Registration number:
Shant Laboratories Ltd.
for the Year Ended 31 May 2024
Shant Laboratories Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Shant Laboratories Ltd.
Company Information
Director: |
A Radulescu |
Company secretary: |
A Radulescu |
Registered office: |
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Registered number: |
03194226 |
Accountants: |
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Shant Laboratories Ltd.
(Registration number: 03194226)
Balance Sheet as at 31 May 2024
Note |
31.05.24 |
31.05.23 |
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£ |
£ |
£ |
£ |
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CURRENT ASSETS |
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Debtors |
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CREDITORS |
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Creditors within 1yr |
95,667 |
95,307 |
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Total assets less current liabilities |
( |
( |
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Creditors |
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|
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Net liabilities |
( |
( |
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CAPITAL AND RESERVES |
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Called up share capital |
1,000 |
1,000 |
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Share premium reserve |
47,405 |
47,405 |
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Profit and loss account |
(283,408) |
(278,008) |
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Shareholders' deficit |
(235,003) |
(229,603) |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Director's responsibilities:
• |
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• |
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Shant Laboratories Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
1. |
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
2. |
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
33% straight line basis |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Shant Laboratories Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. |
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
4. |
Tangible assets |
Plant and |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
- |
Shant Laboratories Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
5. |
Debtors |
Current |
31.05.24 |
31.05.23 |
Trade debtors |
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6. |
Creditors |
Creditors: amounts falling due within one year
31.05.24 |
31.05.23 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
31.05.24 |
31.05.23 |
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Due after one year |
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Preference shares |
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52,500 |
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Preference shares dividend arrears |
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148,050 |
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205,590 |
200,550 |
Shant Laboratories Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
7. |
Preference shares |
The Preference Shares, which were issued at par, are redeemable no fewer than 30 days after a notice in writing specifying the number of Preference Shares held by such shareholder to be redeemed. They carry a dividend of 9.6% per annum payable half yearly in arrears on 1st July and 1st January ech year, save that the first period during which a fixed cumulative preferential dividend shall accrue shall not commence until the expiry of 18 months from the date on which the Preference Shares are alloted.
The Preference Shares carry no votes at meetings unless the business of the meeting is or includes the consideration of a resolution varying, modifying, altering or abrogating any of the rights, privileges, limitations or restrictions attached to the Preference Shares.
As at the year end the outstanding dividend due to the preference shareholders is shown in other creditors due in more than one year, this includes the amount due for this year of £5,040.
The Preference Shares were due to be redeemed on 31st December 2003 at £1.50 per share plus accrued dividends not paid. The directors consider the company will not return to profitability in the foreseeable future consequently the Preference Shares, deemed financial liabilities under FRS102, are shown as liabilities over one year.
8. |
Loans and borrowings |
31.05.24 |
31.05.23 |
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Non-current loans and borrowings |
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Repayable by instalements |
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52,500 |