|
(1) General Information
|
| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 568 Rayners Lane, Pinner, Middlesex, HA5 5DJ. |
|
|
|
(2) Statement of compliance
|
| These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
|
|
|
|
(3) Significant Accounting Policies
|
|
Basis of Preparation
|
|
| The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
|
|
Revenue recognition
|
|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
|
|
|
Sale of goods
|
|
| Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
|
|
Interest income
|
|
| Interest income is recognised using the effective interest method. |
|
|
Amortisation
|
|
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows :
Goodwill - 20% Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
|
|
Tangible Assets
|
|
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | 25% reducing balance | | Equipment | | | Motor Cars | |
|
|
Fixed asset investments
|
|
| Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
|
|
Impairment
|
|
At each reporting date non-financial assets not carried at fair value, like goodwill, plant, property and equipment and investments in group undertakings are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in income statement.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in the income statement. |
|
|
Financial instruments
|
|
The Company has elected to apply the provisions of section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and liabilities are initially measured at fair value. |
|
|
Taxation
|
|
| Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
|
|
|
Current Tax
|
|
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
|
|
Deferred Tax
|
|
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
|
|
Employee benefits
|
|
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
|
|
Government Grants
|
|
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised untill there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual mode.
Under the accrual mode, Government grants relating to revenue are recognised on a systematic basis over the period in which the company recognise the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivables. |
|
|
|
|
(4) Employees
|
| During the year, the average number of employees including director was 1 (2024 : 3). |
|
|
|
|
(5) Tax
|
|
Current tax
|
|
| | 2025 | | 2024 | | £ | | £ | | | Corporation tax charge for current year | 3,582 | | 39 | | | | | | Total current tax | 3,582 | | 39 |
|
|
|
|
(6) Intangible fixed assets
|
| Goodwill | | £ | | Cost | | | As at 01 March 2024 | 90,000 | | As at 28 February 2025 | 90,000 | | Amortisation | | | As at 01 March 2024 | 90,000 | | As at 28 February 2025 | 90,000 | | Net book value | | | As at 28 February 2025 | - | | As at 29 February 2024 | - |
|
|
|
|
(7) Tangible fixed assets
|
| Fixtures and Fittings | | £ | | Cost | | | As at 01 March 2024 | 3,113 | | As at 28 February 2025 | 3,113 | | Depreciation | | | As at 01 March 2024 | 2,678 | | For the year | 109 | | As at 28 February 2025 | 2,787 | | Net book value | | | As at 28 February 2025 | 326 | | As at 29 February 2024 | 435 |
|
|
|
|
(8) Other investments other than loan
|
| Investment Properties | | £ | | Cost | | | As at 01 March 2024 | 55,515 | | Revaluations | 7,084 | | As at 28 February 2025 | 62,599 | | Depreciation | | | As at 28 February 2025 | - | | Net book value | | | As at 28 February 2025 | 62,599 | | As at 29 February 2024 | 55,515 |
|
|
|
|
(9) Creditors: Amounts falling due within one year
|
| | | 2025 | | 2024 | | £ | | £ | | | | | | | Bank loans and overdrafts | 19,500 | | 9,500 | | | | | | Other taxes and social security | 374 | | 392 | | Other creditors | 18,151 | | 29,732 | | Accruals and deferred income | 1,277 | | 360 | | 39,302 | | 39,984 |
|
|
|
(10) Related party transactions
|
| The director Mr. Manhar Patel received a dividend of GBP 2,000 (2024 : GBP 2,000) during the period. |
|
|
|
(11) Directors advances, credit and guarantees
|
The business owes to the directors following balances at year end date 28/02/2025.
Mr Bijaya Kumar Padhi - GBP 3,125 Mr Manhar Patel - GBP 3,245
The loan from directors are interest free and repayable on demand. |
|
|
|
(12) Ultimate controlling party
|
| There was no party with an overall controlling interest in the company during the year. |
|