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Registered number: 04127238
SNJ (UK) LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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SNJ (UK) LIMITED
Company Information
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SNJ (UK) LIMITED
Registered number: 04127238
Balance sheet
As at 31 March 2018
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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SNJ (UK) LIMITED
Registered number: 04127238
Balance sheet (continued)
As at 31 March 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2019.
The notes on pages 3 to 9 form part of these financial statements.
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
SNJ (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04127238. The address of the registered office is Suite 8, 103 Harley Street, London, W1G 6AJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. .
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares.
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 is recognised in the Profit and loss account.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
2.Accounting policies (continued)
Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 7 (2017 - 7).
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Charge for the year on owned assets
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under hire purchase contracts
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Creditors: Amounts falling due after more than one year
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Net obligations under hire purchase contracts
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Allotted, called up and fully paid
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100 (2017 - 100) Ordinary shares of £1.00 each
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SNJ (UK) LIMITED
Notes to the financial statements
For the Year Ended 31 March 2018
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Related party transactions
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In accordance with paragraph 1AC.35 of FRS 102 the Company has not disclosed transactions with other group members, which are wholly-owned subsidiaries.
Included within other debtors at 31 March 2018 is a loan made to SNJ Property Management Private Limited, a company incorporated in India and controlled by the directors, of £1,331,498 (2017: £1,367,988).
Included within other creditors at 31 March 2018 is a loan received from Snap International Limited, a company incorporated in England & Wales and controlled by the directors, of £98,946 (2017: £48,968)
During the year a director maintained a loan account with the company. Advances made to the director during the year totalled £246,720 (2017: £289,980) and repayments totalled £468,001 (2017: £348,522). The balance owed to the director from the company at the year end was £258,114 (2017: £36,833).
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