Company Registration No. 12129624 (England and Wales)
Sarvaiya Ltd
Unaudited accounts
for the year ended 31 July 2024
Sarvaiya Ltd
Unaudited accounts
Contents
Sarvaiya Ltd
Company Information
for the year ended 31 July 2024
Directors
Mr A R Sarvaiya
Mr P Sarvaiya
Company Number
12129624 (England and Wales)
Registered Office
73 Aldborough Road South
Ilford
Essex
IG3 8HR
England
Accountants
Loizou Associates Limited
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Sarvaiya Ltd
Statement of financial position
as at 31 July 2024
Tangible assets
13,230
25,005
Investment property
2,570,000
1,371,405
Cash at bank and in hand
3,487
78,075
Creditors: amounts falling due within one year
(730,832)
(666,148)
Net current liabilities
(719,620)
(552,131)
Total assets less current liabilities
1,863,610
844,279
Creditors: amounts falling due after more than one year
(1,806,986)
(1,272,617)
Provisions for liabilities
Net liabilities
(48,629)
(428,338)
Called up share capital
12
12
Fair value reserve
315,760
-
Profit and loss account
(364,401)
(428,350)
Shareholders' funds
(48,629)
(428,338)
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by
Mr A R Sarvaiya
Director
Company Registration No. 12129624
Sarvaiya Ltd
Notes to the Accounts
for the year ended 31 July 2024
Sarvaiya Ltd is a private company, limited by shares, registered in England and Wales, registration number 12129624. The registered office is 73 Aldborough Road South, Ilford, Essex, IG3 8HR, England.
These accounts 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The accounts have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.
The accounts are presented in £ sterling.
Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential , to depreciate them would not give true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give true and fair view. If this departure from the Act had not been made, the loss for the financial year would have been increased by the amount of depreciation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing balance
Computer equipment
33% Straight line
Sarvaiya Ltd
Notes to the Accounts
for the year ended 31 July 2024
3
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2023
36,250
1,256
37,506
At 31 July 2024
36,250
2,155
38,405
At 1 August 2023
12,082
419
12,501
Charge for the year
11,963
711
12,674
At 31 July 2024
24,045
1,130
25,175
At 31 July 2024
12,205
1,025
13,230
At 31 July 2023
24,168
837
25,005
Fair value at 1 August 2023
1,371,405
Net gain from fair value adjustments
421,013
The investment properties were valued on a fair value basis on 31 July 2024 by the directors.
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Loans from directors
730,832
666,148
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,806,986
1,272,617
Bank loans are secured by way of fixed and floating charge on the investment properties of the company.
Sarvaiya Ltd
Notes to the Accounts
for the year ended 31 July 2024
8
Transactions with related parties
Included in creditors, amounts falling due within one year, is an interest free amount of £730,832 (2022: £666,148) owed to the directors of the company.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).