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REGISTERED NUMBER: 03989737 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

ASIAN INTOUCH LIMITED

ASIAN INTOUCH LIMITED (REGISTERED NUMBER: 03989737)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ASIAN INTOUCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Shaila Virani
Karim Virani



SECRETARY: Zaeem Ud-Din



REGISTERED OFFICE: Crown House
North Circular Road
London
NW10 7PN



REGISTERED NUMBER: 03989737 (England and Wales)



AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL



BANKERS: Punjab National Bank (International) Ltd
110 South Road
Southall
UB1 1RB

ASIAN INTOUCH LIMITED (REGISTERED NUMBER: 03989737)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 750,000 750,000

CURRENT ASSETS
Debtors 6 101,042 100,661
Cash at bank 181,321 138,042
282,363 238,703
CREDITORS
Amounts falling due within one year 7 106,500 101,512
NET CURRENT ASSETS 175,863 137,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

925,863

887,191

PROVISIONS FOR LIABILITIES - 9,675
NET ASSETS 925,863 877,516

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 8 262,880 253,205
Retained earnings 661,983 623,311
SHAREHOLDERS' FUNDS 925,863 877,516

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Karim Virani - Director


ASIAN INTOUCH LIMITED (REGISTERED NUMBER: 03989737)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Asian Intouch Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation
The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the group's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover
Turnover represents amounts receivable for rent and service charges for the year.Rental income is recognised once space is provided to tenants.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.


ASIAN INTOUCH LIMITED (REGISTERED NUMBER: 03989737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Leasehold
property
£   
COST
At 1 June 2023
and 31 May 2024 750,000
NET BOOK VALUE
At 31 May 2024 750,000
At 31 May 2023 750,000

The leasehold property was valued on 31 March 2024 on a fair value basis as at that date by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 11,836 13,584
Amounts owed by group undertakings 81,523 86,523
Other debtors 7,683 554
101,042 100,661

ASIAN INTOUCH LIMITED (REGISTERED NUMBER: 03989737)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 735 647
Taxation and social security 12,891 10,982
Other creditors 92,874 89,883
106,500 101,512

8. RESERVES
Revaluation
reserve
£   
At 1 June 2023 253,205
TRansfer to Other Reserves 9,675

At 31 May 2024 262,880

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital
Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)
The revaluation reserve is used to record increases in the fair value of properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings
The retained earnings represent all current and prior period retained profits and losses.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited

10. RELATED PARTY DISCLOSURES

At 31 May 2024, creditors amounts falling due within one year, included an amount owed to the trustees of late Mrs Y N Virani Estates & Mrs A Virani £69,556 (2023:£69,556). These related party loans are interest free , unsecured and have no fixed term of repayment.

Included within debtors, amounts falling due within one year, is an interest free shareholder loan to Asian Online Plc amounting to £81,523 (2023: £86,523).The loan is unsecured and has no fixed term of repayment.

11. ULTIMATE CONTROLLING PARTY

The company is a 50% subsidiary of Asian Online Plc, which is regarded as its ultimate parent undertaking. In the opinion of the directors, the ultimate controlling party is the director- Ms Shaila Virani.

The registered office of the parent company is Crown House, North Circular Road, London NW10 7PN.