Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Kanchan Sharma 06/01/2021 14 January 2025 The principal activity of the Company during the financial year was buying and selling of own real estate as well as other letting and operating of own or leased real estate. 13116414 2024-01-31 13116414 bus:Director1 2024-01-31 13116414 2023-01-31 13116414 core:CurrentFinancialInstruments 2024-01-31 13116414 core:CurrentFinancialInstruments 2023-01-31 13116414 core:Non-currentFinancialInstruments 2024-01-31 13116414 core:Non-currentFinancialInstruments 2023-01-31 13116414 core:ShareCapital 2024-01-31 13116414 core:ShareCapital 2023-01-31 13116414 core:RetainedEarningsAccumulatedLosses 2024-01-31 13116414 core:RetainedEarningsAccumulatedLosses 2023-01-31 13116414 core:FurnitureFittings 2023-01-31 13116414 core:FurnitureFittings 2024-01-31 13116414 core:MoreThanFiveYears 2024-01-31 13116414 core:MoreThanFiveYears 2023-01-31 13116414 2022-01-31 13116414 2023-02-01 2024-01-31 13116414 bus:FilletedAccounts 2023-02-01 2024-01-31 13116414 bus:SmallEntities 2023-02-01 2024-01-31 13116414 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13116414 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13116414 bus:Director1 2023-02-01 2024-01-31 13116414 core:FurnitureFittings core:TopRangeValue 2023-02-01 2024-01-31 13116414 2022-02-01 2023-01-31 13116414 core:FurnitureFittings 2023-02-01 2024-01-31 13116414 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 13116414 (England and Wales)

SHARK PROPERTY LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

SHARK PROPERTY LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SHARK PROPERTY LTD

BALANCE SHEET

As at 31 January 2024
SHARK PROPERTY LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Restated
Fixed assets
Tangible assets 4 6,795 9,448
Investment property 5 2,316,654 2,316,654
2,323,449 2,326,102
Current assets
Debtors 6 0 1,704
Cash at bank and in hand 39,906 7,074
39,906 8,778
Creditors: amounts falling due within one year 7 ( 815,132) ( 811,770)
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 ( 1,520,521) ( 1,519,064)
Provision for liabilities 9 ( 1,291) ( 1,795)
Net assets 26,411 2,251
Capital and reserves
Called-up share capital 1 1
Profit and loss account 26,410 2,250
Total shareholder's funds 26,411 2,251

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Shark Property Ltd (registered number: 13116414) were approved and authorised for issue by the Director on 14 January 2025. They were signed on its behalf by:

Kanchan Sharma
Director
SHARK PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SHARK PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is recognised at the fair value of the consideration received or receivable for rental lettings. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised as the rental period takes place.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

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

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2.Transition to FRS102

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

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 February 2023 10,613 10,613
At 31 January 2024 10,613 10,613
Accumulated depreciation
At 01 February 2023 1,165 1,165
Charge for the financial year 2,653 2,653
At 31 January 2024 3,818 3,818
Net book value
At 31 January 2024 6,795 6,795
At 31 January 2023 9,448 9,448

5. Investment property

Investment property
£
Valuation
As at 01 February 2023 2,316,654
As at 31 January 2024 2,316,654

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).

6. Debtors

2024 2023
£ £
Other debtors 0 1,704

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 7,856 222
Other creditors 807,276 811,548
815,132 811,770

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,520,521 1,519,064

The bank loan is secured against the company's investment property.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 1,520,521 1,519,064

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,795) 0
Credited/(charged) to the Profit and Loss Account 504 ( 1,795)
At the end of financial year ( 1,291) ( 1,795)

10. Related party transactions

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)