Equalunit Limited - Period Ending 2019-03-31
Equalunit Limited - Period Ending 2019-03-31
Registration number:
Equalunit Limited
for the Period from 1 July 2018 to 31 March 2019
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN
Equalunit Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Equalunit Limited
Company Information
Directors |
Mr Samir Mahmud Kamani Mr Mahesh Patel Mr Adam Mahmud Kamani |
Registered office |
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Accountants |
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Equalunit Limited
(Registration number: 02681771)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Equalunit Limited
(Registration number: 02681771)
Balance Sheet as at 31 March 2019
Approved and authorised by the
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Director
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Equalunit Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents rental income receivable during the year, net of VAT. Rental income is recognised in the period to which it relates.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
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Equalunit Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 March 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Investment properties |
2019 |
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At 1 July |
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Additions |
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At 31 March |
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The investment property portfolio was valued on an open market basis on 31st March 2019 by the directors.
The historical costs of the investment property portfolio is £379,207 (2018 - £235,481).
There has been no valuation of investment property by an independent valuer.
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Equalunit Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 March 2019
Debtors |
2019 |
2018 |
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Prepayments |
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Other debtors |
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Equalunit Limited
Notes to the Financial Statements for the Period from 1 July 2018 to 31 March 2019
Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 1st Floor, Kensington Chambers, 46/50 Kensington Place, St Helier, Jersey, JE4 0ZE
MAKKMA Jersey Limited owns 100% of the company's share capital.
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