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Company registration number: 12992051
Shaily (UK) Limited
Abridged filleted financial statements
31 March 2024
Shaily (UK) Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Shaily (UK) Limited
Directors and other information
Directors Mr Amit Sanghvi
Mr Mahendra Sanghvi
Mr Veer Doshi
Ms Kinjal Bhavsar
Company number 12992051
Registered office 6th Floor, AMP House
Dingwall Road
Croydon
United Kingdom
CR0 2LX
Auditor Primera Accountants Limited
1st Floor Spitalfields House
Stirling Way
Borehamwood
WD6 2FX
Accountants Doshi & Co. Accountants
6th Floor, AMP House
Dingwall Road
Croydon
CR0 2LX
Shaily (UK) Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Shaily (UK) Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 2,200,889 1,733,251
Tangible assets 6 47,767 44,100
_______ _______
2,248,656 1,777,351
Current assets
Debtors 904,560 382,250
Cash at bank and in hand 1,690,361 142,530
_______ _______
2,594,921 524,780
Creditors: amounts falling due
within one year ( 215,366) ( 206,844)
_______ _______
Net current assets 2,379,555 317,936
_______ _______
Total assets less current liabilities 4,628,211 2,095,287
_______ _______
Net assets 4,628,211 2,095,287
_______ _______
Capital and reserves
Called up share capital 2,050,000 1,550,000
Profit and loss account 2,578,211 545,287
_______ _______
Shareholders funds 4,628,211 2,095,287
_______ _______
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 13 May 2024 , and are signed on behalf of the board by:
Mr Amit Sanghvi
Director
Company registration number: 12992051
Shaily (UK) Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 900,000 12,515 912,515
Profit for the year 532,772 532,772
_______ _______ _______
Total comprehensive income for the year - 532,772 532,772
Issue of bonus shares 650,000 - 650,000
_______ _______ _______
Total investments by and distributions to owners 650,000 - 650,000
_______ _______ _______
At 31 March 2023 and 1 April 2023 1,550,000 545,287 2,095,287
Profit for the year 2,032,924 2,032,924
_______ _______ _______
Total comprehensive income for the year - 2,032,924 2,032,924
Issue of bonus shares 500,000 - 500,000
_______ _______ _______
Total investments by and distributions to owners 500,000 - 500,000
_______ _______ _______
At 31 March 2024 2,050,000 2,578,211 4,628,211
_______ _______ _______
Shaily (UK) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, AMP House, Dingwall Road, Croydon, United Kingdom, CR0 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 a revalued amount, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 10 % straight line
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 152,374 75,494
_______ _______
5. Intangible assets
£
Cost
At 1 April 2023 1,733,251
Additions 542,168
_______
At 31 March 2024 2,275,419
_______
Amortisation
At 1 April 2023 -
Charge for the year 74,530
_______
At 31 March 2024 74,530
_______
Carrying amount
At 31 March 2024 2,200,889
_______
At 31 March 2023 1,733,251
_______
6. Tangible assets
£
Cost
At 1 April 2023 61,507
Additions 25,378
_______
At 31 March 2024 86,885
_______
Depreciation
At 1 April 2023 17,407
Charge for the year 21,711
_______
At 31 March 2024 39,118
_______
Carrying amount
At 31 March 2024 47,767
_______
At 31 March 2023 44,100
_______
7. Summary audit opinion
The auditor's report dated 13 May 2024 was unqualified.
The senior statutory auditor was Sadikali Gulamabbas Premji for and on behalf of Primera Accountants Limited
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Amit Sanghvi - 12,190 - 12,190
Ms Kinjal Bhavsar 3,246 20,879 - 24,125
_______ _______ _______ _______
3,246 33,069 - 36,315
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Amit Sanghvi 9,351 - ( 9,351) -
Ms Kinjal Bhavsar - 3,246 - 3,246
_______ _______ _______ _______
9,351 3,246 ( 9,351) 3,246
_______ _______ _______ _______