PASSION OF INDIA LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04336647

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PASSION OF INDIA LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

6

FIXED ASSETS

Intangible assets

3

-

-

Property, plant and equipment

4

573,851

574,601

573,851

574,601

CURRENT ASSETS

Debtors

5

2,633

3,519

Cash at bank and in hand

25,563

5,960

28,196

9,479

CREDITORS

Amounts falling due within one year

6

(3,777

)

(2,294

)

NET CURRENT ASSETS

24,419

7,185

TOTAL ASSETS LESS CURRENT LIABILITIES

598,270

581,786

CAPITAL AND RESERVES

Called up share capital

740,002

740,002

Retained earnings

(141,732

)

(158,216

)

598,270

581,786

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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

P S Nagi - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address

of the registered office is Stone House, Stone Road, Stoke-On-Trent, ST4 6SR. The principal activity

of the company during the year was that of a joint venture Indian restaurant.

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.

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported. These estimates and judgements are continually

reviewed and are based on experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely

equal the related actual outcome. The key assumptions and other sources of estimation uncertainty

that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of intangible and

tangible fixed assets has been based on estimated useful lives and residual values deemed

appropriate by the directors. Estimated useful lives and residual values are reviewed annually and

revised as appropriate. Revisions take in to account actual asset lives and residual values as

evidenced by disposals during current and prior accounting periods.

Revenue recognition

The turnover shown in the profit and loss account is only recognised when the funds are physically

received from the joint venture partner. The funds are received from the joint venture partner for a

licence to use the business trade and assets for the provision of high quality Indian dining.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over

the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of

the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is

amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of

goodwill or intangible assets cannot be made, the fife is presumed not to exceed ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

10% on reducing balance

Depreciation on land and buildings is not provided, as any uncharged depreciation for the year and the

accumulated uncharged depreciation would be immaterial in aggregate, as a result of the estimated

high residual value of the properties.

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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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.

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 cashgenerating 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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

37,500

AMORTISATION

At 1 January 2018

and 31 December 2018

37,500

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 January 2018

564,276

25,223

589,499

Additions

-

314

314

At 31 December 2018

564,276

25,537

589,813

DEPRECIATION

At 1 January 2018

-

14,898

14,898

Charge for year

-

1,064

1,064

At 31 December 2018

-

15,962

15,962

NET BOOK VALUE

At 31 December 2018

564,276

9,575

573,851

At 31 December 2017

564,276

10,325

574,601

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Directors' loan accounts

2,633

3,519

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

2,817

1,334

Accruals and deferred income

960

960

3,777

2,294

7.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no material events up to 26 September 2019, being the date of approval of the financial

statements by the Board.