Company registration number 09527857 (England and Wales)
GOVIN CONSULTANCY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GOVIN CONSULTANCY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOVIN CONSULTANCY LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
222,279
2,642
Investment property
4
446,000
446,000
668,279
448,642
Current assets
Debtors
5
72,437
61,883
Cash at bank and in hand
25,288
206,038
97,725
267,921
Creditors: amounts falling due within one year
6
(49,113)
(74,436)
Net current assets
48,612
193,485
Total assets less current liabilities
716,891
642,127
Creditors: amounts falling due after more than one year
7
(267,691)
(275,606)
Provisions for liabilities
(15,265)
(11,668)
Net assets
433,935
354,853
Capital and reserves
Called up share capital
250
250
Non-distributable profits reserve
8
48,973
48,973
Distributable profit and loss reserves
384,712
305,630
Total equity
433,935
354,853
GOVIN CONSULTANCY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Dr G S Karnati
Dr J Gurushankar
Director
Director
Company registration number 09527857 (England and Wales)
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Govin Consultancy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the
period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0% on land
Computers
25% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
8,554
8,554
Additions
220,000
618
220,618
At 30 April 2024
220,000
9,172
229,172
Depreciation and impairment
At 1 May 2023
5,912
5,912
Depreciation charged in the year
981
981
At 30 April 2024
6,893
6,893
Carrying amount
At 30 April 2024
220,000
2,279
222,279
At 30 April 2023
2,642
2,642
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
446,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,437
51,303
Other debtors
40,000
10,580
72,437
61,883
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,053
2,064
Taxation and social security
25,013
38,924
Other creditors
21,047
33,448
49,113
74,436
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
267,691
275,606
Other creditors include long term bank loans of £258,990 (2023 - £258,990) which are secured by fixed and floating charges and a debenture over the investment properties.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
258,990
258,990
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
48,973
126,574
Non distributable profits in the year
-
13,150
Transfer of non-distributable profits relating to gains realised in the year
-
(90,751)
At the end of the year
48,973
48,973
GOVIN CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
2 directors
2.25
5,849
270,430
2,976
(279,255)
-
5,849
270,430
2,976
(279,255)
-
Advances made to the directors were unsecured and repayable on demand.