Company Registration No. 10102149 (England and Wales)
SLSA LTD
Unaudited accounts
for the year ended 30 April 2024
SLSA LTD
Unaudited accounts
Contents
SLSA LTD
Company Information
for the year ended 30 April 2024
Company Number
10102149 (England and Wales)
Registered Office
C/O Acumen, 37th Floor
1 Canada Square
LONDON
E14 5DY
ENGLAND
SLSA LTD
Statement of financial position
as at 30 April 2024
Tangible assets
1,746
2,182
Cash at bank and in hand
129
637
Creditors: amounts falling due within one year
(14,369)
(7,099)
Net current liabilities
(14,240)
(6,462)
Net liabilities
(12,494)
(4,280)
Called up share capital
1,000
1,000
Profit and loss account
(13,494)
(5,280)
Shareholders' funds
(12,494)
(4,280)
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 January 2025 and were signed on its behalf by
Saeed AL-SAADY
Director
Company Registration No. 10102149
SLSA LTD
Notes to the Accounts
for the year ended 30 April 2024
SLSA LTD is a private company, limited by shares, registered in England and Wales, registration number 10102149. The registered office is C/O Acumen, 37th Floor, 1 Canada Square, LONDON, E14 5DY, ENGLAND.
2
Compliance with accounting standards
The Fiancial Statement have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the companies Act 2006 as applicable to companies subject to the small companies regime. There were no material departures from that standard. 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.
This company is a qualifying entity for the purpose of FRS 102 and the company has taken advantage of exemptions from the following disclosure requirements:
* Section 7 "Statements of Cash Flows": Presentation of a statement of cash flow and related notes and disclosures;
*Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues": Interest income/expense and net gain/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognized in profit or loss and in other comprehensive income;
* Section 26 "Share based payment": Share based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share based payment's, explanation of modifications to arrangements; and
* Section 33 "Related Party Disclosures": Compensation for key management personnel.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention and comparative information has been disclosed in respect of the period from 1 May 2023 to 30 April 2024 for all numerical information in the financial statements and also the narrative and descriptive information where it is relevant for comparing of the current financial statements which has prepared for 12 months.
Reclassification Consideration
Where necessary, costs may be reclassified between direct and indirect costs to ensure accurate representation in the financial statements. This ensures that only those costs strictly necessary for revenue generation are captured under this category.
The policy for amending accounts ensures all adjustments are conducted transparently, accurately, and in compliance with applicable accounting standards, laws, and regulations. Amendments must be justified with documented evidence, reviewed, and approved by authorized personnel, with major changes requiring higher-level approvals. Each amendment must be recorded with a clear audit trail and communicated transparently to relevant stakeholders if materially impactful. Supporting documentation, reconciliation, and a re-verification process for significant changes help maintain financial integrity. This policy emphasizes robust internal controls, regular employee training, and consistent review to prevent errors and uphold accuracy and accountability in financial reporting.
SLSA LTD
Notes to the Accounts
for the year ended 30 April 2024
Risk and Uncertainties for use of Estimates in preparation of financial statements
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses and disclosure requirements for contingent assets and liabilities during and at the date of financial statements. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected as required by FRS 102: "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Responsibility for Preparation and Presentation of Financial Statements
The directors are legally responsible for ensuring that the financial statements give a true and fair view of the company’s financial position and performance for the financial year and the directors must ensure that the financial statements comply with the Companies Act 2006 requirements, which dictate the structure, disclosure, and content of the financial statements.
Directors must prepare the financial statements in accordance with applicable accounting standards, such as FRS 102 (Financial Reporting Standard applicable in the UK and Republic of Ireland) and adopting IFRS (International Financial Reporting Standards) and as per provision of “The Framework for the Preparation and Presentation of Financial Statements” issued by the International Accounting Standard Committee (IASC).
The fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
The fair value of trade and other short-term receivables are taken to approximate their carrying value. The fair value of financial assets and liabilities approximate their carrying value.
Events after the Reporting date
As per Section 32 of FRS -102 “Event after the Reporting Period" are those events favorable and unfavorable, that occur between the end of the reporting year and the date when the financial statement is authorized for issue. Two types of event can be identified:
Those that provide evidence of conditions that existed at the end of the reporting year (adjusting events after the reporting date); and
Those are indicative of conditions that arose after the reporting year (Non-adjusting events after the reporting date).
