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01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
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2024-03-31
12992051
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12992051
2023-03-31
12992051
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2023-03-31
12992051
2023-03-31
12992051
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12992051
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2023-04-01
2024-03-31
12992051
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2024-03-31
12992051
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12992051
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2023-04-01
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2023-04-01
2024-03-31
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2023-04-01
2024-03-31
12992051
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2023-04-01
2024-03-31
12992051
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2023-04-01
2024-03-31
12992051
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2022-04-01
2023-03-31
12992051
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2022-04-01
2023-03-31
12992051
core:ShareCapital
2023-04-01
2024-03-31
12992051
core:RetainedEarningsAccumulatedLosses
2023-04-01
2024-03-31
12992051
core:WithinOneYear
2024-03-31
12992051
core:WithinOneYear
2023-03-31
12992051
core:ShareCapital
2024-03-31
12992051
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2023-03-31
12992051
core:RetainedEarningsAccumulatedLosses
2024-03-31
12992051
core:RetainedEarningsAccumulatedLosses
2023-03-31
12992051
core:ShareCapital
2022-03-31
12992051
core:RetainedEarningsAccumulatedLosses
2022-03-31
12992051
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2024-03-31
12992051
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2024-03-31
12992051
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2023-03-31
12992051
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2024-03-31
12992051
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2022-03-31
12992051
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2023-03-31
12992051
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2022-04-01
2023-03-31
12992051
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2022-04-01
2023-03-31
12992051
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2024-03-31
12992051
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2023-04-01
2024-03-31
12992051
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2023-04-01
2024-03-31
12992051
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2024-03-31
12992051
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12992051
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2024-03-31
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 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|