Sherrick Ltd 02926517 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of investment property Digita Accounts Production Advanced 6.30.9574.0 true 02926517 2022-06-01 2023-05-31 02926517 2023-05-31 02926517 bus:OrdinaryShareClass1 2023-05-31 02926517 core:CurrentFinancialInstruments 2023-05-31 02926517 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 02926517 bus:SmallEntities 2022-06-01 2023-05-31 02926517 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02926517 bus:FullAccounts 2022-06-01 2023-05-31 02926517 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 02926517 bus:RegisteredOffice 2022-06-01 2023-05-31 02926517 bus:CompanySecretary1 2022-06-01 2023-05-31 02926517 bus:Director3 2022-06-01 2023-05-31 02926517 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02926517 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02926517 countries:EnglandWales 2022-06-01 2023-05-31 02926517 2022-05-31 02926517 2021-06-01 2022-05-31 02926517 2022-05-31 02926517 bus:OrdinaryShareClass1 2022-05-31 02926517 core:CurrentFinancialInstruments 2022-05-31 02926517 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02926517

Sherrick Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Sherrick Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sherrick Ltd

Company Information

Director

Mrs Pawan Rekha Singh

Company secretary

Mr Neval Singh

Registered office

72 Sherrick Green Road
London
NW10 1LD

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Sherrick Ltd

(Registration number: 02926517)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

971,980

971,980

Current assets

 

Debtors

5

1,950

580

Cash at bank and in hand

 

65,145

85,066

 

67,095

85,646

Creditors: Amounts falling due within one year

6

(636,658)

(641,151)

Net current liabilities

 

(569,563)

(555,505)

Total assets less current liabilities

 

402,417

416,475

Provisions for liabilities

(52,620)

-

Net assets

 

349,797

416,475

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

271,932

271,932

Retained earnings

77,765

144,443

Shareholders' funds

 

349,797

416,475

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Sherrick Ltd

(Registration number: 02926517)
Balance Sheet as at 31 May 2023 (continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements were approved and authorised for issue by the director on 7 February 2024
 

.........................................
Mrs Pawan Rekha Singh
Director

 

Sherrick Ltd

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

1

General information

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

The address of its registered office is:
72 Sherrick Green Road
London
NW10 1LD
United Kingdom

These financial statements were authorised for issue by the director on 7 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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

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 sales/value added tax, returns, 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 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.

 

Sherrick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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 by external valuers. 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.

The director revalued the investment properties to reflect the market value of the properties as at 31 May 2018.

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.

 

Sherrick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
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 creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2022: 1).

 

Sherrick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Investment properties

2023
£

At 1 June

971,980

At 31 May

971,980

As per the director there is no significant change in the market value of the investment properties since last revaluation as at 31 May 2018.

5

Debtors

2023
£

2022
£

Other debtors

1,950

580

1,950

580

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

 

1,673

3,515

Accrued expenses

 

2,100

1,560

Corporation tax payable

 

-

4,889

Directors current account

 

632,885

631,187

 

636,658

641,151

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100