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COMPANY REGISTRATION NUMBER: 06513605
Shine Management Consultants Limited
Filleted Unaudited Financial Statements
28 February 2023
Shine Management Consultants Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Shine Management Consultants Limited
Officers and Professional Advisers
Director
P Martin
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Shine Management Consultants Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Shine Management Consultants Limited
Year ended 28 February 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28 February 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Shine Management Consultants Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
3,035,000
3,035,000
Current assets
Debtors
5
240
240
Cash at bank and in hand
99
59
----
----
339
299
Creditors: amounts falling due within one year
6
154,884
128,124
---------
---------
Net current liabilities
154,545
127,825
------------
------------
Total assets less current liabilities
2,880,455
2,907,175
Creditors: amounts falling due after more than one year
7
2,557,655
2,622,198
Provisions
14,012
14,012
------------
------------
Net assets
308,788
270,965
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
73,748
73,748
Profit and loss account
234,940
197,117
---------
---------
Shareholders funds
308,788
270,965
---------
---------
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 comprehensive income has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Shine Management Consultants Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
P Martin
Director
Company registration number: 06513605
Shine Management Consultants Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
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.
Investment properties
Investment properties are accounted for at their fair value. Changes in fair value are reflected through the profit and loss account.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Tangible assets
Long leasehold property
£
Cost
At 1 March 2022 and 28 February 2023
3,035,000
------------
Depreciation
At 1 March 2022 and 28 February 2023
------------
Carrying amount
At 28 February 2023
3,035,000
------------
At 28 February 2022
3,035,000
------------
The director is of the opinion that there is no material difference in the fair value of the properties as at 28 February 2023 from the values stated at 28 February 2022. Close family members of P Martin, director, acquired mortgages in their name for the purchase of the above properties with various providers. The mortgages continue to be in their name and their assignment has not been agreed with the mortgage company. Therefore, the properties are encumbered since the mortgage company has the first and only charges against them directly.
5.Debtors
2023
2022
£
£
Trade debtors
240
240
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,616
11,177
Trade creditors
75,286
57,850
Corporation tax
9,835
2,982
Other creditors
60,147
56,115
---------
---------
154,884
128,124
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
22,384
30,440
Other creditors
2,535,271
2,591,758
------------
------------
2,557,655
2,622,198
------------
------------