Registered number
12076675
Shila Investments Limited
Filleted Accounts
31 July 2023
Shila Investments Limited
Registered number: 12076675
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 388,416 387,338
Current assets
Debtors 4 193 1,372
Cash at bank and in hand 24,910 19,376
25,103 20,748
Creditors: amounts falling due within one year 5 (391,516) (392,683)
Net current liabilities (366,413) (371,935)
Net assets 22,003 15,403
Capital and reserves
Called up share capital 2 2
Profit and loss account 22,001 15,401
Shareholders' funds 22,003 15,403
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Chiraag Shah
Director
Approved by the board on 10 October 2023
Shila Investments Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Investment property
Investment property is shown at cost or most recent valuation when considered necessary by its directors. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Freehold properties which are held for their long term investment and rental potential are accounted for as investment properties in accordance with FRS 102. Accordingly the investment properties may be revalued annually if necessary at the discretion of directors and any surplus or deficit transferred to a revaluation reserve. In the case of permanent impairment in the value of the investment properties, any deficit below cost is taken to the profit and loss account of the financial year. No depreciation is provided in respect of freehold investment properties.
Although the Companies Act 2006 would normally require the systematic annual depreciation of all fixed assets, the directors believe that the policy of not providing depreciation on freehold investment properties is necessary in order for the financial statements to give a true and fair view, since the current value of the investment properties, and changes to that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in an annual valuation, and the amount which might have been otherwise shown cannot be separately identified or quantified.
Property acquisitions and disposals are accounted for only when legally binding contracts which are irrevocable and efficiently unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 August 2022 387,338
Additions 1,078
At 31 July 2023 388,416
4 Debtors 2023 2022
£ £
Other debtors 193 1,372
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax provision 1,794 1,664
Other creditors (see note 6) 389,722 391,019
391,516 392,683
6 Other Creditors
Other creditors include £388,389 (2022 - £388,389) in unsecured interest free loans that are repayable on demand to its directors and shareholders.
6 Other information
Shila Investments Limited is a private company limited by shares and incorporated in England.
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