BAPU HOSPITALITY LIMITED 30/09/2022 iXBRL

BAPU HOSPITALITY LIMITED 30/09/2022 iXBRL

BAPU HOSPITALITY LIMITED - Company Information

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Company registration number: SC432004
BAPU HOSPITALITY LIMITED
Unaudited filleted abridged financial statements
30 September 2022
BAPU HOSPITALITY LIMITED
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
BAPU HOSPITALITY LIMITED
Directors and other information
Directors Mr. Paramjit Basi
Mr. Navdeep Basi
Mr. Parpeet Basi
Secretary Paramjit Singh Basi
Company number SC432004
Registered office Trader's Quarter, Third Floor
166 Buchanan Street
Glasgow
G1 2LW
Business address Trader's Quarter, Third Floor
166 Buchanan Street
Glasgow
G1 2LW
Accountants T. Murphy & Company
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
Solicitors Turcan Connell Solicitors
Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE
BAPU HOSPITALITY LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of BAPU HOSPITALITY LIMITED
Year ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BAPU HOSPITALITY LIMITED for the year ended 30 September 2022 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of BAPU HOSPITALITY LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BAPU HOSPITALITY LIMITED and state those matters that we have agreed to state to the board of directors of BAPU HOSPITALITY LIMITED as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BAPU HOSPITALITY LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that BAPU HOSPITALITY LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BAPU HOSPITALITY LIMITED. You consider that BAPU HOSPITALITY LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BAPU HOSPITALITY LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
T. Murphy & Company
Chartered Accounants
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
27 September 2023
BAPU HOSPITALITY LIMITED
Abridged statement of financial position
30 September 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 270,648 269,821
_______ _______
270,648 269,821
Current assets
Debtors 3,137 100
Cash at bank and in hand 301 1,586
_______ _______
3,438 1,686
Creditors: amounts falling due
within one year ( 276,087) ( 272,600)
_______ _______
Net current liabilities ( 272,649) ( 270,914)
_______ _______
Total assets less current liabilities ( 2,001) ( 1,093)
_______ _______
Net liabilities ( 2,001) ( 1,093)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 2,101) ( 1,193)
_______ _______
Shareholders deficit ( 2,001) ( 1,093)
_______ _______
For the year ending 30 September 2022 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.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:
Mr. Paramjit Basi
Director
Company registration number: SC432004
BAPU HOSPITALITY LIMITED
Notes to the financial statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Trader's Quarter, Third Floor, 166 Buchanan Street, Glasgow, G1 2LW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 0 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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 3 (2021: 3 ).
5. Tangible assets
£
Cost
At 1 October 2021 269,821
Additions 827
_______
At 30 September 2022 270,648
_______
Depreciation
At 1 October 2021 and 30 September 2022 -
_______
Carrying amount
At 30 September 2022 270,648
_______
At 30 September 2021 269,821
_______
6. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Navdeep Basi - 1,400 1,400
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Navdeep Basi - - -
_______ _______ _______
During the year under review no other advances, credit or guarantees were either granted to, or on behalf of, any of the company's directors.
7. Controlling party
A controlling interest in the company's share capital is held by The Basi Family 2017 Discretionary Trust .
8. Going Concern status
As at the balance sheet date the company has a small excess of liabilities over assets in the amount of £(2,001). The company will therefore require the financial support of its shareholder in order for its operations to continue. Since the directors have indicated such support will be forthcoming then it has been regarded as appropriate to prepare these accounts on the Going Concern basis of accounting.