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Company registration number: 02411246
Shilun's Limited
Unaudited filleted financial statements
29 February 2024
Shilun's Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Shilun's Limited
Directors and other information
Directors Mr Ritesh M Shah
Mrs Harsha R Shah
Dr Bhavik Shah
Dr Milan Shah
Secretary Mrs Harsha R Shah
Company number 02411246
Registered office 98 leavesden Road
Watford
Hertfordshire
WD24 5EH
Accountants Accounts Tax Solutions Limited
3rd Floor
207 Regent Street
London
W1B 3HH
Shilun's Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Shilun's Limited
Year ended 29 February 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 29 February 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Accounts Tax Solutions Limited
3rd Floor
207 Regent Street
London
W1B 3HH
25 November 2024
Shilun's Limited
Statement of financial position
29 February 2024
29/02/24 28/02/23
Note £ £ £ £
Fixed assets
Intangible assets 5 243,751 243,751
Tangible assets 6 931,960 932,384
_______ _______
1,175,711 1,176,135
Current assets
Stocks 66,254 66,446
Debtors 7 151,514 128,863
Cash at bank and in hand 173,238 167,685
_______ _______
391,006 362,994
Creditors: amounts falling due
within one year 8 ( 223,728) ( 232,226)
_______ _______
Net current assets 167,278 130,768
_______ _______
Total assets less current liabilities 1,342,989 1,306,903
Creditors: amounts falling due
after more than one year 9 ( 112,653) ( 119,467)
Provisions for liabilities ( 1,169) ( 1,092)
_______ _______
Net assets 1,229,167 1,186,344
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,228,167 1,185,344
_______ _______
Shareholders funds 1,229,167 1,186,344
_______ _______
For the year ending 29 February 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr Ritesh M Shah
Director
Company registration number: 02411246
Shilun's Limited
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 1,000 1,259,588 1,260,588
Profit/(loss) for the year ( 60,836) ( 60,836)
_______ _______ _______
Total comprehensive income for the year - ( 60,836) ( 60,836)
Dividends paid and payable ( 13,408) ( 13,408)
_______ _______ _______
Total investments by and distributions to owners - ( 13,408) ( 13,408)
_______ _______ _______
At 28 February 2023 and 1 March 2023 1,000 1,185,344 1,186,344
Profit/(loss) for the year 167,323 167,323
_______ _______ _______
Total comprehensive income for the year - 167,323 167,323
Dividends paid and payable ( 124,500) ( 124,500)
_______ _______ _______
Total investments by and distributions to owners - ( 124,500) ( 124,500)
_______ _______ _______
At 29 February 2024 1,000 1,228,167 1,229,167
_______ _______ _______
Shilun's Limited
Notes to the financial statements
Year ended 29 February 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 Shilun's Limited, 98 leavesden Road, Watford, Hertfordshire, WD24 5EH.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 - 20 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
29/02/24 28/02/23
£ £
Wages and salaries 227,161 207,739
Social security costs 5,696 5,198
Other pension costs 937 214,538
_______ _______
233,794 427,475
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2023 and 29 February 2024 243,751 243,751
_______ _______
Amortisation
At 1 March 2023 and 29 February 2024 - -
_______ _______
Carrying amount
At 29 February 2024 243,751 243,751
_______ _______
At 28 February 2023 243,751 243,751
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2023 926,639 98,628 1,025,267
Additions - 806 806
_______ _______ _______
At 29 February 2024 926,639 99,434 1,026,073
_______ _______ _______
Depreciation
At 1 March 2023 - 92,883 92,883
Charge for the year - 1,230 1,230
_______ _______ _______
At 29 February 2024 - 94,113 94,113
_______ _______ _______
Carrying amount
At 29 February 2024 926,639 5,321 931,960
_______ _______ _______
At 28 February 2023 926,639 5,745 932,384
_______ _______ _______
7. Debtors
29/02/24 28/02/23
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 5,098 -
Other debtors 146,416 128,863
_______ _______
151,514 128,863
_______ _______
8. Creditors: amounts falling due within one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 10,102 10,102
Trade creditors 146,541 135,652
Corporation tax 27,156 -
Social security and other taxes 2,929 2,638
Other creditors 37,000 83,834
_______ _______
223,728 232,226
_______ _______
9. Creditors: amounts falling due after more than one year
29/02/24 28/02/23
£ £
Bank loans and overdrafts 112,653 119,467
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 29/02/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ritesh M Shah ( 64,175) 73,778 9,603
_______ _______ _______
Period ended 28/02/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ritesh M Shah ( 83,700) 19,525 ( 64,175)
_______ _______ _______