Company Registration No. 08520736 (England and Wales)
GANESH HOLDINGS (RK) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
GANESH HOLDINGS (RK) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GANESH HOLDINGS (RK) LTD
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
808,202
733,338
Investments
3
106
106
808,308
733,444
Current assets
Debtors
4
1,480,089
1,071,446
Cash at bank and in hand
2,452
3,299
1,482,541
1,074,745
Creditors: amounts falling due within one year
5
(1,893,214)
(1,487,900)
Net current liabilities
(410,673)
(413,155)
Total assets less current liabilities
397,635
320,289
Creditors: amounts falling due after more than one year
6
(248,268)
(227,195)
Net assets
149,367
93,094
Capital and reserves
Called up share capital
7
106
106
Profit and loss reserves
149,261
92,988
Total equity
149,367
93,094
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GANESH HOLDINGS (RK) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 January 2020
Mr R K Krishan
Director
Company Registration No. 08520736
GANESH HOLDINGS (RK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Ganesh Holdings (RK) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Acorn Business Park, Commercial Gate, Mansfield, Notts, NG18 1EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line on the building costs
Plant and machinery
15% Reducing Balance
Fixtures, fittings & equipment
33% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
GANESH HOLDINGS (RK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Debtors and creditors receivable/payable within one year
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 profit and loss account 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
GANESH HOLDINGS (RK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GANESH HOLDINGS (RK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 6 -
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2018
402,040
622,075
1,024,115
Additions
72,462
122,725
195,187
Disposals
-
(69,680)
(69,680)
At 30 April 2019
474,502
675,120
1,149,622
Depreciation and impairment
At 1 May 2018
-
290,777
290,777
Depreciation charged in the year
6,412
95,200
101,612
Eliminated in respect of disposals
-
(50,969)
(50,969)
At 30 April 2019
6,412
335,008
341,420
Carrying amount
At 30 April 2019
468,090
340,112
808,202
At 30 April 2018
402,040
331,298
733,338
3
Fixed asset investments
2019
2018
£
£
Investments
106
106
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2018 & 30 April 2019
106
Carrying amount
At 30 April 2019
106
At 30 April 2018
106
GANESH HOLDINGS (RK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
(1)
Amounts owed by group undertakings
1,467,798
1,011,836
Other debtors
12,291
59,611
1,480,089
1,071,446
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
1,833,191
1,469,979
Corporation tax
27,706
-
Other taxation and social security
18,726
-
Other creditors
13,591
17,921
1,893,214
1,487,900
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
248,268
227,195
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
106 Ordinary of £1 each
106
106
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in the accounts are the following in respect of the subsidiary undertaking Ace of Mansfield Limited:-
Amounts charged to the subsidiary undertaking for property and asset rental was £379,968 (2018 £365,654). At the balance sheet date the subsidiary undertaking owed the company £1,467,798 2018 £1,011,836).
At the balance sheet date £1,833,191 (2018 £1,469,979), was owed by Ganesh Holdings (RK) Limited to the subsidiary undertaking.