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Registration number: 07976243

Al Shaibi Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Al Shaibi Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Al Shaibi Ltd

Company Information

Directors

Mr S Ahmed

Mrs S K Ahmed

Registered office

29 Oxton Road
Birkenhead
Merseyside
CH41 2QQ

Accountants

Phillip Bates and Co Limited
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

 

Al Shaibi Ltd

(Registration number: 07976243)
Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investment property

5

4,162,443

1,732,321

Current assets

 

Debtors

6

673,314

-

Cash at bank and in hand

 

8,769

4,284

 

682,083

4,284

Creditors: Amounts falling due within one year

7

(104,159)

(110,816)

Net current assets/(liabilities)

 

577,924

(106,532)

Total assets less current liabilities

 

4,740,367

1,625,789

Creditors: Amounts falling due after more than one year

7

(2,791,315)

(1,532,773)

Provisions for liabilities

(462,250)

-

Net assets

 

1,486,802

93,016

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

1,386,750

-

Retained earnings

99,952

92,916

Shareholders' funds

 

1,486,802

93,016

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 February 2024 and signed on its behalf by:
 

 

Al Shaibi Ltd

(Registration number: 07976243)
Balance Sheet as at 31 March 2023

.........................................
Mr S Ahmed
Director

.........................................
Mrs S K Ahmed
Director

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
29 Oxton Road
Birkenhead
Merseyside
CH41 2QQ
England

These financial statements were authorised for issue by the Board on 2 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Prior period errors

The comparative figures have been amended to correct investment property at cost, bank loan balances and the director's loan account. As part of the amendments the profit and loss account has been adjusted for the additional income or costs as shown below:

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Profit on sale of tangible asset

-

17,040

-

Corporation tax on disposal of property

-

(3,237)

-

Underprovision for corporation tax

-

(853)

-

    

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

(As restated)
2022
 £

Current taxation

UK corporation tax

1,651

21,843

Deferred taxation

Arising from origination and reversal of timing differences on property revaluations

462,250

-

Tax expense in the income statement

463,901

21,843

5

Investment properties

2023
£

At 1 April 2022

1,732,321

Additions

581,122

Fair value adjustments

1,849,000

At 31 March 2023

4,162,443

Properties amounting to £1.2 Million were valued by Matthews and Goodman Chartered Surveyors in May 2022. Properties amounting to £450,000 were valued by MO Valuations Chartered Surveyors in August 2022. The remaining properties were valued by the directors using their experience of the property market together with some post year end external valuations.

6

Debtors

Current

2023
£

2022
£

Other debtors

673,314

-

 

673,314

-

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

9

14,273

29,360

Trade creditors

 

2,653

2,653

Taxation and social security

 

24,873

21,843

Accruals and deferred income

 

6,360

960

Other creditors

 

56,000

56,000

 

104,159

110,816

Creditors include bank loans which are secured of £14,273 (2022 - £29,360).

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

9

2,791,315

1,532,773

Creditors include bank loans which are secured of £1,536,136 (2022 - £558,242).

Creditors include bank loans repayable by instalments of £220,181 (2022 - £440,801) due after more than five years.

Creditors include bank loans not repayable by instalments of £1,271,642 (2022 - £nil) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

(As restated)

2022
£

Non-current loans and borrowings

Bank borrowings

1,536,136

558,242

Other borrowings

1,255,179

974,531

2,791,315

1,532,773

2023
£

(As restated)

2022
£

Current loans and borrowings

Bank borrowings

14,273

29,360

 

Al Shaibi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Summary of transactions with other related parties

Oxton Developments Limited

Included in debtors is an interest free loan of £673,315 (2022- £nil) to Oxton Developments Limited a company in which Sekander Ahmed and Sabra Ahmed are directors.

International Food Store (Wirral) Limited

Included in creditors due after more than one year is an interest free loan of £92,696 (2022- £92,696) from International Food Store Limited, a company in which Sekander Ahmed is a director.

Al Shaibi MaintenanceLimited

Included in creditors falling due after more than one year is an interrest free loan of £56,000 (2022 - £56,000) from Al Shaibi Maintenance Limited a company in which Sekander Ahmed is a director