Praba UK Limited Filleted accounts for Companies House (small and micro)

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Praba UK Limited have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04582772

Praba UK Limited

Filleted Unaudited Abridged Financial Statements

31 December 2018

Praba UK Limited

Abridged Financial Statements

Year ended 31 December 2018

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Praba UK Limited

Abridged Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		4,539,221	4,539,239

Current assets

Debtors	214,588	195,588
Cash at bank and in hand	17,885	14,041
	---------	---------
	232,473	209,629

Creditors: amounts falling due within one year	7	163,469		385,627
		---------		---------
Net current assets/(liabilities)			69,004	( 175,998)
			------------	------------
Total assets less current liabilities			4,608,225	4,363,241

Creditors: amounts falling due after more than one year	8		1,927,285	1,866,434

Provisions

Taxation including deferred tax	208,057	208,057
	------------	------------
Net assets	2,472,883	2,288,750
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,472,783	2,288,650
	------------	------------
Shareholders funds	2,472,883	2,288,750
	------------	------------

These abridged 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 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 31 December 2018 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Praba UK Limited

Abridged Statement of Financial Position (continued)

31 December 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 17 September 2019 , and are signed on behalf of the board by:

Mr S Govindaraju	Mrs T Seeralan
Director	Director

Company registration number: 04582772

Praba UK Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Ground Floor, 388 High Street, Ilford, IG1 1TL, England.

2. Statement of compliance

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

Going concern

After making enquiries, the directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis in preparing the financial statements.

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 & Machinery	-	15% reducing balance

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tax on profit

Major components of tax expense/(income)

	2018	2017
	£	£

Current tax:

UK current tax expense	43,196	34,880
Adjustments in respect of prior periods	–	( 10,267)
	--------	--------
Total current tax	43,196	24,613
	--------	--------

Deferred tax:

Origination and reversal of timing differences	–	( 25,838)
	--------	--------
Tax on profit	43,196	( 1,225)
	--------	--------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is the same as (2017: lower than) the standard rate of corporation tax in the UK of 19 % (2017: 19 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	227,329	181,212
	---------	---------
Profit on ordinary activities by rate of tax	43,196	34,880
Adjustment to tax charge in respect of prior periods	–	( 10,267)
Effect of decreased tax rate on deferred tax balance	–	(25,838)
	---------	---------
Tax on profit	43,196	( 1,225)
	---------	---------

6. Tangible assets

	£
Cost
At 1 January 2018 and 31 December 2018	4,539,968
	------------
Depreciation
At 1 January 2018	729
Charge for the year	18
	------------
At 31 December 2018	747
	------------
Carrying amount
At 31 December 2018	4,539,221
	------------
At 31 December 2017	4,539,239
	------------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	173,328
Trade creditors	19,565	7,815
Accruals and deferred income	3,000	3,000
Corporation tax	78,076	75,732
Director loan accounts	1,873	68,247
Other creditors	60,955	57,505
	---------	---------
	163,469	385,627
	---------	---------

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

	2018	2017
	£	£
Bank loans and overdrafts	1,926,398	1,863,356
Social security and other taxes	887	3,078
	------------	------------
	1,927,285	1,866,434
	------------	------------

The bank loans are secured by first fixed charge over the properties and floating charge over the company's assets. Commercial rates of interest are charged by the bank on the loan.

9. Deferred tax

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

	2018	2017
	£	£
Included in provisions	208,057	208,057
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Revaluation of tangible assets	208,057	208,057
	---------	---------

10. Directors' advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Govindaraju	( 68,247)	66,374	( 1,873)
	--------	--------	-------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Govindaraju	( 55,342)	( 12,905)	( 68,247)
	--------	--------	--------

11. Controlling party

The company is controlled by Mr S Govindaraju & Mrs T Seeralan who own 50% each of the issued share capital.