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SHANTI MEDI-CARE LIMITED

Registered Number
05320452
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

SHANTI MEDI-CARE LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

KHIMANI, Kantilal Mavji

Company Secretary

KHIMANI, Sharmila Kantilal

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

05320452 (England and Wales)
SHANTI MEDI-CARE LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets39,35811,165
Investment property4445,382317,000
454,740328,165
Current assets
Stocks539,56739,565
Debtors6260,555264,939
Cash at bank and on hand38,56317,756
338,685322,260
Creditors amounts falling due within one year7(281,097)(164,224)
Net current assets (liabilities)57,588158,036
Total assets less current liabilities512,328486,201
Provisions for liabilities8(39,614)(40,566)
Net assets472,714445,635
Capital and reserves
Called up share capital100100
Other reserves112,500112,500
Profit and loss account360,114333,035
Shareholders' funds472,714445,635
The financial statements were approved and authorised for issue by the Director on 22 February 2025, and are signed on its behalf by:
KHIMANI, Kantilal Mavji
Director
Registered Company No. 05320452
SHANTI MEDI-CARE LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The accounts have been prepared under the historical cost convention modified to include certain financial instruments and investment properties at fair value.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes for pharmacy sales. Turnover includes revenue earned from the sale of goods and from the rendering of services and is recognised at a point when goods are sold or services are rendered.
Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Land and building includes short leasehold which is fully depreciated. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Vehicles25
Office Equipment15
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. The surplus or deficit on revaluation is recognised in profit and loss account.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
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. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized. 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. Basic financial liabilities Basic financial liabilities, including creditors, loans from fellow group companies 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 amortized. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year48
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 June 2338,63026,17024,8574,73994,396
At 31 May 2438,63026,17024,8574,73994,396
Depreciation and impairment
At 01 June 2338,63022,46720,4851,64983,231
Charge for year-9266562261,808
Other adjustments-(1)--(1)
At 31 May 2438,63023,39221,1411,87585,038
Net book value
At 31 May 24-2,7783,7162,8649,358
At 31 May 23-3,7034,3723,09011,165
4.Investment property
The investment property below have been shown at fair value as at the balance sheet date which have been revalued by the director. If the investment property was stated on historical basis rather than fair value basis, the amounts would have been £295,382 (2023 : £167,000).

£
Fair value at 01 June 23317,000
Additions128,382
At 31 May 24445,382
5.Stocks

2024

2023

££
Finished goods39,56739,565
Total39,56739,565
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables214,006113,765
Other debtors46,549150,848
Prepayments and accrued income-326
Total260,555264,939
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables123,320114,519
Bank borrowings and overdrafts3,750-
Taxation and social security58,55233,603
Other creditors95,47516,102
Total281,097164,224
Included in other creditors is an amount of £672 (2022 : £7,953) due to the director.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)39,61440,566
Total39,61440,566
9.Operating lease commitments
At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £36,000 (2023 : £37,000).