SHK Capital Limited 07323067 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of Buying And Selling Of Own Real Estate. Digita Accounts Production Advanced 6.30.9574.0 true 07323067 2022-08-01 2023-07-31 07323067 2023-07-31 07323067 bus:OrdinaryShareClass1 2023-07-31 07323067 bus:OrdinaryShareClass2 2023-07-31 07323067 core:CurrentFinancialInstruments 2023-07-31 07323067 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07323067 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07323067 core:FurnitureFittingsToolsEquipment 2023-07-31 07323067 bus:SmallEntities 2022-08-01 2023-07-31 07323067 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07323067 bus:FullAccounts 2022-08-01 2023-07-31 07323067 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07323067 bus:RegisteredOffice 2022-08-01 2023-07-31 07323067 bus:Director1 2022-08-01 2023-07-31 07323067 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 07323067 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 07323067 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07323067 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 07323067 core:OfficeEquipment 2022-08-01 2023-07-31 07323067 core:OtherRelatedParties 2022-08-01 2023-07-31 07323067 countries:EnglandWales 2022-08-01 2023-07-31 07323067 2022-07-31 07323067 core:FurnitureFittingsToolsEquipment 2022-07-31 07323067 2021-08-01 2022-07-31 07323067 2022-07-31 07323067 bus:OrdinaryShareClass1 2022-07-31 07323067 bus:OrdinaryShareClass2 2022-07-31 07323067 core:CurrentFinancialInstruments 2022-07-31 07323067 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07323067 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 07323067 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07323067

SHK Capital Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

SHK Capital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

SHK Capital Limited

Company Information

Director

Mr Stephen Man

Registered office

c/o RS Partnership Ltd.
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

Accountants

RS Partnership Ltd
Chartered Certified Accountants
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

 

SHK Capital Limited

(Registration number: 07323067)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,523

2,618

Investment property

5

585,000

640,000

 

587,523

642,618

Current assets

 

Debtors

6

1,265

5,889

Cash at bank and in hand

 

35,354

27,120

 

36,619

33,009

Creditors: Amounts falling due within one year

7

(159,579)

(169,714)

Net current liabilities

 

(122,960)

(136,705)

Total assets less current liabilities

 

464,563

505,913

Creditors: Amounts falling due after more than one year

7

(160,000)

(180,000)

Provisions for liabilities

(631)

(497)

Net assets

 

303,932

325,416

Capital and reserves

 

Called up share capital

8

2,500

2,500

Revaluation reserve

-

26,519

Other reserves

(28,481)

-

Retained earnings

329,913

296,397

Shareholders' funds

 

303,932

325,416

For the financial year ending 31 July 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

SHK Capital Limited

(Registration number: 07323067)
Balance Sheet as at 31 July 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 November 2023
 

.........................................
Mr Stephen Man
Director

 

SHK Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
c/o RS Partnership Ltd.
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN
England

The principal place of business is:
PO Box 1240
St Albans
Hertfordshire
AL1 9JE

These financial statements were authorised for issue by the director on 17 November 2023.

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

 

SHK Capital Limited

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

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

At various rates

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.

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.

 

SHK Capital Limited

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

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.

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 the director) during the year, was 0 (2022 - 0).

 

SHK Capital Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

8,073

8,073

Additions

1,066

1,066

Disposals

(1,436)

(1,436)

At 31 July 2023

7,703

7,703

Depreciation

At 1 August 2022

5,455

5,455

Charge for the year

1,161

1,161

Eliminated on disposal

(1,436)

(1,436)

At 31 July 2023

5,180

5,180

Carrying amount

At 31 July 2023

2,523

2,523

At 31 July 2022

2,618

2,618

5

Investment properties

2023
£

At 1 August

640,000

Fair value adjustments

(55,000)

At 31 July

585,000

The investment properties were professionally valued by an external, independent property valuer having appropriate recognised professional qualifications and recent experience in the location and category of the properties being valued. This was taken in to consideration for the existing occupational lease.
Valuer: Brasier Freeth (Registered valuer) carried out a desktop valuation in July 2023.

6

Debtors

2023
£

2022
£

Trade debtors

-

4,750

Prepayments

1,265

1,139

1,265

5,889

 

SHK Capital Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

2,035

2,243

Accruals and deferred income

1,315

1,272

Other creditors

8,154

8,068

Corporation tax

8,075

8,131

Directors Loan Account

140,000

150,000

159,579

169,714

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

160,000

180,000

 

SHK Capital Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital 1 of £1 each

500

500

500

500

Share Capital 2 of £1 each

2,000

2,000

2,000

2,000

 

2,500

2,500

2,500

2,500

9

Related party transactions

Summary of transactions with other related parties

Included in Other creditors is a loan of £160,000 (2022- £180,000) from Mr H K Man, the director's father. This is unsecured and interest free loan which is repayable between one and five years.