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Registered number: 5244280
Shiv Property Management Limited
Financial Statements
For The Year Ended 30 November 2023
APR Accountancy Services
Shan House
80-86 North Street
Keighley
West Yorkshire
BD21 3AF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 5244280
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,767,266 1,737,776
Investments 5 16,221 -
1,783,487 1,737,776
CURRENT ASSETS
Debtors 6 19,443 7,664
Cash at bank and in hand 7,011 8,098
26,454 15,762
Creditors: Amounts Falling Due Within One Year 7 (224,205 ) (219,373 )
NET CURRENT ASSETS (LIABILITIES) (197,751 ) (203,611 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,585,736 1,534,165
Creditors: Amounts Falling Due After More Than One Year 8 (421,373 ) (530,981 )
NET ASSETS 1,164,363 1,003,184
CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 898,271 898,271
Profit and Loss Account 266,090 104,911
SHAREHOLDERS' FUNDS 1,164,363 1,003,184
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ramith Abrol
Director
29/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shiv Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 5244280 . The registered office is Eden Chapel Building, Chapel Lane, Keighley, BD21 2AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The company's turnover consists primarily of commercial and residential property rental income, and from building projects.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation is provided on freehold property as the Director deems the residual value will be in excess of the cost
Plant & Machinery 25% RB
Motor Vehicles 20% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% RB
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 December 2022 1,660,000 - 90,214 23,253
Additions 90,000 15,286 - 2,130
Disposals - - (90,214 ) -
As at 30 November 2023 1,750,000 15,286 - 25,383
Depreciation
As at 1 December 2022 - - 18,043 19,242
Provided during the period - 3,822 - 1,535
Disposals - - (18,043 ) -
As at 30 November 2023 - 3,822 - 20,777
Net Book Value
As at 30 November 2023 1,750,000 11,464 - 4,606
As at 1 December 2022 1,660,000 - 72,171 4,011
Computer Equipment Total
£ £
Cost
As at 1 December 2022 6,615 1,780,082
Additions - 107,416
Disposals - (90,214 )
As at 30 November 2023 6,615 1,797,284
Depreciation
As at 1 December 2022 5,021 42,306
Provided during the period 398 5,755
Disposals - (18,043 )
As at 30 November 2023 5,419 30,018
Net Book Value
As at 30 November 2023 1,196 1,767,266
As at 1 December 2022 1,594 1,737,776
Page 4
Page 5
5. Investments
Unlisted
£
Cost
As at 1 December 2022 -
Additions 16,221
As at 30 November 2023 16,221
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 16,221
As at 1 December 2022 -
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,735 -
Prepayments and accrued income 7,708 2,040
VAT - 5,624
19,443 7,664
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 87,730 117,419
Bank loans and overdrafts 41,400 49,383
Corporation tax 50,812 4,540
Other taxes and social security - 438
VAT 11,187 -
Other creditors 26,364 23,396
Accruals and deferred income 585 570
Director's loan account 6,127 23,627
224,205 219,373
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 80,600 72,600
Bank loans 340,773 458,381
421,373 530,981
Page 5
Page 6
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Reserves
Revaluation Reserve
£
As at 1 December 2022 898,271
As at 30 November 2023 898,271
11. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of his ownership of 100% of the issued share capital in the company.
Page 6