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No description of principal activity
2021-06-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
10779358
2021-06-01
2022-05-31
10779358
2022-05-31
10779358
2021-05-31
10779358
2021-05-31
10779358
core:FurnitureFittings
2021-06-01
2022-05-31
10779358
bus:Director1
2021-06-01
2022-05-31
10779358
bus:Director2
2021-06-01
2022-05-31
10779358
core:FurnitureFittings
2022-05-31
10779358
core:AfterOneYear
2022-05-31
10779358
core:AfterOneYear
2021-05-31
10779358
core:WithinOneYear
2022-05-31
10779358
core:WithinOneYear
2021-05-31
10779358
core:ShareCapital
2022-05-31
10779358
core:ShareCapital
2021-05-31
10779358
core:RetainedEarningsAccumulatedLosses
2022-05-31
10779358
core:RetainedEarningsAccumulatedLosses
2021-05-31
10779358
bus:SmallEntities
2021-06-01
2022-05-31
10779358
bus:AuditExemptWithAccountantsReport
2021-06-01
2022-05-31
10779358
bus:FullAccounts
2021-06-01
2022-05-31
10779358
bus:SmallCompaniesRegimeForAccounts
2021-06-01
2022-05-31
10779358
bus:PrivateLimitedCompanyLtd
2021-06-01
2022-05-31
COMPANY REGISTRATION NUMBER:
10779358
Shoker Investments Limited |
|
Filleted Unaudited Financial Statements |
|
Shoker Investments Limited |
|
Statement of Financial Position |
|
31 May 2022
Fixed assets
Tangible assets |
5 |
286,616 |
267,511 |
|
|
|
|
Current assets
Debtors |
6 |
1,373 |
548 |
Cash at bank and in hand |
85,501 |
96,021 |
|
-------- |
-------- |
|
86,874 |
96,569 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
223,607 |
217,795 |
|
--------- |
--------- |
Net current liabilities |
136,733 |
121,226 |
|
--------- |
--------- |
Total assets less current liabilities |
149,883 |
146,285 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
128,258 |
128,258 |
|
--------- |
--------- |
Net assets |
21,625 |
18,027 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
21,525 |
17,927 |
|
-------- |
-------- |
Shareholders funds |
21,625 |
18,027 |
|
-------- |
-------- |
|
|
|
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 May 2022 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
.
Shoker Investments Limited |
|
Statement of Financial Position (continued) |
|
31 May 2022
These financial statements were approved by the
board of directors
and authorised for issue on
2 September 2022
, and are signed on behalf of the board by:
Miss H Kaur |
Mr R Singh |
Director |
Director |
|
|
Company registration number:
10779358
Shoker Investments Limited |
|
Notes to the Financial Statements |
|
Year ended 31 May 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 73 Pix Road, Letchworth Garden City, Hertfordshire, SG6 1PZ.
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 certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed the company's ability to continue as a going concern which has included a review of forecast rental and investment income as well as available bank facilities and, based on this review, the directors confirm that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements
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 key estimates and assumptions that have a significant impact on the amounts recognised in the financial statements are set out below. Valuation of investment properties: The valuation of the company's investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the company places on its investment properties are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
The turnover represents rents receivable from letting of investment properties during the year in accordance with the the tenancy agreements.
Taxation
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
|
Fixtures and fittings |
- |
20% reducing balance |
|
Equipment |
- |
|
|
|
|
|
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The Company only enters into basic financial instruments 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 and loans from related parties. 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 profit or loss. 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Investment property |
Total |
|
£ |
£ |
£ |
£ |
Cost or valuation |
|
|
|
|
At 1 June 2021 |
– |
|
|
267,799 |
Additions |
1,646 |
– |
|
13,536 |
Revaluations |
– |
– |
|
6,000 |
|
------- |
---- |
--------- |
--------- |
At 31 May 2022 |
1,646 |
|
|
287,335 |
|
------- |
---- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 June 2021 |
– |
|
– |
288 |
Charge for the year |
329 |
|
– |
431 |
|
------- |
---- |
--------- |
--------- |
At 31 May 2022 |
329 |
|
– |
719 |
|
------- |
---- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 31 May 2022 |
1,317 |
|
|
286,616 |
|
------- |
---- |
--------- |
--------- |
At 31 May 2021 |
– |
|
|
267,511 |
|
------- |
---- |
--------- |
--------- |
|
|
|
|
|
The investment properties have been valued at the balance sheet date by the directors using the expected market values of similar properties sold during the year in the respective locations.
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
1,373 |
548 |
|
------- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Corporation tax |
– |
555 |
Other creditors |
223,607 |
217,240 |
|
--------- |
--------- |
|
223,607 |
217,795 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
128,258 |
128,258 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
During the year the company repaid £1,000 to the shareholders (2020: £243,700) in respect of an interest free loan provided to the company. The loan is repayable on demand. At the balance sheet date an amount of £214,985 (2020: £215,985) was repayable to the shareholders.