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Registered number: 01691192
Shasonic Galleria Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01691192
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,226 3,044
Investment Properties 5 1,393,925 669,425
Investments 6 133,232 102,491
1,539,383 774,960
CURRENT ASSETS
Stocks 7 502,983 543,594
Debtors 8 428,420 356,030
Cash at bank and in hand 72,515 218,770
1,003,918 1,118,394
Creditors: Amounts Falling Due Within One Year 9 (1,759,186 ) (1,133,327 )
NET CURRENT ASSETS (LIABILITIES) (755,268 ) (14,933 )
TOTAL ASSETS LESS CURRENT LIABILITIES 784,115 760,027
NET ASSETS 784,115 760,027
CAPITAL AND RESERVES
Called up share capital 10 55,384 55,384
Share premium account 144,613 144,613
Profit and Loss Account 584,118 560,030
SHAREHOLDERS' FUNDS 784,115 760,027
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
N D Shah
Director
24 December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shasonic Galleria Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01691192 . The registered office is Linksway House, 38 Linksway, Northwood, Middlesex, HA6 2XB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold is not amortised
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.4. Investment Properties
Investment properties shall be included in the balance sheet at their most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 500 4,725 5,225
Additions 12,100 - 12,100
Disposals (500 ) - (500 )
As at 31 March 2024 12,100 4,725 16,825
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 April 2023 250 1,931 2,181
Provided during the period 1,512 1,156 2,668
Disposals (250 ) - (250 )
As at 31 March 2024 1,512 3,087 4,599
Net Book Value
As at 31 March 2024 10,588 1,638 12,226
As at 1 April 2023 250 2,794 3,044
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 669,425
Additions 724,500
As at 31 March 2024 1,393,925
6. Investments
Listed
£
Cost
As at 1 April 2023 102,491
Revaluations 30,741
As at 31 March 2024 133,232
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 133,232
As at 1 April 2023 102,491
7. Stocks
2024 2023
£ £
Finished goods 171,739 283,917
Work in progress 331,244 259,677
502,983 543,594
Page 4
Page 5
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,395 11,710
Prepayments and accrued income 14,952 3,246
Other debtors 203,882 153,883
241,229 168,839
Due after more than one year
Other debtors 187,191 187,191
428,420 356,030
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,049 115,446
Bank loans and overdrafts 36,571 42,127
Other taxes and social security 1,699 2,758
VAT 8,195 18,883
Other creditors 1,610,058 881,370
Pension contributions 203 332
Accruals and deferred income 9,005 9,005
Amounts owed to related parties 63,406 63,406
1,759,186 1,133,327
The amount for Other creditors is due to a company connected by virtue of common control.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 55,384 55,384
2024 2023
Allotted, called up and fully paid £ £
55,384 Ordinary Shares of £ 1 each 55,384 55,384
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr N D Shah by virtue of his ownership of 100% of the issued share capital in the company.
Page 5