Company registration number 14984857 (England and Wales)
EL-SHAKANKERY RESIDENTIAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
EL-SHAKANKERY RESIDENTIAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EL-SHAKANKERY RESIDENTIAL LTD
BALANCE SHEET
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
538,612
Current assets
Debtors
4
781
Cash at bank and in hand
18,712
19,493
Creditors: amounts falling due within one year
5
(547,493)
Net current liabilities
(528,000)
Net assets
10,612
Capital and reserves
Called up share capital
6
20
Profit and loss reserves
10,592
Total equity
10,612
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
18 February 2025
18 February 2025
and are signed on its behalf by:
Dr K El-Shakankery
Director
Company registration number 14984857 (England and Wales)
EL-SHAKANKERY RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
El-Shakankery Residential Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Alroda, Front Street, Great Lumley, Chester Le Street, County Durham, DH3 4ER.
1.1
Reporting period
The company was incorporated on 6 July 2023 and has prepared a 56 week set of accounts running to 31 July 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received and receivable for property rental services provided in the normal course of business.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Classification of financial liabilities
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.
EL-SHAKANKERY RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
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 are 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 rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Total
2
EL-SHAKANKERY RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 4 -
3
Investment property
2024
£
Fair value
At 6 July 2023
Additions
538,612
At 31 July 2024
538,612
Investment property comprises three properties. The directors believe that the carrying amount of the investment property approximates to its fair value. Although no formal revaluation has been undertaken at the year end, when taking the length of time the company has owned the property and current market conditions into consideration, it is unlikely that the carrying value is significantly different to fair value.
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
444
Prepayments and accrued income
337
781
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
504
Corporation tax
2,555
Deferred income
532
Other creditors
541,823
Accruals and deferred income
2,079
547,493
6
Called up share capital
2024
Ordinary share capital
£
Issued and fully paid
Ordinary shares of £1 each
20
EL-SHAKANKERY RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 5 -
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
Amounts due to related parties
£
Directors
521,823
Other related parties
20,000
There are no set terms as to the repayment of these balances and no interest accrued thereon.