POSWAL VENTURES LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08671136

POSWAL VENTURES LIMITED

Filleted Unaudited Financial Statements

30 September 2024

POSWAL VENTURES LIMITED

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4	3,597	1,808
Investments	5	1,058,410	1,058,410
		------------	------------
		1,062,007	1,060,218

Current assets

Cash at bank and in hand	3,110		641

Creditors: amounts falling due within one year	6	31,737		16,006
		--------		--------
Net current liabilities			28,627	15,365
			------------	------------
Total assets less current liabilities			1,033,380	1,044,853

Creditors: amounts falling due after more than one year	7		478,207	490,330

Provisions

Taxation including deferred tax	88,426	88,426
	------------	------------
Net assets	466,747	466,097
	------------	------------

Capital and reserves

Called up share capital		1	1
Profit and loss account	9	466,746	466,096
		---------	---------
Shareholders funds		466,747	466,097
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

POSWAL VENTURES LIMITED

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

S AHMAD
Director

Company registration number: 08671136

POSWAL VENTURES LIMITED

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 180 London Road, Romford, Essex, RM7 9EU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible 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:

	Plant and machinery	-	20% reducing balance

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 October 2023	6,505	6,505
Additions	2,688	2,688
	-------	-------
At 30 September 2024	9,193	9,193
	-------	-------
Depreciation
At 1 October 2023	4,697	4,697
Charge for the year	899	899
	-------	-------
At 30 September 2024	5,596	5,596
	-------	-------
Carrying amount
At 30 September 2024	3,597	3,597
	-------	-------
At 30 September 2023	1,808	1,808
	-------	-------

5. Investments

	Investment property
	£
Cost
At 1 October 2023 and 30 September 2024	1,058,410
	------------
Impairment
At 1 October 2023 and 30 September 2024	–
	------------

Carrying amount
At 30 September 2024	1,058,410
	------------
At 30 September 2023	1,058,410
	------------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	1,260	1,218
Corporation tax	354	353
Director loan accounts	30,123	14,435
	--------	--------
	31,737	16,006
	--------	--------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	420,707	432,830
Other creditors	57,500	57,500
	---------	---------
	478,207	490,330
	---------	---------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions	88,426	88,426
	--------	--------

9. Reserves

	2024	2023
	£	£
Ordinary share capital	1	1
Fair value reserve	476,138	476,138
Profit and loss account	(9,391)	(10,042)
	---------	---------
Shareholders funds	466,748	466,097
	---------	---------

Included in profit and loss account is £476,138 (2023-£476,138) of profit which are not available for distribution as they are unrealised

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S AHMAD	( 71,935)	( 15,688)	( 87,623)
	--------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
S AHMAD	( 59,161)	( 12,774)	( 71,935)
	--------	--------	--------