Sarovar Corporation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09904951 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

SAROVAR CORPORATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr A Kanda

REGISTERED OFFICE:

1a George Street

Wolverhampton

WV2 4DP

REGISTERED NUMBER:

09904951 (England and Wales)

ACCOUNTANTS:

Fortus Midlands Limited

Hamilton Office Park

31 High View Close

Leicester

Leicestershire

LE4 9LJ

FIXED ASSETS

Tangible assets

4

479,779

476,985

CURRENT ASSETS

Debtors

5

654

39,307

Cash at bank

31,395

11,181

32,049

50,488

CREDITORS

Amounts falling due within one year

6

129,131

124,852

NET CURRENT LIABILITIES

(97,082

)

(74,364

)

TOTAL ASSETS LESS CURRENT LIABILITIES

382,697

402,621

CREDITORS

Amounts falling due after more than one year

7

375,400

410,400

NET ASSETS/(LIABILITIES)

7,297

(7,779

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7,197

(7,879

)

SHAREHOLDERS' FUNDS

7,297

(7,779

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 December 2020 and were signed by:

Mr A Kanda - Director

1.	STATUTORY INFORMATION

Sarovar Corporation Limited 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.	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.

Turnover

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 April 2019

269,300

207,685

476,985

Additions

-

2,794

2,794

At 31 March 2020

269,300

210,479

479,779

NET BOOK VALUE

At 31 March 2020

269,300

210,479

479,779

At 31 March 2019

269,300

207,685

476,985

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

654

39,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

107,649

106,920

Directors' current accounts

20,407

17,407

Accrued expenses

1,075

525

129,131

124,852

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Trade creditors

105,400

140,400

Other creditors

270,000

270,000

375,400

410,400

8.	RELATED PARTY DISCLOSURES

Creditors amounts falling due after more than one year includes a loan from Kanda Precious Metals Limited. Mr J K Kanda is a director of Kanda Precious Metals Limited and the father of Mr A Kanda the director of Sarovar Corporation Limited. The balance outstanding at 31 March 2020 was £270,000 (2019 £270,000) and is included in other creditors. This loan attracts no interest.

Creditors amounts falling due within one year includes an amount loaned by the director of £20,407 (2019 £17,407). This amount is payable on demand and is loaned interest free.