Neelkanth Safe Deposit Ltd

(Registration number: 08146944) (England and Wales)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	4,900,449	5,030,360
Investment property	5	550,000	550,000
		5,450,449	5,580,360
Current assets
Debtors	6	41,309	33,752
Cash at bank and in hand		1,604,786	325,505
		1,646,095	359,257
Creditors: Amounts falling due within one year	7	(1,430,218)	(1,282,625)
Net current assets/(liabilities)		215,877	(923,368)
Total assets less current liabilities		5,666,326	4,656,992
Creditors: Amounts falling due after more than one year	7	(6,464,231)	(5,866,907)
Provisions for liabilities		(132,471)	(186,951)
Net liabilities		(930,376)	(1,396,866)
Capital and reserves
Called up share capital	8	1,000	1,000
Retained earnings		(931,376)	(1,397,866)
Shareholders' deficit		(930,376)	(1,396,866)

For the financial year ending 31 December 2025 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 accounts 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 accounts.

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.

Neelkanth Safe Deposit Ltd

(Registration number: 08146944) (England and Wales)
Balance Sheet as at 31 December 2025 (continued)

The financial statements were approved and authorised for issue by the Board on 21 August 2026 and signed on its behalf by:
 

......................................... Mr D K Pujara Director

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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:
Bank House
335-337 Harrow Road
Wembley
London
HA9 6BB
United Kingdom

These financial statements were authorised for issue by the Board on 21 August 2026.

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).

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 financial support as necessary.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income from safe deposit lockers and services rendered 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.

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Government grants

Government grants are accounted under the accruals model as permitted by FRS102. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and Machinery	5% Reducing balance basis
Fixtures and fittings	10% Straight line basis
Improvements to properties	5% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Financial instruments

(i) Financial assets
Basic financial assets, including trade, other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.

At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, and amount due to related party, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid.

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 or 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

3	Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 7 (2024: 7).

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

5	Investment properties

	2025 £
At 1 January	550,000
At 31 December	550,000

The fair value of the investment properties at the date of the balance sheet was £550,000 (2024: £550,000). The fair value of the investment properties were assessed internally by the directors at the year end and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.

6

Debtors

	2025 £	2024 £
Trade debtors	9,889	7,676
Prepayments	31,420	26,076
	41,309	33,752

7

Creditors

Creditors: amounts falling due within one year

		2025 £	2024 £
Due within one year
Trade creditors		33,104	15,198
Taxation and social security		65,389	50,895
Other creditors		819,932	745,710
Accrued expenses		3,682	22,356
Deferred income		508,111	448,466
		1,430,218	1,282,625

Neelkanth Safe Deposit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

7	Creditors (continued)

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Directors loan account	9	6,464,231	5,866,907