Company Registration No. 09910270 (England and Wales)
SHAYKO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SHAYKO LIMITED
COMPANY INFORMATION
Director
Mr V S Kotecha
Company number
09910270
Registered office
Suite 3, Sycamore House
1 Woodside Road
Amersham
Bucks
HP6 6AA
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SHAYKO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
SHAYKO LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHAYKO LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 10 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shayko Limited for the year ended 31 March 2023 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Shayko Limited and state those matters that we have agreed to state to the Board of Directors of Shayko Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shayko Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Shayko Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shayko Limited. You consider that Shayko Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shayko Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
20 November 2023
SHAYKO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,681
6,193
Investment properties
4
4,711,660
4,051,660
Investments
5
836,289
899,789
5,552,630
4,957,642
Current assets
Debtors
6
29,055
34,879
Cash at bank and in hand
1,022,411
1,241,124
1,051,466
1,276,003
Creditors: amounts falling due within one year
7
(281,956)
(249,119)
Net current assets
769,510
1,026,884
Total assets less current liabilities
6,322,140
5,984,526
Creditors: amounts falling due after more than one year
8
(4,271,774)
(4,541,154)
Provisions for liabilities
10
(318,730)
(154,108)
Net assets
1,731,636
1,289,264
Capital and reserves
Called up share capital
11
100
100
Other reserve - non distributable
12
1,128,648
633,648
Profit and loss reserve - distributable
13
602,888
655,516
Total equity
1,731,636
1,289,264
The director of the company has taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the director's report and the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SHAYKO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 November 2023
Mr V S Kotecha
Director
Company Registration No. 09910270
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Shayko Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Sycamore House, 1 Woodside Road, Amersham, Bucks, HP6 6AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rental and service charges from residential and commercial properties. Turnover is recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15 % on a straight line basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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 trade and other creditors, loans from bank and related parties.
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 the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loan 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. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable, prior year overprovision of tax and the movement in the deferred tax due to the adjustment to the revaluation of the properties.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
10,079
Depreciation and impairment
At 1 April 2022
3,886
Depreciation charged in the year
1,512
At 31 March 2023
5,398
Carrying amount
At 31 March 2023
4,681
At 31 March 2022
6,193
4
Investment property
2023
£
Fair value
At 1 April 2022
4,051,660
Revaluations
660,000
At 31 March 2023
4,711,660
The fair value of the investment properties have been arrived at on the basis of the valuation carried out at 31 March 2023 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
603,300
603,300
Loans to group undertakings and participating interests
127,548
191,048
Other investments other than loans
105,441
105,441
836,289
899,789
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in associates
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 April 2022
603,300
191,048
105,441
899,789
Additions
-
1,000
-
1,000
Disposals
-
(64,500)
-
(64,500)
At 31 March 2023
603,300
127,548
105,441
836,289
Carrying amount
At 31 March 2023
603,300
127,548
105,441
836,289
At 31 March 2022
603,300
191,048
105,441
899,789
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,817
31,280
Corporation tax recoverable
12
Other debtors
3,226
3,599
29,055
34,879
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,860
28,341
Trade creditors
2,774
941
Corporation tax
54,317
Other creditors
255,322
165,520
281,956
249,119
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,796,164
1,815,544
Other creditors
2,475,610
2,725,610
4,271,774
4,541,154
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
The bank loans of £1,820,024(2022: £1,843,885) are secured by a fixed charge over company's investment properties and an all monies guarantee from Vipul S Kotecha for a principal amount of £100,000 plus interest and other costs.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
318,730
154,108
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,170
1,548
Fairvalue adjustments
317,560
152,560
318,730
154,108
2023
Movements in the year:
£
Liability at 1 April 2022
154,108
Credit to profit or loss
(378)
Charge to equity
165,000
Liability at 31 March 2023
318,730
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
20
20
20
20
'B' Ordinary shares of £1 each
80
80
80
80
100
100
100
100
SHAYKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
12
Other reserve
2023
2022
£
£
At the beginning of the year
633,648
848,319
Deferred tax on fairvalue adjustment of investment properties
(165,000)
-
Other movements
660,000
(214,671)
At the end of the year
1,128,648
633,648
13
Profit and loss reserve
The only movement in the profit and loss reserve - distributable for the year ended 31 March 2023 is loss for the year and 31 March 2022 is profit for the year.
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