Sukh Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10389672 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

SUKH PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K S Krishan

P K Krishan

S S Krishan

REGISTERED OFFICE:

33 St. James's Square

London

United Kingdom

SW1Y 4JS

REGISTERED NUMBER:

10389672 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

BANKERS:

Handelsbanken plc

2 Trinity Court

Broadlands

Wolverhampton

WV10 6UH

FIXED ASSETS

Investment property

4

292,893

206,366

CURRENT ASSETS

Debtors

5

6,288

100

CREDITORS

Amounts falling due within one year

6

(307,851

)

(221,586

)

NET CURRENT LIABILITIES

(301,563

)

(221,486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,670

)

(15,120

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(8,770

)

(15,220

)

(8,670

)

(15,120

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 31 May 2019 and were signed on its behalf by:

S S Krishan - Director

1.	STATUTORY INFORMATION

Sukh Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements 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.

Going concern

At the year end the company has net current liabilities of £301,563 and net liabilities of £8,670. The directors

have agreed to continue funding the company for the foreseeable future. On this basis the directors have

prepared these financial statements on the going concern basis.

Turnover

Turnover represents property sales, rental income and consultancy invoiced in the year. Turnover is measured

as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and

other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable

expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or

deficit on revaluation is recognised in the profit and loss account accumulated in an other reserve unless a deficit

below original cost, or its reversal, on an individual investment property is expected to be permanent, in which

case it is recognised in the profit and loss account for the year.

Financial instruments

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, 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 payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

206,366

Additions

86,527

At 31 December 2018

292,893

NET BOOK VALUE

At 31 December 2018

292,893

At 31 December 2017

206,366

The directors do not consider the market value of the property at the year end to be materially different from the

carrying value in the accounts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,006

-

Other debtors

282

100

6,288

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,202

2,639

Taxation and social security

1,426

-

Other creditors

304,223

218,947

307,851

221,586

7.	RELATED PARTY DISCLOSURES

At the year end a balance was due to a related party, a company with common directors, of £371 (2017: £725

due from).

At the year end a balance was due to a related party, a company with common directors, of £468 (2017: £nil).