Punni Estates Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12619271 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2022 TO 30 DECEMBER 2022

FOR

PUNNI ESTATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

M S Punni

REGISTERED OFFICE:

Head Office

37-41 Alcombe Road

Alcombe Minehead

Somerset

TA24 6BA

REGISTERED NUMBER:

12619271 (England and Wales)

AUDITORS:

Shenward LLP

Chartered Accountants & Business Advisors

Summit House

Woodland Park

Bradford Road

Cleckheaton

West Yorkshire

BD19 6BW

FIXED ASSETS

Investments

5

901,911

-

Investment property

6

295,070

241,587

1,196,981

241,587

CURRENT ASSETS

Debtors

7

10,818

18,506

Cash at bank

13,204

1,577

24,022

20,083

CREDITORS

Amounts falling due within one year

8

512,835

-

NET CURRENT (LIABILITIES)/ASSETS

(488,813

)

20,083

TOTAL ASSETS LESS CURRENT LIABILITIES

708,168

261,670

CREDITORS

Amounts falling due after more than one year

9

761,946

274,990

NET LIABILITIES

(53,778

)

(13,320

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(53,878

)

(13,420

)

SHAREHOLDERS' FUNDS

(53,778

)

(13,320

)

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 5 October 2023 and were signed by:

M S Punni - Director

1.	STATUTORY INFORMATION

Punni Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party,

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Provisions for liabilities

Provisions are made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Going concern

After reviewing the company's forecasts and projections, the directors have 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2021 - 1 ) .

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

901,911

At 30 December 2022

901,911

NET BOOK VALUE

At 30 December 2022

901,911

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

241,587

Additions

53,483

At 30 December 2022

295,070

NET BOOK VALUE

At 30 December 2022

295,070

At 31 December 2021

241,587

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

-

11,377

VAT

9,188

429

Prepayments

1,630

6,700

10,818

18,506

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

512,835

-

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

761,946

274,990

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sherad Dewedi CA (Senior Statutory Auditor)

for and on behalf of Shenward LLP

12.	AMOUNTS OWED TO GROUP UNDERTAKINGS

Bahadur Group Limited

2022

2021

(£

)

(£

)

b/f

(274,990

)

(152,162

)

Capital introduced

(486,956

)

(122,828

)

Amounts paid to

0

c/f

(761,946

)

(274,990

)

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bahadur Group Limited by virtue of being the sole shareholder and parent of the company.