Pawar Developments (UK) Ltd Filleted accounts for Companies House (small and micro)

PAWAR DEVELOPMENTS (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06249453

Pawar Developments (UK) Ltd

Filleted Unaudited Financial Statements

31 December 2017

Pawar Developments (UK) Ltd

Statement of Financial Position

31 December 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	4	27	36
Investments	5	150,003	150,003
		---------	---------
		150,030	150,039

Current assets

Stocks		370,326	652,222
Debtors	6	2,381	15,132
Investments	7	–	50,000
Cash at bank and in hand		124,951	796,272
		---------	------------
		497,658	1,513,626

Creditors: amounts falling due within one year	8	1,088,011	1,757,456
		------------	------------
Net current liabilities		590,353	243,830
		---------	---------
Total assets less current liabilities		( 440,323)	( 93,791)
		---------	--------
Net liabilities		( 440,323)	( 93,791)
		---------	--------

Capital and reserves

Called up share capital	9	6	6
Profit and loss account		( 440,329)	( 93,797)
		---------	--------
Shareholders deficit		( 440,323)	( 93,791)
		---------	--------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 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 .

Pawar Developments (UK) Ltd

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 4 July 2018 , and are signed on behalf of the board by:

Mr K S Pawar

Director

Company registration number: 06249453

Pawar Developments (UK) Ltd

Notes to the Financial Statements

Year ended 31 December 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 44 Park Road, Walsall, West Midlands, WS5 3JU.

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 investment properties measured at fair value through the profit and loss account. The financial statements are prepared in sterling, which is the functional currency of the entity.

Investments in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost less any amounts written off.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in "other administrative expenses".

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. The judgements 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: Estimated life of fixed assets Fair value of investments

Revenue recognition

The turnover shown in the profit and loss account comprises the total proceeds of building and development on legal completion excluding value added tax.

Income tax

The taxation expense represents the aggregate amount of current 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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Investments

Investments in shares are measured at fair value with changes in fair value being 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2017 and 31 December 2017	476	476
	----	----
Depreciation
At 1 January 2017	440	440
Charge for the year	9	9
	----	----
At 31 December 2017	449	449
	----	----
Carrying amount
At 31 December 2017	27	27
	----	----
At 31 December 2016	36	36
	----	----

5. Investments

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost
At 1 January 2017 and 31 December 2017	3	150,000	150,003
	----	---------	---------
Impairment
At 1 January 2017 and 31 December 2017	–	–	–
	----	---------	---------

Carrying amount
At 31 December 2017	3	150,000	150,003
	----	---------	---------
At 31 December 2016	3	150,000	150,003
	----	---------	---------

In the Directors' opinion the market value of the investment property was £155,000 at the year end.

There is no deferred tax liability arising on a potential disposal of the investment property as the indexed cost is greater than the estimated sales proceeds.

6. Debtors

	2017	2016
	£	£
Other debtors	2,381	15,132
	-------	--------

7. Investments

	2017	2016
	£	£
Other investments	–	50,000
	----	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	294	294
Amounts owed to group undertakings	390,603	794,249
Social security and other taxes	–	53,212
Other creditors	697,114	909,701
	------------	------------
	1,088,011	1,757,456
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	6	6	6	6
	----	----	----	----