AMRIT HOLDINGS CO. LIMITED Filleted accounts for Companies House (small and micro)

AMRIT HOLDINGS CO. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00831184

AMRIT HOLDINGS CO. LIMITED

Filleted Unaudited Financial Statements

31 March 2019

AMRIT HOLDINGS CO. LIMITED

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		1,000,000	1,000,126

Current assets

Debtors	6	1,371,591	1,187,495
Cash at bank and in hand		167,310	310,092
		------------	------------
		1,538,901	1,497,587

Creditors: amounts falling due within one year	7	765,878		770,795
		------------		------------
Net current assets			773,023	726,792
			------------	------------
Total assets less current liabilities			1,773,023	1,726,918

Provisions

Taxation including deferred tax	19,950	19,950
	------------	------------
Net assets	1,753,073	1,706,968
	------------	------------

Capital and reserves

Called up share capital		400	100
Fair value reserve	9	941,061	941,061
Profit and loss account	9	811,612	765,807
		------------	------------
Shareholders funds		1,753,073	1,706,968
		------------	------------

These 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 comprehensive income has not been delivered.

For the year ending 31 March 2019 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 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 financial statements .

AMRIT HOLDINGS CO. LIMITED

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 22 November 2019 , and are signed on behalf of the board by:

Mr D Fluss

Director

Company registration number: 00831184

AMRIT HOLDINGS CO. LIMITED

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents rents receivable.

Income tax

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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:

	Fixtures and fittings	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	1,000,000	14,405	1,014,405
	------------	--------	------------
Depreciation
At 1 April 2018	–	14,279	14,279
Charge for the year	–	126	126
	------------	--------	------------
At 31 March 2019	–	14,405	14,405
	------------	--------	------------
Carrying amount
At 31 March 2019	1,000,000	–	1,000,000
	------------	--------	------------
At 31 March 2018	1,000,000	126	1,000,126
	------------	--------	------------

Tangible assets held at valuation

The revaluation of the investment properties was made by the directors on an open market value for existing use basis at the end of 31 March 2017.

6. Debtors

	2019	2018
	£	£
Other debtors	1,371,591	1,187,495
	------------	------------

Other debtors include £1,360,000 (2018: £1,180,000) due from related undertakings.

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	10,381	–
Corporation tax	10,915	16,224
Social security and other taxes	–	1,249
Unpaid remuneration	15,000	14,999
Other creditors	20,176	16,612
Other creditors	709,406	721,711
	---------	---------
	765,878	770,795
	---------	---------

Other creditors include amount due to related undertakings of £706,646 (2018: £707,175).

8. Deferred tax

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

	2019	2018
	£	£
Included in provisions	19,950	19,950
	--------	--------

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

	2019	2018
	£	£
Fair value adjustment of financial assets	19,950	19,950
	--------	--------

9. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.