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Registration number: 12750709

S&S Shalli Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2021 to 31 December 2021

 

S&S Shalli Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S&S Shalli Limited

Company Information

Directors

Araz Shalli

Tanya Suleiman

Registered office

462 Ashley Road
Poole
Dorset
BH14 0AD

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

S&S Shalli Limited

(Registration number: 12750709)
Balance Sheet as at 31 December 2021

Note

31 December 2021
 £

28 February 2021
 £

Fixed assets

 

Tangible assets

4

11,331

-

Investment property

5

613,451

613,451

 

624,782

613,451

Current assets

 

Cash at bank and in hand

 

259,565

7,230

Creditors: Amounts falling due within one year

6

(472,189)

(211,074)

Net current liabilities

 

(212,624)

(203,844)

Total assets less current liabilities

 

412,158

409,607

Creditors: Amounts falling due after more than one year

6

(410,281)

(423,107)

Deferred tax liabilities

7

(277)

-

Net assets/(liabilities)

 

1,600

(13,500)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,598

(13,502)

Total equity

 

1,600

(13,500)

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 14 August 2022 and signed on its behalf by:
 


Araz Shalli
Director

 

S&S Shalli Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
462 Ashley Road
Poole
Dorset
BH14 0AD

 

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

 

S&S Shalli Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2021 to 31 December 2021

 

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

Additions

11,523

11,523

At 31 December 2021

11,523

11,523

Depreciation

Charge for the period

192

192

At 31 December 2021

192

192

Carrying amount

At 31 December 2021

11,331

11,331

 

5

Investment properties

£

At 1 March 2021

613,451

At 31 December 2021

613,451

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

 

6

Creditors

Note

31 December 2021
 £

28 February 2021
 £

Due within one year

 

Loans and borrowings

8

27,871

64,804

Amounts due to related parties

9

443,310

145,310

Accrued expenses

 

1,008

960

 

472,189

211,074

Note

31 December 2021
£

28 February 2021
£

Due after one year

 

Loans and borrowings

8

410,281

423,107

31 December 2021
£

28 February 2021
£

After more than five years by instalments

300,907

337,568

-

-

The bank loans are secured over the assets of the company.

 

7

Deferred tax

Deferred tax assets and liabilities

31 December 2021

Liability
£

Capital allowances in excess of depreciation

277

   

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

 

8

Loans and borrowings

31 December 2021
£

28 February 2021
£

Current loans and borrowings

Bank borrowings

 

27,343

22,260

Other borrowings

9

528

42,544

 

27,871

64,804

31 December 2021
£

28 February 2021
£

Non-current loans and borrowings

Bank borrowings

410,281

423,107

The bank loans are secured over the assets of the company.

 

9

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.

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

Shalli Limited
(A Shalli and T Suleiman are also directors of Shalli Limited)

 At the balance sheet date, the company owed £443,310 (February 2021: £145,310) to Shalli Limited. There are no fixed repayment terms and no interest is charged on the loan.