Company registration number SC694129 (Scotland)
SHAVO (READING) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SHAVO (READING) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SHAVO (READING) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
685,884
495,829
Current assets
Debtors
4
52,979
113,968
Cash at bank and in hand
22
105
53,001
114,073
Creditors: amounts falling due within one year
5
(782,164)
(640,342)
Net current liabilities
(729,163)
(526,269)
Net liabilities
(43,279)
(30,440)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(43,379)
(30,540)
Total equity
(43,279)
(30,440)

For the financial year ended 31 December 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr S Fahy
Director
Company registration number SC694129 (Scotland)
SHAVO (READING) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Shavo (Reading) Ltd is a private company limited by shares incorporated in Scotland. The registered office is 10-12 Albert Drive, Glasgow, G41 2PE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
5% straight line
Equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SHAVO (READING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
3
Tangible fixed assets
Leasehold land and buildings
Equipment
Total
£
£
£
Cost
At 1 January 2023
486,009
9,820
495,829
Additions
136,897
53,158
190,055
At 31 December 2023
622,906
62,978
685,884
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
622,906
62,978
685,884
At 31 December 2022
486,009
9,820
495,829
SHAVO (READING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
52,979
113,968
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,018
121,262
Other creditors
745,146
519,080
782,164
640,342
6
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
484,000
-
0
7
Directors' transactions

The directors consider that there are no transactions to disclose.    

8
Going concern

As at the year end, the liabilities exceeded its assets. The accounts have been prepared on the going concern basis due to the fact that the company started to trade in 2024 and that the company has the ongoing support of the shareholders and other companies within the group.

9
Prior period adjustment

The previous year reported financial information included depreciation on assets in error. The assets were still in the build phase and therefore not ready for use and therefore should not have been depreciated.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Fixed assets
Tangible assets
470,547
25,282
495,829
Capital and reserves
Profit and loss reserves
(55,822)
25,282
(30,540)
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