Shaunaks Investments Limited 09636143 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is other letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 09636143 2023-03-01 2024-02-29 09636143 2024-02-29 09636143 bus:Consolidated 2024-02-29 09636143 core:RevaluationPropertyDeferredTax 2024-02-29 09636143 core:CurrentFinancialInstruments 2024-02-29 09636143 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 09636143 core:FurnitureFittingsToolsEquipment 2024-02-29 09636143 bus:SmallEntities 2023-03-01 2024-02-29 09636143 bus:Audited 2023-03-01 2024-02-29 09636143 bus:FullAccounts 2023-03-01 2024-02-29 09636143 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09636143 bus:RegisteredOffice 2023-03-01 2024-02-29 09636143 bus:Director1 2023-03-01 2024-02-29 09636143 bus:Director2 2023-03-01 2024-02-29 09636143 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09636143 core:FurnitureFittings 2023-03-01 2024-02-29 09636143 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 09636143 1 2023-03-01 2024-02-29 09636143 countries:EnglandWales 2023-03-01 2024-02-29 09636143 2023-02-28 09636143 core:FurnitureFittingsToolsEquipment 2023-02-28 09636143 2022-03-01 2023-02-28 09636143 2023-02-28 09636143 core:RevaluationPropertyDeferredTax 2023-02-28 09636143 core:CurrentFinancialInstruments 2023-02-28 09636143 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 09636143 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 09636143

Prepared for the registrar

Shaunaks Investments Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Shaunaks Investments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Shaunaks Investments Limited

Company Information

Directors

Mr K D Shaunak

Mr V D Shaunak

Registered office

Shaunak House
Netham Road
Redfield
Bristol
BS5 9PQ

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Shaunaks Investments Limited

(Registration number: 09636143)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,227

4,029

Investment property

5

11,720,468

9,300,688

 

11,726,695

9,304,717

Current assets

 

Debtors

6

18,318

18,595

Cash at bank and in hand

 

52,769

16,687

 

71,087

35,282

Creditors: Amounts falling due within one year

7

(52,585)

(43,626)

Net current assets/(liabilities)

 

18,502

(8,344)

Total assets less current liabilities

 

11,745,197

9,296,373

Deferred tax liabilities

8

(46,499)

(49,384)

Net assets

 

11,698,698

9,246,989

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

151,036

148,151

Profit and loss account

11,547,562

9,098,738

Shareholders' funds

 

11,698,698

9,246,989

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 


Mr K D Shaunak
Director

 

Shaunaks Investments Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

 

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:
Shaunak House
Netham Road
Redfield
Bristol
BS5 9PQ
United Kingdom

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Shaunaks Holdings Limited.

The financial statements of Shaunaks Holdings Limited may be obtained from the company's registered office.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Shaunaks Investments Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

 

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rental in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when: the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for rental income.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Shaunaks Investments Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

 

2

Accounting policies (continued)

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Shaunaks Investments Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 March 2023

4,740

Additions

2,802

At 29 February 2024

7,542

Depreciation

At 1 March 2023

711

Charge for the year

604

At 29 February 2024

1,315

Carrying amount

At 29 February 2024

6,227

At 28 February 2023

4,029

 

5

Investment properties

£

At 1 March 2023

9,300,688

Additions

2,419,780

At 29 February 2024

11,720,468

The directors are of the opinion that the fair value of the properties at the balance sheet date has not changed significantly since the date of their revaluation or acquisition.

 

6

Debtors

2024
 £

2023
 £

Prepayments

18,318

18,595

 

18,318

18,595

 

7

Creditors

2024
 £

2023
 £

Due within one year

Other creditors

47,585

27,975

Accrued expenses

5,000

5,000

Corporation tax liability

-

10,651

52,585

43,626

 

8

Deferred tax

Deferred tax assets and liabilities

 

Shaunaks Investments Limited

Notes to the Financial Statements for the Year Ended 29 February 2024 (continued)

 

8

Deferred tax (continued)

2024

Liability
£

Deferred tax on property revaluation

46,499

46,499

2023

Liability
£

Deferred tax on property revaluation

49,384

49,384

 

9

Non adjusting events after the financial period

Following the year end the company acquired four properties for total consideration of £1,682,189. The company also acquired 100% of the entire share capital of Cento Beta Project Ltd, a company holding one property for £1,028,072.

 

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2024 was Julian Gaskell, who signed for and on behalf of Hazlewoods LLP.