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COMPANY REGISTRATION NUMBER: 05638697
SHAAN LIMITED
Filleted Unaudited Abridged Financial Statements
For the year ended
30 November 2023
SHAAN LIMITED
Abridged Financial Statements
Year ended 30 November 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
SHAAN LIMITED
Officers and Professional Advisers
Director
Mr J. Bains
Company secretary
Mrs E.I. M. Bains
Registered office
111a George Lane
London
E18 1AN
Accountants
OMG
Chartered Certified Accountants
111a, George Lane
London
E18 1AN
SHAAN LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of SHAAN LIMITED
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of SHAAN LIMITED for the year ended 30 November 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of SHAAN LIMITED in accordance with the terms of our engagement letter dated 10 October 2006. Our work has been undertaken solely to prepare for your approval the abridged financial statements of SHAAN LIMITED and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SHAAN LIMITED and its director for our work or for this report.
It is your duty to ensure that SHAAN LIMITED has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SHAAN LIMITED. You consider that SHAAN LIMITED is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of SHAAN LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
OMG Chartered Certified Accountants
111a, George Lane London E18 1AN
22 August 2024
SHAAN LIMITED
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
7
104,988
129,693
Tangible assets
8
3,301
2,794
---------
---------
108,289
132,487
Current assets
Stocks
9
22,141
26,230
Debtors
10
52,958
54,849
Cash at bank and in hand
62,425
88,514
---------
---------
137,524
169,593
Creditors: amounts falling due within one year
11
162,562
178,224
---------
---------
Net current liabilities
25,038
8,631
---------
---------
Total assets less current liabilities
83,251
123,856
--------
---------
Net assets
83,251
123,856
--------
---------
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss account
82,251
122,856
--------
---------
Shareholders funds
83,251
123,856
--------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
SHAAN LIMITED
Abridged Statement of Financial Position (continued)
30 November 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr J. Bains
Director
Company registration number: 05638697
SHAAN LIMITED
Notes to the Abridged Financial Statements
Year ended 30 November 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 111a George Lane, London, E18 1AN.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
over its useful economic life of 20 years
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures Fittings & Equipment
-
20% reducing balance
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 .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 7 (2022: 5 ).
5. Tax on profit
The tax on profit for the year at 19% : £7,245(2021- 19% : £16,813).
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on equity shares
72,000
80,000
--------
--------
7. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
494,091
---------
Amortisation
At 1 December 2022
364,398
Charge for the year
24,705
---------
At 30 November 2023
389,103
---------
Carrying amount
At 30 November 2023
104,988
---------
At 30 November 2022
129,693
---------
8. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022
1
37,289
37,290
Additions
1,332
1,332
----
--------
--------
At 30 November 2023
1
38,621
38,622
----
--------
--------
Depreciation
At 1 December 2022
34,496
34,496
Charge for the year
825
825
----
--------
--------
At 30 November 2023
35,321
35,321
----
--------
--------
Carrying amount
At 30 November 2023
1
3,300
3,301
----
--------
--------
At 30 November 2022
1
2,793
2,794
----
--------
--------
9. Stocks
2023
2022
£
£
Finished goods and goods for resale
22,141
26,230
--------
--------
10. Debtors
2023
2022
£
£
Prepayments and accrued income
47,711
43,495
Other debtors
5,247
11,354
--------
--------
52,958
54,849
--------
--------
11. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
112,582
109,008
Accruals and deferred income
2,317
2,368
Corporation tax
7,912
16,813
Loans and bank overdrafts
37,104
47,432
Other creditors
2,647
2,603
---------
---------
162,562
178,224
---------
---------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
13. Related party transactions
The dividend paid to the director during the year was £36,000 (2022 - £40,000).
14. Controlling party
The company was under the control of the director Mr J. Bains throughout the current and previous years.