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Company No: 06296397 (England and Wales)

SHAKINA ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SHAKINA ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SHAKINA ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
SHAKINA ENTERPRISES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,169,331 3,208,493
3,169,331 3,208,493
Current assets
Debtors 4 3,602 5,003
3,602 5,003
Creditors: amounts falling due within one year 5 ( 3,596,943) ( 3,554,400)
Net current liabilities (3,593,341) (3,549,397)
Total assets less current liabilities (424,010) (340,904)
Net liabilities ( 424,010) ( 340,904)
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account ( 425,010 ) ( 341,904 )
Total shareholders' deficit ( 424,010) ( 340,904)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Shakina Enterprises Limited (registered number: 06296397) were approved and authorised for issue by the Board of Directors on 04 October 2024. They were signed on its behalf by:

Raymond Philip Ronald Fine
Director
SHAKINA ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SHAKINA ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shakina Enterprises Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, Stratus House, Emperor Way, Exeter, EX1 3QS, United Kingdom. The principal place of business is 48 Oceano Clube, Vale de Lobo, Almancil, Portugal.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 July 2023 2,947,410 420,569 3,367,979
At 30 June 2024 2,947,410 420,569 3,367,979
Accumulated depreciation
At 01 July 2023 0 159,486 159,486
Charge for the financial year 0 39,162 39,162
At 30 June 2024 0 198,648 198,648
Net book value
At 30 June 2024 2,947,410 221,921 3,169,331
At 30 June 2023 2,947,410 261,083 3,208,493

4. Debtors

2024 2023
£ £
Prepayments 3,602 5,003

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 3,588,344 3,552,400
Accruals 8,599 2,000
3,596,943 3,554,400

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 3,588,344 3,552,400

No interest is charged on the loan and there are no set repayment terms.