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

REGISTERED NUMBER: 04809219 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2019

FOR

NIRVANA PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J.G Patel

Mrs A J Patel

SECRETARY:

J.G Patel

REGISTERED OFFICE:

278 Northfield Avenue

Ealing

London

W5 4UB

REGISTERED NUMBER:

04809219 (England and Wales)

ACCOUNTANTS:

Jay Patel & Co

Chartered Accountants

278 Northfield Avenue

Ealing

London

W5 4UB

FIXED ASSETS

Tangible assets

4

2,380,000

2,380,000

CURRENT ASSETS

Debtors

5

4,025

1,285

Cash at bank

17,092

13,308

21,117

14,593

CREDITORS

Amounts falling due within one year

6

1,449,372

1,498,393

NET CURRENT LIABILITIES

(1,428,255

)

(1,483,800

)

TOTAL ASSETS LESS CURRENT LIABILITIES

951,745

896,200

PROVISIONS FOR LIABILITIES

107,668

107,668

NET ASSETS

844,077

788,532

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

844,075

788,530

SHAREHOLDERS' FUNDS

844,077

788,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2019 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 9th March 2020 and were signed on its behalf by:

J.G Patel - Director

1.	STATUTORY INFORMATION

Nirvana 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover & revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

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

Freehold property - not provided

Fixture & Fittings - 15% on cost - Straight Line Basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for

the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial

statements.

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st July 2018

and 30th June 2019

2,380,000

18,040

2,398,040

DEPRECIATION

At 1st July 2018

and 30th June 2019

-

18,040

18,040

NET BOOK VALUE

At 30th June 2019

2,380,000

-

2,380,000

At 30th June 2018

2,380,000

-

2,380,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

3,650

910

Other debtors

375

375

4,025

1,285

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Amounts due to related parties

1,399,776

1,453,076

Corporation tax

13,029

8,809

Rent Deposit

20,956

20,759

Rent Prepayments

4,151

7,147

Accrued expenses

11,460

8,602

1,449,372

1,498,393

7.	SUMMARY OF TRANSACTIONS WITH RELATED PARTIES

Nirvana Management Ltd

(A company with common control and directorship)

At the balance sheet date the amount owed to Nirvana Management Ltd was £335,076 (2018- £429,076)

Nirvana Homes Ltd

(A company with common control and directorship)

At the balance sheet date the amount owed to Nirvana Homes Ltd was £1,064,700 (2018- £1,024,000)

8.	ULTIMATE CONTROLLING PARTY