Onida Investment Limited 10666455 false 2023-03-25 2024-03-24 2024-03-24 The principal activity of the company is Other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true true 10666455 2023-03-25 2024-03-24 10666455 2024-03-24 10666455 bus:OrdinaryShareClass1 2024-03-24 10666455 core:RetainedEarningsAccumulatedLosses 2024-03-24 10666455 core:ShareCapital 2024-03-24 10666455 core:CurrentFinancialInstruments 2024-03-24 10666455 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-24 10666455 core:Non-currentFinancialInstruments 2024-03-24 10666455 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-24 10666455 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-24 10666455 bus:SmallEntities 2023-03-25 2024-03-24 10666455 bus:AuditExemptWithAccountantsReport 2023-03-25 2024-03-24 10666455 bus:FullAccounts 2023-03-25 2024-03-24 10666455 bus:SmallCompaniesRegimeForAccounts 2023-03-25 2024-03-24 10666455 bus:RegisteredOffice 2023-03-25 2024-03-24 10666455 bus:Director1 2023-03-25 2024-03-24 10666455 bus:Director2 2023-03-25 2024-03-24 10666455 bus:OrdinaryShareClass1 2023-03-25 2024-03-24 10666455 bus:PrivateLimitedCompanyLtd 2023-03-25 2024-03-24 10666455 core:RetainedEarningsAccumulatedLosses 2023-03-25 2024-03-24 10666455 core:ShareCapital 2023-03-25 2024-03-24 10666455 countries:AllCountries 2023-03-25 2024-03-24 10666455 dpl:AdministrativeExpenses 2023-03-25 2024-03-24 10666455 2023-03-24 10666455 core:RetainedEarningsAccumulatedLosses 2023-03-24 10666455 core:ShareCapital 2023-03-24 10666455 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-24 10666455 2022-03-25 2023-03-24 10666455 2023-03-24 10666455 bus:OrdinaryShareClass1 2023-03-24 10666455 core:CurrentFinancialInstruments 2023-03-24 10666455 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-24 10666455 core:Non-currentFinancialInstruments 2023-03-24 10666455 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-24 10666455 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-24 10666455 core:RetainedEarningsAccumulatedLosses 2022-03-25 2023-03-24 10666455 core:ShareCapital 2022-03-25 2023-03-24 10666455 dpl:AdministrativeExpenses 2022-03-25 2023-03-24 10666455 2022-03-24 10666455 core:RetainedEarningsAccumulatedLosses 2022-03-24 10666455 core:ShareCapital 2022-03-24 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10666455

Onida Investment Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 24 March 2024

 

Onida Investment Limited

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

iXBRL Detailed Profit and Loss Account

12

 

Onida Investment Limited

Company Information

Directors

Mr Gurdeep Singh Jounija

Miss Naaz Kaur Jounija

Registered office

13 Acacia Court
Alpine Road
London
London
NW9 9BP

Accountants

NRS Accountants & Taxation Services Ltd
264 High Road
Harrow
Middlesex
HA3 7BB

 

Onida Investment Limited

Directors' Report for the Year Ended 24 March 2024

The directors present their report and the financial statements for the year ended 24 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Gurdeep Singh Jounija

Miss Naaz Kaur Jounija

Principal activity

The principal activity of the company is Other letting and operating of own or leased real estate

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

.........................................
Mr Gurdeep Singh Jounija
Director

.........................................
Miss Naaz Kaur Jounija
Director

 

Onida Investment Limited

Profit and Loss Account for the Year Ended 24 March 2024

Note

2024
£

2023
£

Turnover

 

17,724

13,900

Gross profit

 

17,724

13,900

Administrative expenses

 

(10,750)

(3,943)

Operating profit

 

6,974

9,957

Interest payable and similar expenses

 

(16,357)

(16,286)

Loss before tax

(9,383)

(6,329)

Loss for the financial year

 

(9,383)

(6,329)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Onida Investment Limited

Statement of Comprehensive Income for the Year Ended 24 March 2024

2024
£

2023
£

Loss for the year

(9,383)

(6,329)

Total comprehensive income for the year

(9,383)

(6,329)

 

Onida Investment Limited

(Registration number: 10666455)
Balance Sheet as at 24 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

385,319

385,319

Current assets

 

Debtors

5

9,818

9,500

Cash at bank and in hand

 

2,167

1,455

 

11,985

10,955

Creditors: Amounts falling due within one year

6

(133,668)

(134,322)

Net current liabilities

 

(121,683)

(123,367)

Total assets less current liabilities

 

263,636

261,952

Creditors: Amounts falling due after more than one year

6

(281,303)

(281,303)

Net liabilities

 

(17,667)

(19,351)

Capital and reserves

 

Called up share capital

7

150

150

Retained earnings

(17,817)

(19,501)

Shareholders' deficit

 

(17,667)

(19,351)

For the financial year ending 24 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

 

Onida Investment Limited

(Registration number: 10666455)
Balance Sheet as at 24 March 2024

.........................................
Mr Gurdeep Singh Jounija
Director

.........................................
Miss Naaz Kaur Jounija
Director

 

Onida Investment Limited

Statement of Changes in Equity for the Year Ended 24 March 2024

Share capital
£

Retained earnings
£

Total
£

At 25 March 2023

150

(8,434)

(8,284)

Loss for the year

-

(9,383)

(9,383)

At 24 March 2024

150

(17,817)

(17,667)

Share capital
£

Retained earnings
£

Total
£

At 25 March 2022

150

(13,172)

(13,022)

Loss for the year

-

(6,329)

(6,329)

At 24 March 2023

150

(19,501)

(19,351)

 

Onida Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 March 2024

1

General information

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

The address of its registered office is:
13 Acacia Court
Alpine Road
London
London
NW9 9BP
England

These financial statements were authorised for issue by the Board on 20 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

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.

 

Onida Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 March 2024

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:

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Onida Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 25 March 2023

385,319

385,319

At 24 March 2024

385,319

385,319

Depreciation

Carrying amount

At 24 March 2024

385,319

385,319

At 24 March 2023

385,319

385,319

Included within the net book value of land and buildings above is £385,319 (2023 - £385,319) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Other debtors

9,818

9,500

 

9,818

9,500

 

Onida Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

720

4,320

Other creditors

132,948

130,002

133,668

134,322

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

281,303

281,303

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

150

150

150

150

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

281,303

281,303

 

Onida Investment Limited

iXBRL Detailed Profit and Loss Account for the Year Ended 24 March 2024

2024
£

2023
£

Turnover/revenue

17,724

13,900

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit

17,724

13,900

Distribution costs

Administrative expenses

Audit and accountancy other services

(720)

(720)

Other repairs and maintenance costs

(6,475)

(350)

Vehicle costs

(643)

(505)

Bank charges

(113)

(97)

Insurance costs

(1,353)

(1,062)

Other costs

(1,446)

(1,209)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

6,974

9,957

Interest expense on bank overdraft, bank loans and similar borrowings

(16,357)

(16,286)

Loss for the financial year

(9,383)

(6,329)