Joshi Partnership Limited

(Registration number: 11262852) (England and Wales)
Balance Sheet as at 31 March 2024

	Note	2024 £	Provisional 2023 £
Fixed assets
Investment property	4	9,295,025	9,295,025
Current assets
Debtors	5	19,739	1,079,247
Cash at bank and in hand		88,123	159,683
		107,862	1,238,930
Creditors: Amounts falling due within one year	6	(3,406,123)	(159,688)
Net current (liabilities)/assets		(3,298,261)	1,079,242
Total assets less current liabilities		5,996,764	10,374,267
Creditors: Amounts falling due after more than one year	6	(5,686,573)	(5,720,928)
Net assets		310,191	4,653,339
Capital and reserves
Called up share capital	7	100	4,391,026
Retained earnings		310,091	262,313
Shareholders' funds		310,191	4,653,339

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 financial statements 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 financial statements.

These financial statements have been prepared and 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 2 April 2025 and signed on its behalf by:
 

......................................... Mr Sanjay Joshi Director

Joshi Partnership 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:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the Board on 2 April 2025.

Provisional accounts
We note that accounts for the year ended 31 March 2024 have had to be prepared and filed while there is a dispute and a live appeal in place with HMRC in relation to the form and tax effect of a past transaction. Once that appeal is concluded, we acknowledge that these accounts (and previous years accounts) may need to be amended. The basis of filing the accounts does not indicate agreement or otherwise with HMRC’s position.

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).

We note that accounts for the year ended 31 March 2024 have had to be prepared and filed while there is a dispute and a live appeal in place with HMRC in relation to the form and tax effect of a past transaction. Once that appeal is concluded, we acknowledge that these accounts may need to be amended. The basis of filing the accounts does not indicate agreement or otherwise with HMRC’s position.

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.

Going concern

At the time of approving these financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.

Joshi Partnership Limited

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

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income and related 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.

Tax

The tax expense for the period comprises current 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.

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.

Investment property

Investment properties are included at a fair value. Gain/(losses) are recognised in the profit and loss account.

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 creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined 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.

Joshi Partnership Limited

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

2	Accounting policies (continued)

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.

3	Staff numbers

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

4	Investment properties

	2024 £
At 1 April	9,295,025
At 31 March	9,295,025

Joshi Partnership Limited

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

5

Debtors

	2024 £	Provisional 2023 £
Other debtors	19,739	1,079,247
	19,739	1,079,247

6

Creditors

Creditors: amounts falling due within one year

	2024 £	Provisional 2023 £
Due within one year
Bank loans and overdrafts	141,560	111,006
Trade creditors	13,970	16,967
Taxation and social security	15,525	19,315
Accruals and deferred income	12,400	12,400
Directors current account	3,222,668	-
	3,406,123	159,688

Creditors: amounts falling due after more than one year

	2024 £	Provisional 2023 £
Due after one year
Loans and borrowings	5,686,573	5,720,928

7	Share capital

Allotted, called up and fully paid shares

	2024		Provisional 2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100