Company registration number SC744574 (Scotland)
SHANDEA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SHANDEA LIMITED
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SHANDEA LIMITED
Statement Of Financial Position
As At 31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
4
1,200
Current assets
Debtors
5
2,810
Cash at bank and in hand
509,419
512,229
Creditors: amounts falling due within one year
6
(1,140)
Net current assets
511,089
Net assets
512,289
Capital and reserves
Called up share capital
7
10
Profit and loss reserves
512,279
Total equity
512,289

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 11 March 2024
Mr B  Deas
Director
Company Registration No. SC744574
SHANDEA LIMITED
Statement Of Changes In Equity
For The Period Ended 31 December 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 September 2022
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
593,279
593,279
Issue of share capital
7
10
-
10
Dividends
-
(81,000)
(81,000)
Balance at 31 December 2023
10
512,279
512,289
SHANDEA LIMITED
Notes To The Financial Statements
For The Period Ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Shandea Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 George Square, Castle Brae, Dunfermline, KY11 8QF.

1.1
Reporting period

These financial statements represent a period from 15 September 2022 to 31 December 2023. The financial period was extended to include all transactions from date of incorporation.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SHANDEA LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
-
0
4
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
1,200
SHANDEA LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 December 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 15 September 2022
-
Additions
1,200
At 31 December 2023
1,200
Carrying amount
At 31 December 2023
1,200
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
2,810
6
Creditors: amounts falling due within one year
2023
£
Accruals and deferred income
1,140
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of 1p each
997
10
Ordinary B shares of 1p each
1
-
Ordinary C shares of 1p each
1
-
Ordinary D shares of 1p each
1
-

On 15 September 2022, the company issued 100 Ordinary shares of £0.01. The purpose of this was to raise the initial share capital of the company.

 

On 10 November 2022, the company allotted a further 900 Ordinary shares of £0.01.

 

On 14 December 2022, the company redesignated 1000 Ordinary shares of £0.01 into 997 Ordinary A shares of £0.01, 1 Ordinary B share of £0.01, 1 Ordinary C share of £0.01 and 1 Ordinary D share of £0.01.

 

The issued "A" Ordinary shares, issued "B" Ordinary shares, issued "C" Ordinary shares and issued "D" Ordinary shares rank pari passu with each other except that the director of the company may resolve to declare a dividend on one or more classes of share.

8
Related party transactions
SHANDEA LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 December 2023
8
Related party transactions
(Continued)
- 6 -

The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.

 

The company has taken advantage of Section 33.1A of FRS102 whereby only transactions which are not with wholly owned members of a group need to be disclosed.

 

9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr B Deas
-
-
2,810
2,810
-
2,810
2,810

The balance due from the director, which is included in other debtors, is interest free and repayable on demand.

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