Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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2,323,449 | 2,326,102 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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39,906 | 8,778 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (775,226) | (802,992) | ||
Total assets less current liabilities | 1,548,223 | 1,523,110 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Shark Property Ltd (registered number:
Kanchan Sharma
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Shark Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor 25 King Street, Bristol, BS1 4PB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised as the rental period takes place.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Fixtures and fittings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 the Profit and Loss Account as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The Company has adopted FRS 102 for the year ended 31 January 2024 and has restated the comparative year amounts.
Reconciliation of equity
01.02.2022 | 31.01.2023 | |||
£ | £ | |||
Capital and reserves (as previously stated) | (15,176) | (40,272) | ||
Depreciation recognised on investment property | 11,028 | 44,318 | ||
Deferred tax recognised | 0 | (1,795) | ||
Capital and reserves (as restated) | (4,148) | 2,251 |
Reconciliation of profit or loss
31.01.2023 | ||||
£ | ||||
Result for the year (as previously stated) | (25,096) | |||
Depreciation recognised during the year on investment property | 33,289 | |||
Deferred tax recognised | (1,795) | |||
Profit for the year (as restated) | 6,398 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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At 31 January 2024 |
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Accumulated depreciation | |||
At 01 February 2023 |
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Charge for the financial year |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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At 31 January 2023 |
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Investment property | |
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Valuation | |
As at 01 February 2023 |
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As at 31 January 2024 |
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The value of investment property is derived from observable current market prices for comparable real estate determined by the director. The assets have a current value of £2,316,654 (2023 - £2,316,654).
2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Profit and Loss Account |
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At the end of financial year | (
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Transactions with the entity's director
The director holds an interest free loan with the company which is repayable on demand. The balance owed to the director at 31 January 2024 was £795,815 (2023 - £805,815)