SANAM ENTERPRISE LIMITED Small abridged accounts

SANAM ENTERPRISE LIMITED Small abridged accounts

SANAM ENTERPRISE LTD - Company Information

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Statement of Consent to Prepare Financial Statements
All of the members of SANAM ENTERPRISE LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 06621885
SANAM ENTERPRISE LIMITED
Unaudited Financial Statements
30 June 2017
SANAM ENTERPRISE LIMITED
Financial Statements
Year ended 30 June 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants & statutory auditors report to the board of directors on the preparation of the unaudited statutory financial statements
9
Detailed abridged income statement
10
Notes to the detailed abridged income statement
11
SANAM ENTERPRISE LIMITED
Officers and Professional Advisers
The board of directors
Mr K S Hayre
Mr K S Aujla
Company secretary
Mr K S Aujla
Registered office
83a Meadfield Road
Langley
Slough
United Kingdom
SL3 8HY
Accountants
Johal & Company Accountants Ltd
Chartered Accountants & Statutory Auditors
167 Uxbridge Road
Hanwell
London
W7 3TH
SANAM ENTERPRISE LIMITED
Directors' Report
Year ended 30 June 2017
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2017 .
Directors
The directors who served the company during the year were as follows:
Mr K S Hayre
Mr K S Aujla
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 March 2018 and signed on behalf of the board by:
Mr K S Hayre
Director
SANAM ENTERPRISE LIMITED
Abridged Statement of Income and Retained Earnings
Year ended 30 June 2017
2017
2016
Note
£
£
Gross profit
69,109
90,397
Administrative expenses
16,825
26,721
--------
--------
Operating profit
52,284
63,676
Interest payable
4
45,211
57,316
--------
--------
Profit before taxation
7,073
6,360
Taxation on ordinary activities
1,397
1,279
-------
-------
Profit for the financial year and total comprehensive income
5,676
5,081
-------
-------
Retained earnings at the start of the year
10,979
5,898
--------
--------
Retained earnings at the end of the year
16,655
10,979
--------
--------
All the activities of the company are from continuing operations.
SANAM ENTERPRISE LIMITED
Abridged Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
2,230,000
2,230,000
Current assets
Debtors
14,988
10,636
Cash at bank and in hand
1,708
–
--------
--------
16,696
10,636
Creditors: amounts falling due within one year
9,324
8,940
--------
--------
Net current assets
7,372
1,696
------------
------------
Total assets less current liabilities
2,237,372
2,231,696
Creditors: amounts falling due after more than one year
1,201,610
1,201,610
------------
------------
Net assets
1,035,762
1,030,086
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
1,019,105
1,019,105
Profit and loss account
16,655
10,979
------------
------------
Shareholders funds
1,035,762
1,030,086
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2017 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 .
SANAM ENTERPRISE LIMITED
Abridged Statement of Financial Position (continued)
30 June 2017
These financial statements were approved by the board of directors and authorised for issue on 14 March 2018 , and are signed on behalf of the board by:
Mr K S Hayre
Director
Company registration number: 06621885
SANAM ENTERPRISE LIMITED
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 83a Meadfield Road, Langley, Slough, SL3 8HY, United Kingdom.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
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.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Interest payable
2017
2016
£
£
Interest on banks loans and overdrafts
45,211
57,316
--------
--------
5. Tangible assets
£
Cost
At 1 July 2016 and 30 June 2017
2,230,000
------------
Depreciation
At 1 July 2016 and 30 June 2017
–
------------
Carrying amount
At 30 June 2017
2,230,000
------------
At 30 June 2016
2,230,000
------------
6. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
7. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.
SANAM ENTERPRISE LIMITED
Management Information
Year ended 30 June 2017
The following pages do not form part of the financial statements.
SANAM ENTERPRISE LIMITED
Chartered Accountants & Statutory Auditors Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of SANAM ENTERPRISE LIMITED
Year ended 30 June 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Johal & Company Accountants Ltd Chartered Accountants & Statutory Auditors
167 Uxbridge Road Hanwell London W7 3TH
14 March 2018
SANAM ENTERPRISE LIMITED
Detailed Abridged Income Statement
Year ended 30 June 2017
2017
2016
£
£
Overheads
Administrative expenses
16,825
26,721
--------
--------
Operating profit
(16,825)
(26,721)
Interest payable
(45,211)
(57,316)
--------
--------
Profit before taxation
(62,036)
(84,037)
--------
--------
SANAM ENTERPRISE LIMITED
Notes to the Detailed Abridged Income Statement
Year ended 30 June 2017
2017
2016
£
£
Other operating income
Operating lease rental income (non-contingent)
69,109
90,397
--------
--------
Administrative expenses
Light and heat
2,123
2,082
Insurance
2,283
2,250
Repairs and maintenance
4,015
2,589
Wear & Tear (10%)
–
9,000
Management charges payable
7,065
6,320
Legal and professional fees (allowable)
–
2,825
Accountancy fees
1,020
1,344
Bank charges
319
311
--------
--------
16,825
26,721
--------
--------
Interest payable
Bank interest
45,211
57,316
--------
--------