Registration number:
for the Period from 1 March 2021 to
S&S Shalli Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
S&S Shalli Limited
Company Information
Directors |
Araz Shalli Tanya Suleiman |
Registered office |
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Accountants |
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S&S Shalli Limited
(Registration number: 12750709)
Balance Sheet as at 31 December 2021
Note |
31 December 2021 |
28 February 2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Deferred tax liabilities |
(277) |
- |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 December 2021 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.
Approved and authorised by the
Director
S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the continued support by Shalli Limited via a loan of £443,310 and bank loans from Starling Bank Limited and The Mortgage Works (UK) plc of £174,286 and £263,337 respectively. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises rent received. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
Tax
The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10% reducing balance |
Investment property
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 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
1 March 2021 to 31 December 2021 |
17 July 2020 to 28 February 2021 |
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Average number of employees |
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S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost |
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Additions |
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At 31 December 2021 |
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Depreciation |
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Charge for the period |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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Investment properties |
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At 1 March 2021 |
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At 31 December 2021 |
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No independent valuation of the investment properties has been carried out during the year; this is reviewed each year by the directors. All of the investment properties are currently included in the balance sheet on a historical cost basis.
S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
Creditors |
Note |
31 December 2021 |
28 February 2021 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Accrued expenses |
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Note |
31 December 2021 |
28 February 2021 |
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Due after one year |
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Loans and borrowings |
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31 December 2021 |
28 February 2021 |
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After more than five years by instalments |
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The bank loans are secured over the assets of the company.
Deferred tax |
Deferred tax assets and liabilities
31 December 2021 |
Liability |
Capital allowances in excess of depreciation |
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28 February 2021 |
Capital allowances in excess of depreciation |
S&S Shalli Limited
Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021
Loans and borrowings |
31 December 2021 |
28 February 2021 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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31 December 2021 |
28 February 2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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The bank loans are secured over the assets of the company.
Related party transactions |
Summary of transactions with key management
At the balance sheet date, the company owed the directors £528 (February 2021: £42,544). There are no fixed repayment terms and no interest is charged on the loan.
Summary of transactions with other related parties
(A Shalli and T Suleiman are also directors of Shalli Limited)