03-31 04400112 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04400112 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04400112 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04400112 core:LandBuildings 2023-04-01 2024-03-31 04400112 core:OfficeEquipment 2023-04-01 2024-03-31 04400112 countries:EnglandWales 2023-04-01 2024-03-31 04400112 2023-03-31 04400112 core:FurnitureFittingsToolsEquipment 2023-03-31 04400112 core:LandBuildings 2023-03-31 04400112 2022-04-01 2023-03-31 04400112 2023-03-31 04400112 bus:OrdinaryShareClass1 2023-03-31 04400112 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04400112 core:CurrentFinancialInstruments 2023-03-31 04400112 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04400112 core:Non-currentFinancialInstruments 2023-03-31 04400112 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04400112 core:FurnitureFittingsToolsEquipment 2023-03-31 04400112 core:LandBuildings 2023-03-31 04400112 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04400112 (England and Wales)

D S Wijayatilake Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

D S Wijayatilake Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

D S Wijayatilake Limited

Company Information

Directors

Dr Dhuleep Sanjay Wijayatilake

Miss Natasha Elysha Jiwa

Company secretary

Mr Richard Rajkumar Virasinghe

Registered office

7 Jamestown Way
London
E14 2DE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

D S Wijayatilake Limited

(Registration number: 04400112)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,600

9,163

Investment property

5

185,000

177,813

Vintage vehicle

6

37,500

37,500

Other financial assets

7

2,600

2,600

 

259,700

227,076

Current assets

 

Debtors

8

98,850

77,370

Cash at bank and in hand

 

79,616

113,016

 

178,466

190,386

Creditors: Amounts falling due within one year

9

(26,697)

(25,330)

Net current assets

 

151,769

165,056

Total assets less current liabilities

 

411,469

392,132

Creditors: Amounts falling due after more than one year

9

(93,085)

(109,024)

Provisions for liabilities

(1,400)

-

Net assets

 

316,984

283,108

Capital and reserves

 

Called up share capital

11

1

1

Retained earnings

316,983

283,107

Shareholders' funds

 

316,984

283,108

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

D S Wijayatilake Limited

(Registration number: 04400112)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the Board on 23 December 2024 and signed on its behalf by:
 

.........................................
Dr Dhuleep Sanjay Wijayatilake
Director

   
     
 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Jamestown Way
London
E14 2DE
United Kingdom

These financial statements were authorised for issue by the Board on 23 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over 5 years straight line basis

Office equipment

25% on reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2023: 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2023

-

26,810

26,810

Additions

27,952

7,154

35,106

At 31 March 2024

27,952

33,964

61,916

Depreciation

At 1 April 2023

-

17,647

17,647

Charge for the year

5,590

4,079

9,669

At 31 March 2024

5,590

21,726

27,316

Carrying amount

At 31 March 2024

22,362

12,238

34,600

At 31 March 2023

-

9,163

9,163

Included within the net book value of land and buildings above is £22,362 (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Investment property

2024
£

At 1 April

177,813

Additions

1,615

Fair value adjustments

5,572

At 31 March

185,000

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Investment property (continued)

The fair value of the investment properties were assessed internally by the directors at the year end. There has been no valuation of investment properties by an independent valuer.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Vintage vehicle

2024
£

2023
£

Vintage vehicle

37,500

37,500

The Vintage vehicle is not being depreciated as the residual value will be high and the depreciation is considered immaterial.

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Other financial assets (current and non-current)

Investments in unlisted shares
£

Non-current financial assets

Cost or valuation

At 1 April 2023

2,600

At 31 March 2024

2,600

At 31 March 2023

2,600

8

Debtors

2024
£

2023
£

Other debtors

98,850

77,370

98,850

77,370

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

333

490

Corporation tax payable

 

14,830

17,189

Directors current account

 

9,134

5,851

Accruals and deferred income

 

2,400

1,800

 

26,697

25,330

 

D S Wijayatilake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

333

490

The bank loan for £333 is a Bounce Back loan repayable within one year.

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

93,085

109,024

The bank loan for £93,085 (2023: £109,024) is secured by a fixed charge against the investment property.

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

12

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £900 (2023 - £1,900) per each Ordinary shares

900

1,900