Alankar Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05104353

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ALANKAR PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Rahim Virani

Karim Virani

SECRETARY:

Paul Davis

REGISTERED OFFICE:

Crown House

North Circular Road

Park Royal

London

NW10 7PN

REGISTERED NUMBER:

05104353

AUDITORS:

UHY Hacker Young (S.E.) Limited

Chartered Accountants & Statutory Auditor

168 Church Road

Hove

East Sussex

BN3 2DL

BANKERS:

Punjab National Bank (International) Ltd

110 South Road

Southall

UB1 1RB

FIXED ASSETS

Investment property

4

2,200,000

2,200,000

CURRENT ASSETS

Debtors

5

45,947

2,530

Cash at bank

29,026

42,988

74,973

45,518

CREDITORS

Amounts falling due within one year

6

317,588

328,620

NET CURRENT LIABILITIES

(242,615

)

(283,102

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,957,385

1,916,898

CREDITORS

Amounts falling due after more than one year

7

(88,472

)

(144,132

)

PROVISIONS FOR LIABILITIES

(38,414

)

(37,966

)

NET ASSETS

1,830,499

1,734,800

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

8

653,183

654,410

Retained earnings

1,176,316

1,079,390

SHAREHOLDERS' FUNDS

1,830,499

1,734,800

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 Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

Karim Virani - Director

1.	STATUTORY INFORMATION

Alankar Properties Ltd is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2.	ACCOUNTING POLICIES

Accounting convention

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 as modified by the revaluation of certain assets.

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements

The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations

Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover

Turnover represents amounts receivable for rent. Rental income is recognised once space is provided to tenants.

Investment property

Investment properties are accounted for as follows:

- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year.

Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.

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 statement of financial positionbalance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial positionbalance 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 NIL (2022 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

2,200,000

NET BOOK VALUE

At 31 March 2023

2,200,000

At 31 March 2022

2,200,000

The freehold investment property was valued on 31 March 2023 on a fair value basis as at that date by the directors.

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

2,200,000

If the freehold property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

1,541,704

1,541,704

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

3,616

905

Amounts owed by group undertakings

40,908

-

Amounts owed by participating interests

-

525

Other debtors

1,423

1,100

45,947

2,530

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

56,517

57,374

Trade creditors

68,051

61,941

Amounts owed to group undertakings

-

31,710

Taxation and social security

46,848

33,987

Other creditors

146,172

143,608

317,588

328,620

The bank loans and overdrafts are secured over the investment property.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

88,472

144,132

8.

RESERVES

Revaluation

reserve

£

At 1 April 2022

654,410

Reserve movement

(1,227

)

At 31 March 2023

653,183

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital

Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)

The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings

The retained earnings represent all current and prior period retained profits and losses.

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

The Report of the Auditors was unqualified.

Charles Homan (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (S.E.) Limited

10.	RELATED PARTY DISCLOSURES

There are no related party transactions that require disclosure under FRS102.

11.	ULTIMATE CONTROLLING PARTY

The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales.

The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme.