REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
India Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
India Properties Limited |
India Properties Limited (Registered number: SC080985) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
India Properties Limited |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
28 Rutland Square |
Edinburgh |
EH1 2BW |
India Properties Limited (Registered number: SC080985) |
Statement of Financial Position |
30 November 2024 |
30.11.24 | 30.11.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
India Properties Limited (Registered number: SC080985) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
India Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Fixtures and fittings - 15% reducing balance |
Impairment of fixed assets |
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. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
India Properties Limited (Registered number: SC080985) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2023 |
and 30 November 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for year |
At 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 December 2023 |
and 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Cost or valuation at 30 November 2024 is represented by: |
£ |
Valuation in 2020 | 765,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
30.11.24 | 30.11.23 |
£ | £ |
Cost | 198,701 | 198,701 |
The investment properties were valued on an open market basis on 1 November 2020 by Cappoquin Property Consultancy Ltd . |
India Properties Limited (Registered number: SC080985) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
£ | £ |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 December 2023 |
and 30 November 2024 |
8. | RELATED PARTY DISCLOSURES |
The company was under the control of Mr G W Rule throughout the current and previous year. Mr Rule is the managing director and major shareholder. |