Company Registration No. 05384951 (England and Wales)
Shoan Limited
Unaudited accounts
for the year ended 31 March 2023
Shoan Limited
Unaudited accounts
Contents
Shoan Limited
Company Information
for the year ended 31 March 2023
Company Number
05384951 (England and Wales)
Registered Office
102 Green Street
London
E7 8JG
Accountants
Shiraz Moosajee
30 Hallam Gardens
Hatch End
Pinner
Middlesex
HA54PR
Shoan Limited
Statement of financial position
as at 31 March 2023
Cash at bank and in hand
5,543
6,676
Creditors: amounts falling due within one year
(53,368)
(51,206)
Net current assets
28,205
37,100
Total assets less current liabilities
28,213
37,108
Creditors: amounts falling due after more than one year
(139,777)
(139,777)
Net liabilities
(111,564)
(102,669)
Called up share capital
6
6
Profit and loss account
(111,664)
(102,769)
Shareholders' funds
(111,564)
(102,669)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
Usman Aftab
Director
Company Registration No. 05384951
Shoan Limited
Notes to the Accounts
for the year ended 31 March 2023
Shoan Limited is a private company, limited by shares, registered in England and Wales, registration number 05384951. The registered office is 102 Green Street, London, E7 8JG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25 % Straight line method
Computer equipment
33.3% straight line method
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company has a net deficiency of assets at the balance sheet date and is dependent upon the financial support from the shareholders. As a result the director considers it appropriate for the financial statements to be prepared on going concern basis.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Shoan Limited
Notes to the Accounts
for the year ended 31 March 2023
Government grants are recognised as income when the grant proceeds are received or receivable.The grant proceeds are recognised gross as other operating income with the related costs in the period in which they are intended to compensate being presented in the appropriate expense category.
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
91,499
20,853
112,352
At 31 March 2023
91,499
20,853
112,352
At 1 April 2022
91,496
20,848
112,344
At 31 March 2023
91,496
20,848
112,344
5
Creditors: amounts falling due within one year
2023
2022
Trade creditors
12,000
10,000
Taxes and social security
345
196
Other creditors
1,335
1,344
Loans from directors
8,282
7,350
6
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
139,777
139,777
Directors loan : Interest free loan from the director.
Allotted, called up and fully paid:
6 Ordinary shares of £1 each
6
6
8
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
30,000
30,000
Shoan Limited
Notes to the Accounts
for the year ended 31 March 2023
9
Transactions with related parties
Usman Aftab is the director and major shareholder, who has provided the company with an interest free loan to the company. The amount due is included under other creditors. The amount due to him is £ 148,059 (2022: £147,127)
10
Average number of employees
During the year the average number of employees was 2 (2022: 3).