Shiv Sampatti Ltd 31/03/2020 iXBRL

Shiv Sampatti Ltd 31/03/2020 iXBRL

SHIV SAMPATTI LTD - Company Information

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Company Registration Number: 10696531
SHIV SAMPATTI LTD
Unaudited Filleted Financial Statements
31 March 2020
SHIV SAMPATTI LTD
Contents
Balance Sheet
Notes To The Financial Statements
SHIV SAMPATTI LTD
Balance Sheet
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 742,289 742,289
Investments 6 26,814 50
_______ _______
769,103 742,339
Current assets
Debtors 7 497,237 93,451
Cash at bank and in hand 22,661 1,654
_______ _______
519,898 95,105
Creditors: amounts falling due
within one year 8 ( 865,093) ( 413,824)
_______ _______
Net current liabilities ( 345,195) ( 318,719)
_______ _______
Total assets less current liabilities 423,908 423,620
Creditors: amounts falling due
after more than one year 9 ( 479,113) ( 478,504)
_______ _______
Net liabilities ( 55,205) ( 54,884)
_______ _______
Capital and reserves
Called up share capital 11 102 102
Profit and loss account ( 55,307) ( 54,986)
_______ _______
Shareholders deficit ( 55,205) ( 54,884)
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2021 , and are signed on behalf of the board by:
..........................
Dr V. Goel
Director
Company registration number: 10696531
SHIV SAMPATTI LTD
Notes To The Financial Statements
Year Ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The balance sheet at 31 March 2020 shows a deficit of assets. However, in the opinion of the directors, the circumstances which originally gave rise to this situation are unlikely to recur, and the company is expected to trade profitably in future accounting periods. In the meantime the directors are committed to provide the company with any additional funding necessary to maintain trade, and therfore these financial statements have been prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent charged, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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. All of the financial instruments applicable to the company are basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. 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. 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 (2019: 1 ).
5. Tangible assets
Freehold investment property
£
Cost
At 1 April 2019 and 31 March 2020 742,289
_______
Depreciation
At 1 April 2019 and 31 March 2020 -
_______
Carrying amount
At 31 March 2020 742,289
_______
At 31 March 2019 742,289
_______
Investment property
In the director's opinion the above cost approximates to the market value of the company's investment properties as at 31 March 2020.
6. Investments
Shares in participating interests Other investments other than loans Total
£ £ £
Cost
At 1 April 2019 50 - 50
Additions - 46,623 46,623
Disposals - ( 19,859) ( 19,859)
_______ _______ _______
At 31 March 2020 50 26,764 26,814
_______ _______ _______
Impairment
At 1 April 2019 and 31 March 2020 - - -
_______ _______ _______
Carrying amount
At 31 March 2020 50 26,764 26,814
_______ _______ _______
At 31 March 2019 50 - 50
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 2,060 3,350
Amounts owed by group undertakings and undertakings in which the company has a participating interest 475,000 80,000
Deferred tax asset (note 10) 12,048 10,101
Prepayments and accrued income 8,129 -
_______ _______
497,237 93,451
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 2,460 2,160
Director loan accounts 4,688 2,582
Other creditors 857,945 409,082
_______ _______
865,093 413,824
_______ _______
Mortgage loans are secured upon the respective freehold investment properties concerned.
Other creditors include a loan of £857,565 (31 March 2019 - £398,065) from a connected company.
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 479,113 478,504
_______ _______
Mortgage loans are secured upon the respective freehold investment properties concerned.
All of the above amounts fall due for repayment after more than five years from the balance sheet date.
The two mortgage loans are repayable on an interest-only basis by monthly payments, currently totalling £1,256.28, over 25 years, with interest fixed at around 3% per annum in the opening years before rising to the individual lender's standard variable rates, currently averaging around 5.5%.
10. Deferred tax
The deferred tax included in the Balance Sheet is as follows:
2020 2019
£ £
Included in debtors (note 7) 12,048 10,101
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Unused tax losses 12,048 10,101
_______ _______
11. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Ordinary 'A' shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
102 102 102 102
_______ _______ _______ _______