No events after the expiry of the Balance Sheet date and the reporting period has been occurred and found to be reportable.
The financial statements of SLSA LTD have been prepared on a going concern basis. The directors have assessed the company’s financial position, cash flow projections, and future revenue forecasts, taking into account both current economic conditions and the company’s strategic plans. Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue its operations for the foreseeable future.
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 £ sterling.
SLSA LTD
Notes to the Accounts
for the year ended 30 April 2024
IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. Under IFRS 15, revenue is recognized when a customer obtain control of the goods or services. Determining the timing of transfer of control at a point in time or over time and requires judgment.
The core principle of IFRS 15 is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
IFRS 15 requires application of 5 step model for revenue recognition:
1) Identify the contract(s) with a customer;
2) Identify the performance obligations in the contract;
3) Determine the transaction price;
4) Allocate the transaction price to the performance obligations in the contract; and
5) Recognize revenue when (or as) the entity satisfies a performance obligation.
Application of this guidance will depend on the facts and circumstances present in a contract with a customer and will require the exercise of judgment.
i) Interest income is recognized when accrued on a time proportion basis; and
ii) Other income recognized when the right to received payment established.
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 the 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 rated that have been enacted or substantively enacted by the reporting end date.
Deferred Tax
Deferred Tax liabilities are generally recognized for all timing differences and deferred tax assets are recognized 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 recognized 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 realized. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly, 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 labilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SLSA LTD
Notes to the Accounts
for the year ended 30 April 2024
Property, plant and equipment
Recognition and measurement
Property, Plant and Equipment are stated at their historical cost except revaluation of PPE less accumulated depreciation in accordance with Section 17 of FRS 102 “Property, Plant and Equipment”. Cost represents cost of acquisition or construction and include purchase price and other directly attributable cost of bringing the asset to working conditions for its intended use but do not include any capitalized borrowing cost.
Subsequent costs
The cost of replacing or upgrading part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to day servicing of property, plant and equipment are recognized in the profit and loss account as incurred.
Expenditure on repairs and maintenance of property, Plant & Equipment is treated as expense when incurred. Subsequent expenditure on property, Plant and Equipment is only recognized when the expenditure improves the condition of the asset beyond its originally assessed standard of performance.
Depreciation of PPE
Deprecation has been charged on addition of PPE when it is available for use. Depreciation was computed using diminishing balance method. The costs an accumulated depreciation of depreciable assets retired or otherwise disposed of are eliminated from the assets and accumulated depreciation.
The annual depreciation rates applicable to the principal categories are:
Fixtures & fittings
20% Reducing Balance Method
In accordance with the provisions of Section 27 of FRS 102, the carrying amount of non-financial assets other than inventories of the Company involved in the manufacturing of the products. If any such indication exists, then the asset's recoverable amount is estimated and impairment losses are recognized in profit and loss account. No such indication of impairment has been observed till the end of the year.
Advance, Deposit & Prepayments
Advances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjustments or charges to other account heads such as property, plant and equipment, inventory or expenses.
Deposits are measured at payment value.
Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to profit and loss account.
The closing inventory of SLSA LTD is valued at the lower of cost or net realizable value (NRV), with cost including purchase price, transportation, and handling costs directly attributable to bringing inventory to its current state, and NRV representing the estimated selling price less costs to sell. Inventory should encompass raw ingredients, prepared but unsold food items, and beverages, excluding spoiled or obsolete items, which must be written off. Regular physical counts should reconcile with recorded inventory, and adjustments for wastage or obsolescence must align with UK GAAP or IFRS.
Proceeds from issuance of ordinary shares are recognized as share capital in equity when there is no contractual obligation to transfer cash or other financial assets.
SLSA LTD
Notes to the Accounts
for the year ended 30 April 2024
These notes form an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith;
Previous year’s figures have been regrouped and/or rearranged whenever considered necessary for the purpose of the current year’s financial presentation.
4
Tangible fixed assets
Fixtures & fittings
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
56
56
Loans from directors
14,313
7,043
6
Average number of employees
During the year the average number of employees was 2 (2023: 2).