Ghai Real Estates Limited Filleted accounts for Companies House (small and micro)

Ghai Real Estates Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 12397687
Ghai Real Estates Limited
Filleted Unaudited Financial Statements
31 December 2020
Ghai Real Estates Limited
Statement of Financial Position
31 December 2020
31 Dec 20
Note
£
Fixed assets
Tangible assets
4
899,783
Current assets
Debtors
5
8,310
Cash at bank and in hand
73,679
--------
81,989
Creditors: amounts falling due within one year
6
916,999
---------
Net current liabilities
835,010
---------
Total assets less current liabilities
64,773
Creditors: amounts falling due after more than one year
7
50,000
--------
Net assets
14,773
--------
Capital and reserves
Called up share capital
100
Profit and loss account
14,673
--------
Shareholders funds
14,773
--------
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 statement of comprehensive income has not been delivered.
For the period ending 31 December 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 period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ghai Real Estates Limited
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 12 August 2021 , and are signed on behalf of the board by:
Mr K K Ghai
Director
Company registration number: 12397687
Ghai Real Estates Limited
Notes to the Financial Statements
Period from 10 January 2020 to 31 December 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
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.
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.
Investment property
Investment property is initially recorded 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Tangible assets
Freehold property
£
Cost
At 10 January 2020
Additions
899,783
---------
At 31 December 2020
899,783
---------
Depreciation
At 10 January 2020 and 31 December 2020
---------
Carrying amount
At 31 December 2020
899,783
---------
Included within the above is investment property as follows:
£
At 10 January 2020
Additions
899,783
---------
At 31 December 2020
899,783
---------
The property was revalued by the director at the year end and is considered by him to be reflective of the true and fair value at the balance sheet date.
5. Debtors
31 Dec 20
£
Other debtors
8,310
-------
6. Creditors: amounts falling due within one year
31 Dec 20
£
Corporation tax
3,483
Other creditors
913,516
---------
916,999
---------
7. Creditors: amounts falling due after more than one year
31 Dec 20
£
Bank loans and overdrafts
50,000
--------
8. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Dec 20
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr K K Ghai
( 18,706)
( 18,706)
----
--------
--------
9. Related party transactions
The company was under the control of the director. At the balance sheet date other creditors include an interest free loan of £881,625 from Ghai & Co Limited in which Mr Kamal Kumar Ghai is the director and holds 100% shares in the company. The loan was taken to finance the purchase of the investment properties. This loan is unsecured, interest free and repayable on demand. It will definitely become repayable at the sale of the investment property.