Company Registration No. 12302185 (England and Wales)
SHOREWAY PROPERTIES LIMITED
Unaudited accounts
for the year ended 30 November 2023
SHOREWAY PROPERTIES LIMITED
Unaudited accounts
Contents
SHOREWAY PROPERTIES LIMITED
Company Information
for the year ended 30 November 2023
Directors
Dr. Mumtaz Maher
Dr. Saadia Rasul Virk
Company Number
12302185 (England and Wales)
Registered Office
30 Clarence Terrace
London,
NW1 4RD
England
Accountants
Genius Accountancy Ltd
27 Old Gloucester Street
London
WC1N 3AX
SHOREWAY PROPERTIES LIMITED
Statement of financial position
as at 30 November 2023
Tangible assets
90,601
128,912
Investment property
7,634,713
7,634,713
Cash at bank and in hand
81,519
64,496
Creditors: amounts falling due within one year
(2,158,332)
(1,809,833)
Net current liabilities
(2,051,490)
(1,732,204)
Total assets less current liabilities
5,673,824
6,031,421
Creditors: amounts falling due after more than one year
(3,381,976)
(3,693,739)
Net assets
2,291,848
2,337,682
Called up share capital
2,700,000
2,700,000
Profit and loss account
(408,152)
(362,318)
Shareholders' funds
2,291,848
2,337,682
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by
Dr. Saadia Rasul Virk
Director
Company Registration No. 12302185
SHOREWAY PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 November 2023
SHOREWAY PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12302185. The registered office is 30 Clarence Terrace, London,, NW1 4RD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Average number of employees
Average number of employees also include directors.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33.33%
SHOREWAY PROPERTIES LIMITED’s share capital amounting to £2,700,000, initially recorded as unpaid as of 30 November 2022, has been reclassified to paid capital in the financial statements for both 30 November 2022 and 30 November 2023.
SHOREWAY PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 December 2022
149,890
27,000
176,890
At 30 November 2023
149,890
28,000
177,890
At 1 December 2022
29,978
18,000
47,978
Charge for the year
29,978
9,333
39,311
At 30 November 2023
59,956
27,333
87,289
At 30 November 2023
89,934
667
90,601
At 30 November 2022
119,912
9,000
128,912
Fair value at 1 December 2022
7,634,713
At 30 November 2023
7,634,713
Amounts falling due within one year
Accrued income and prepayments
25,323
12,733
7
Creditors: amounts falling due within one year
2023
2022
Other creditors
6,000
4,200
Loans from directors
2,152,332
1,805,633
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
3,381,976
3,693,739
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).