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Registration number: 00916220

Shamash Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Shamash Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Shamash Holdings Limited

(Registration number: 00916220)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

132

165

Investment property

6

17,059,314

17,059,314

 

17,059,446

17,059,479

Current assets

 

Debtors

7

2,778,270

2,298,802

Investments

8

5,202,200

5,021,044

Cash at bank and in hand

 

278,732

581,624

 

8,259,202

7,901,470

Creditors: Amounts falling due within one year

9

(1,821,213)

(1,846,335)

Net current assets

 

6,437,989

6,055,135

Total assets less current liabilities

 

23,497,435

23,114,614

Creditors: Amounts falling due after more than one year

9

(4,650,000)

(4,650,000)

Provisions for liabilities

(1,238,961)

(1,238,961)

Net assets

 

17,608,474

17,225,653

Capital and reserves

 

Called up share capital

10

3,584

3,584

Share premium reserve

16,024,938

16,024,938

Profit and loss account

1,579,952

1,197,131

Shareholders' funds

 

17,608,474

17,225,653

 

Shamash Holdings Limited

(Registration number: 00916220)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 director on 12 March 2025
 

.........................................
Charles Shamash
Director

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the director on 12 March 2025.

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 financial statements are presented in Sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest Pound (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)
 

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

9,384

9,384

At 31 July 2024

9,384

9,384

Depreciation

At 1 August 2023

9,219

9,219

Charge for the year

33

33

At 31 July 2024

9,252

9,252

Carrying amount

At 31 July 2024

132

132

At 31 July 2023

165

165

6

Investment properties

2024
£

At 1 August

17,059,314

At 31 July

17,059,314

There has been no valuation of investment property by an independent valuer.

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

12

2,732,068

2,291,000

Other debtors

 

24,106

-

Prepayments

 

22,096

7,802

 

2,778,270

2,298,802

8

Current asset investments

2024
£

2023
£

Other investments

5,202,200

5,021,044

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

6,354

Taxation and social security

127,607

125,513

Accruals and deferred income

10,568

48,070

Other creditors

1,683,038

1,666,398

1,821,213

1,846,335

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

4,650,000

4,650,000

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,584

3,584

3,584

3,584

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,650,000

4,650,000

 

Shamash Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

12

Related party transactions

Included within other debtors is an amount of £2,251,000 (2023 - £2,291,000) owed by connected companies in which the directors have a beneficial interest. The loans are provided interest free. There are no formal terms and conditions regarding the repayment of the loans.

Included within other creditors is an amount of £1,500,000 (2023 - £1,500,000) owed to connected companies in which the directors have a beneficial interest. The loans are provided interest free. There are no formal terms and conditions regarding the repayment of the loans.

13

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

-

4,960,127