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Registered number: 06303983
AUJLA (UK) LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
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AUJLA (UK) LIMITED
REGISTERED NUMBER: 06303983
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Investment property reserve
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Page 1
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AUJLA (UK) LIMITED
REGISTERED NUMBER: 06303983
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2017
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 10 form part of these financial statements.
Page 2
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AUJLA (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2017
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Investment property revaluation reserve
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Comprehensive income for the year
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Transfer from retianed earnings
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Total comprehensive income for the year
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The notes on pages 5 to 10 form part of these financial statements.
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Page 3
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AUJLA (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2016
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Investment property revaluation reserve
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At 1 August 2015 (as previously stated)
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FRS102 transitional adjustments
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At 1 August 2015 (as restated)
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Comprehensive income for the year
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Transfer of non-distributable revaluation loss (net of deferred tax)
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Transfer from retained earnings
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Total comprehensive income for the year
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The notes on pages 5 to 10 form part of these financial statements.
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Page 4
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
Aujla (UK) Limited is a private limited company incorporated in England.
Registered Office:
Unit 20 Merlin Way
Quarry Hill Industrial Park
Ilkeston
Derby
DE7 4RA
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Income statement in the year in which they are incurred.
Tax is recognised in the Income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 0 (2016 - 0).
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Page 6
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
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Freehold investment property
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The 2017 valuations were made by the director, on an open market value for existing use basis.
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Cash and cash equivalents
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Page 7
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Page 8
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
Investment property revaluation reserve
This reserve records non-distributable losses arising on revaluation of investment properties, net of deferred tax.
Profit & loss account
This reserve represents all current and prior period retained profits and loses. A transfer has been made to the investment property revaluation reserve which represents the non-distributable losses arising on investment properties.
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Related party transactions
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At the balance sheet date the company owed the director £39,326 (2016 - £39,326). This is an interset free loan.
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Page 9
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AUJLA (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
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First time adoption of FRS 102
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The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 August 2015. The impact of the transition to FRS 102 is as follows:
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Reconciliation of equity at 1 August 2015
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Equity at 1 August 2015 under previous UK GAAP
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Equity shareholders funds at 1 August 2015 under FRS 102
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Reconciliation of equity at 31 July 2016
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Equity at 31 July 2016 under previous UK GAAP
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Equity shareholders funds at 31 July 2016 under FRS 102
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Reconciliation of profit and loss account for the year ended 31 July 2016
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Profit for the year under previous UK GAAP
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Profit for the year ended 31 July 2016 under FRS 102
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The following were changes in accounting policies arising from the transition to FRS 102:
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Prior to the adoption of FRS102, unrealised gains/losses on the revaluation of investments properties were taken to the Revaluation reseve via the Statement of Total Recognised Gains and Losses. All unrealised gains/losses on the revaluation of investment properties have been transferred to a nondistributable reserve.
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Page 10
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