Company registration number 12482817 (England and Wales)
SHAZMA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
SHAZMA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHAZMA LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
FIXED ASSETS
Investment property
3
111,289
CURRENT ASSETS
-
-
Debtors
4
1
Cash at bank and in hand
68
68
1
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(58,727)
-
NET CURRENT (LIABILITIES)/ASSETS
(58,659)
1
TOTAL ASSETS LESS CURRENT LIABILITIES
52,630
1
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(55,995)
-
PROVISIONS FOR LIABILITIES
842
-
NET (LIABILITIES)/ASSETS
(2,523)
1
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss reserves
(2,524)
TOTAL EQUITY
(2,523)
1
SHAZMA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
Shanaz Akram
Director
Company registration number 12482817 (England and Wales)
SHAZMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
Shazma Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Ruthin Way, Tonteg, Pontpridd, CF38 1TF.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts show that the company had net liabilities of £2,524 (2023 - £Nil) at the balance sheet date. The directors have therefore had to consider the appropriateness of he going concern basis. true
The company has been able to finance it's operations largely because of the support from the directors and other creditors. Were this support not available, the company may not be able to continue trading.
The directors are confident that the company will be able to meet it's obligations for a least the next twelve months with the continuing support of these creditors. They therefore consider it appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SHAZMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SHAZMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
INVESTMENT PROPERTY
2024
£
Fair value
At 1 March 2023
Additions
111,289
At 29 February 2024
111,289
Investment property comprises £111,289. The fair value of the investment property has been arrived at on the basis of a valuation as at 29 February 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
8,015
Other creditors
50,712
58,727
The above includes secured creditors of £8,015 (2023 - £Nil). These balances are secured over the investment properties held by the company.
SHAZMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
55,995
The above includes secured creditors of £55,995 (2023 - £Nil). These balances are secured over the investment properties held by the company.
7
DIRECTORS' TRANSACTIONS
Included within other creditors is a balance of £49,512.05 (2023 - £0) due to the director. This balance is interest free and repayable on demand.