Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31computer consultancy72021-04-01false7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04636868 2021-04-01 2022-03-31 04636868 2020-04-01 2021-03-31 04636868 2022-03-31 04636868 2021-03-31 04636868 c:Director3 2021-04-01 2022-03-31 04636868 d:PlantMachinery 2021-04-01 2022-03-31 04636868 d:PlantMachinery 2022-03-31 04636868 d:PlantMachinery 2021-03-31 04636868 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04636868 d:FurnitureFittings 2021-04-01 2022-03-31 04636868 d:FurnitureFittings 2022-03-31 04636868 d:FurnitureFittings 2021-03-31 04636868 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04636868 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 04636868 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04636868 d:PatentsTrademarksLicencesConcessionsSimilar 2021-03-31 04636868 d:CurrentFinancialInstruments 2022-03-31 04636868 d:CurrentFinancialInstruments 2021-03-31 04636868 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04636868 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 04636868 d:ShareCapital 2022-03-31 04636868 d:ShareCapital 2021-03-31 04636868 d:RetainedEarningsAccumulatedLosses 2022-03-31 04636868 d:RetainedEarningsAccumulatedLosses 2021-03-31 04636868 c:FRS102 2021-04-01 2022-03-31 04636868 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 04636868 c:FullAccounts 2021-04-01 2022-03-31 04636868 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04636868 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 04636868






SHABASH LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










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SHABASH LIMITED
REGISTERED NUMBER:04636868

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
12,000
16,000

Tangible assets
 5 
2,499
2,079

  
14,499
18,079

Current assets
  

Debtors: amounts falling due within one year
 6 
65,533
43,814

Cash at bank and in hand
 7 
23,628
31,016

  
89,161
74,830

Creditors: amounts falling due within one year
 8 
(700,526)
(659,504)

Net current liabilities
  
 
 
(611,365)
 
 
(584,674)

Total assets less current liabilities
  
(596,866)
(566,595)

  

Net liabilities
  
(596,866)
(566,595)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(596,966)
(566,695)

  
(596,866)
(566,595)


Page 1

 
SHABASH LIMITED
REGISTERED NUMBER:04636868
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider 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 the Companies Act 2006.

The directors acknowledge their 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 statement of income and retained earnings 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: 




J D Steinhardt
Director

Date: 15 August 2022

Page 2

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Shabash Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.
The principal activity continued to be that of computer consultancy.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, despite the net liabilities, due to the ongoing support of the directors.  

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Revenue

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss 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 balance sheet date in the countries where the company operates and generates income.

Page 4

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant & machinery
-
33% on cost
Fixtures & fittings
-
25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.

Page 5

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.14

Financial instruments

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 ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2021 -7).


4.


Intangible assets




Patents

£



Cost


At 1 April 2021
40,000



At 31 March 2022

40,000



Amortisation


At 1 April 2021
24,000


Charge for the year on owned assets
4,000



At 31 March 2022

28,000



Net book value



At 31 March 2022
12,000



At 31 March 2021
16,000



Page 6

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 April 2021
7,759
1,974
9,733


Additions
1,662
-
1,662


Disposals
(1,144)
(935)
(2,079)



At 31 March 2022

8,277
1,039
9,316



Depreciation


At 1 April 2021
5,826
1,828
7,654


Charge for the year on owned assets
1,158
21
1,179


Disposals
(1,144)
(872)
(2,016)



At 31 March 2022

5,840
977
6,817



Net book value



At 31 March 2022
2,437
62
2,499



At 31 March 2021
1,933
146
2,079

Page 7

 
SHABASH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Debtors

2022
2021
£
£


Trade debtors
8,153
4,585

Other debtors
35,554
31,516

Prepayments and accrued income
21,826
7,713

65,533
43,814



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
23,628
31,016

23,628
31,016



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
652,300
629,300

Trade creditors
1,078
528

Other taxation and social security
4,560
8,349

Other creditors
25,264
16,877

Accruals and deferred income
17,324
4,450

700,526
659,504



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,160 (2021 - £5,160). Contributions totalling £1,519 (2021 - £1,519) were payable to the fund at the balance sheet date and are included in creditors


10.


Related party transactions

At the balance sheet date the company owed a total of £619,300 (2021 - £596,300) in interest-free unsecured loans to directors and their family members.

Page 8