5 2 April 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 60,000 76,200 136,200 7,500 19,305 26,805 109,395 52,500 xbrli:pure xbrli:shares iso4217:GBP 09697161 2022-07-01 2023-06-30 09697161 2023-06-30 09697161 2022-06-30 09697161 2021-07-01 2022-06-30 09697161 2022-06-30 09697161 2021-06-30 09697161 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-01 2023-06-30 09697161 bus:Director1 2022-07-01 2023-06-30 09697161 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 09697161 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 09697161 core:WithinOneYear 2023-06-30 09697161 core:WithinOneYear 2022-06-30 09697161 core:AfterOneYear 2023-06-30 09697161 core:AfterOneYear 2022-06-30 09697161 core:ShareCapital 2023-06-30 09697161 core:ShareCapital 2022-06-30 09697161 core:RetainedEarningsAccumulatedLosses 2023-06-30 09697161 core:RetainedEarningsAccumulatedLosses 2022-06-30 09697161 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 09697161 bus:SmallEntities 2022-07-01 2023-06-30 09697161 bus:Audited 2022-07-01 2023-06-30 09697161 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09697161 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09697161 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 09697161
Shojin Financial Services Limited
Filleted Financial Statements
30 June 2023
Shojin Financial Services Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
109,395
52,500
Current assets
Debtors
6
1,468,175
1,061,643
Cash at bank and in hand
150,439
166,767
------------
------------
1,618,614
1,228,410
Creditors: amounts falling due within one year
7
380,074
477,922
------------
------------
Net current assets
1,238,540
750,488
------------
---------
Total assets less current liabilities
1,347,935
802,988
Creditors: amounts falling due after more than one year
8
35,023
40,953
------------
---------
Net assets
1,312,912
762,035
------------
---------
Capital and reserves
Called up share capital
1,347,000
580,000
Profit and loss account
( 34,088)
182,035
------------
---------
Shareholders funds
1,312,912
762,035
------------
---------
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 income statement has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
Mr N Porter
Director
Company registration number: 09697161
Shojin Financial Services Limited
Notes to the Financial Statements
Year ended 30 June 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 Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
15% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2022
60,000
Additions
76,200
---------
At 30 June 2023
136,200
---------
Amortisation
At 1 July 2022
7,500
Charge for the year
19,305
---------
At 30 June 2023
26,805
---------
Carrying amount
At 30 June 2023
109,395
---------
At 30 June 2022
52,500
---------
6. Debtors
2023
2022
£
£
Trade debtors
137,326
14,343
Other debtors
1,330,849
1,047,300
------------
------------
1,468,175
1,061,643
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,928
5,928
Trade creditors
164,034
22,997
Amounts owed to group undertakings and undertakings in which the company has a participating interest
175
342,016
Corporation tax
1,695
Social security and other taxes
185,596
81,582
Other creditors
24,341
23,704
---------
---------
380,074
477,922
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,023
40,953
--------
--------
9. Summary audit opinion
The auditor's report dated 2 April 2024 was unqualified .
The senior statutory auditor was Paul Mattei , for and on behalf of Leaman Mattei .
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Shojin Property Partners Limited
9,525
70,291
84,478
74,952
Shojin Holding Limited
341,841
342,016
( 175)
( 343,716)
---------
---------
--------
---------
Shojin Financial Services Limited is a 100% wholly owned subsidiary of Shojin Holdings Limited. During the year , Shojin Financial Services Limited provided services to Shojin Property Partners Limited, a company with common directors.
11. Controlling party
Shojin Financial Services Limited is a 100% wholly owned subsidiary of Shojin Holdings Limited. The parent undertaking, Shojin Holdings Limited is a company registered office address Suite 1, First Flor, 1 Duchess Street, London, W1W 6AN.