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Registration number: 11430122

Sheeva Properties UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 December 2023

 

Sheeva Properties UK Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Sheeva Properties UK Limited

Company Information

Directors

Mr H Patel

Mrs A Patel

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sheeva Properties UK Limited
for the Year Ended 29 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sheeva Properties UK Limited for the year ended 29 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sheeva Properties UK Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Sheeva Properties UK Limited and state those matters that we have agreed to state to the Board of Directors of Sheeva Properties UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheeva Properties UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sheeva Properties UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sheeva Properties UK Limited. You consider that Sheeva Properties UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sheeva Properties UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

8 October 2024

 

Sheeva Properties UK Limited

(Registration number: 11430122)
Balance Sheet as at 29 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

1,849,394

1,849,394

Current assets

 

Debtors

5

61,287

86,677

Cash at bank and in hand

 

250,275

159,638

 

311,562

246,315

Creditors: Amounts falling due within one year

6

(1,124,170)

(1,224,642)

Net current liabilities

 

(812,608)

(978,327)

Total assets less current liabilities

 

1,036,786

871,067

Creditors: Amounts falling due after more than one year

6

-

(747,307)

Net assets

 

1,036,786

123,760

Capital and reserves

 

Called up share capital

52

52

Retained earnings

1,036,734

123,708

Shareholders' funds

 

1,036,786

123,760

For the financial year ending 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................
Mr H Patel
Director

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Bond Street
Colne
Lancashire
BB8 9DG

These financial statements were authorised for issue by the Board on 8 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,849,394

1,849,394

Subsidiaries

£

Cost or valuation

At 30 December 2022

1,849,394

Additions

199,393

Disposals

(199,393)

At 29 December 2023

1,849,394

Provision

Carrying amount

At 29 December 2023

1,849,394

At 29 December 2022

1,849,394

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Forster Place (Bradford) Limited

England and Wales

Ordinary

100%

100%

Sheeva Corporation

Liechtenstein

Ordinary

100%

100%


Forster Place (Bradford) Limited

The principal activity of Forster Place (Bradfrod) Limited is a property investment company. The aggregate amount of Capital and reserves at the end of the period end £1,927,185.

Sheeva Corporation

The principal activity of Sheeva Corporation is property rental. The aggregate amount of Capital and reserves at the end of the period end was £2,991,085.
 

5

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

61,046

86,625

Prepayments

189

-

Other debtors

52

52

61,287

86,677

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

174,158

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

343,167

301,817

Taxation and social security

 

30,752

-

Accruals and deferred income

 

3,060

1,476

Other creditors

 

747,191

747,191

 

1,124,170

1,224,642

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

747,307

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

-

747,307

Current loans and borrowings

2023
£

2022
£

Other borrowings

-

174,158

 

Sheeva Properties UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

8

Related party transactions

Summary of transactions with other related parties

Amsgro Limited
 
During the year Amsgro Limited continued to advance loan facilities to Sheeva Properties UK Limited. This was repaid in full during the year leaving a balance of £nil (2022 - £747,191).

Amsgro Limited is no longer a related party of Sheeva Properties UK Limited.