Company registration number: NI629205 (Northern Ireland)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHUZ 4 U BELFAST LIMITED

 

Financial statements

 

30th June 2024

SHUZ 4 U BELFAST LIMITED

 

Contents

 

 

Page

 

 

Directors and other information

3

 

 

Statement of financial position

4

 

 

Notes to the financial statements

5

 

SHUZ 4 U BELFAST LIMITED

 

Directors and other information

 

Directors

Paul Gallagher

 

Sunil Shah

 

 

Secretary

Paul Gallagher

 

 

Company number

NI629205 (Northern Ireland)

 

 

Registered office

4-8 Donegall Place

 

Belfast

 

Northern Ireland

 

United Kingdom

 

BT15BA

 

 

Auditor

Paul O'Donovan & Associates

 

Chartered Accountants & Statutory Audit Firm

 

Monahan House

 

Celtic Business Park

 

Monahan Road

 

Cork

 

T12WK74

 

 

Bankers

Ulster Bank

 

Belfast City Office 1

 

11-16 Donegall Square East

 

Belfast

 

Northern Ireland

 

BT5UB

 

 

Solicitors

Carson McDowell

 

Murray House

 

Murray Street

 

Belfast

 

Northern Ireland

 

BT16DN

SHUZ 4 U BELFAST LIMITED

 

Statement of financial position

30th June 2024

 

 

 

2024

2023

 

Note

£

£

£

£

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

Tangible assets

5

41,089

 

44,647

 

 

 

 

 

 

 

 

 

 

41,089

 

44,647

 

 

 

 

 

 

Current assets

 

 

 

 

 

Stocks

6

152,503

 

126,267

 

Debtors

7

546,827

 

535,348

 

Cash at bank and in hand

 

42,486

 

42,529

 

 

 

 

 

 

 

 

 

741,816

 

704,144

 

 

 

 

 

 

 

Creditors: amounts falling due within one year

8

(537,770)

 

(501,668)

 

 

 

 

 

 

 

Net current assets

 

 

204,046

 

202,476

 

 

 

 

 

 

Total assets less current liabilities

 

 

245,135

 

247,123

 

 

 

 

 

 

Creditors: amounts falling due after more than one year

9

 

(10,057)

 

(20,037)

 

 

 

 

 

 

Net assets

 

 

235,078

 

227,086

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

10

 

2

 

2

Profit and loss account

 

 

235,076

 

227,084

 

 

 

 

 

 

Shareholders funds

 

 

235,078

 

227,086

 

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A (Small Entities).

 

These financial statements were approved by the board of directors and authorised for issue on 21st February 2025, and are signed on behalf of the board by:

 

 

 

Paul Gallagher

Sunil Shah

Director

Director

 

Company registration number: NI629205 (Northern Ireland)

 

The notes on pages 5 to 11 form part of these financial statements.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements

Year ended 30th June 2024

 

1.     General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 4-8 Donegall Place, Belfast, Northern Ireland, United Kingdom, BT15BA.

 

2.     Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A (Small Entities), 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

3.     Accounting policies

 

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

 

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Going concern

The Group has agreed to provide financial support to ensure that the Company can meet its liabilities as they fall due, for a period of twelve months from the date of approval of these financial statements. Accordingly, the directors feel it is appropriate to continue to adopt the going concern basis of accounting.

true

 

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

 

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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

 

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

 

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

 

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

 

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

 

Leasehold Improvements

- 10%

straight line

Fittings & fixtures

- 20%

reducing balance

Motor vehicles

- 20%

straight line

 

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

 

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

 

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Debt instruments are subsequently measured at amortised cost.

 

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

 

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

 

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

 

4.     Staff costs

 

The average number of persons employed by the company during the year, including the directors, amounted to 9 (30th June 2023: 8).

 

The aggregate payroll costs incurred during the year were:

 

 

2024

2023

 

£

£

 

 

 

Wages and salaries

148,231

117,350

Social security costs

11,091

7,943

Other pension costs

3,905

4,603

 

 

 

 

163,227

129,896

 

5.     Tangible assets

 

Long leasehold property

Fixtures, fittings and equipment

Motor vehicles

Total

 

£

£

£

£

Cost

 

 

 

 

At 1st July 2023

183,201

43,293

9,495

235,989

Additions

-

18,645

11,583

30,228

Disposals

-

-

(9,495)

(9,495)

 

 

 

 

 

At 30th June 2024

183,201

61,938

11,583

256,722

 

 

 

 

 

Depreciation

 

 

 

 

At 1 July 2023

155,276

34,166

1,900

191,342

Charge for the year

18,320

5,554

3,899

27,773

Disposals

-

-

(3,482)

(3,482)

 

 

 

 

 

At 30th June 2024

173,596

39,720

2,317

215,633

 

 

 

 

 

Carrying amount

 

 

 

 

At 30 June 2024

9,605

22,218

9,266

41,089

 

 

 

 

 

At 30 June 2023

27,925

9,127

7,595

44,647

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

 

6.     Stocks

 

2024

2023

 

£

£

 

 

 

Finished goods

152,503

126,267

 

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

 

7.     Debtors

 

2024

2023

 

£

£

 

 

 

Trade debtors

-

48

Amounts owed by group undertakings

510,553

470,412

Prepayments and accrued income

-

41,262

Other debtors

36,274

23,626

 

 

 

 

546,827

535,348

 

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

 

8.     Creditors: amounts falling due within one year

 

2024

2023

 

£

£

 

 

 

Bank loans and overdrafts

10,648

10,648

Trade creditors

25,319

92,443

Amounts owed to group undertakings

413,222

293,596

Accruals and deferred income

64,195

48,762

Social security and other taxes

24,386

44,219

Other creditors

-

12,000

 

 

 

 

537,770

501,668

 

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

 

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

 

 

2024

2023

 

£

£

 

 

 

Bank loans and overdrafts

10,057

20,037

 

10.     Called up share capital

Issued, called up and fully paid

 

2024

2023

 

No

£

No

£

 

 

 

 

 

Ordinary shares of £ 1.00 each

2

2

2

2

 

11.     Financial Committments

 

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

 

 

2024

2023

 

£

£

 

 

 

Not later than 1 year

96,000

96,000

Later than 1 year and not later than 5 years

384,000

486,000

Later than 5 years

90,240

260,000

 

 

 

 

570,240

842,000

 

12.     Related party transactions

 

Group company transactions

The company has taken advantage of the exemption available under FRS 102, section 33, Related Party Transactions, from the requirement to disclose transactions with other wholly owned group companies.

true

 

Other related party transactions

Management expenses of £6,283 (2023: £6,881) were payable to PEPE (Ireland) Wholesale Limited, company with a common director. There were no amounts due to PEPE (Ireland) Wholesale Limited at the start or the end of the financial year.

SHUZ 4 U BELFAST LIMITED

 

Notes to the financial statements (continued)

Year ended 30th June 2024

 

13.     Controlling party

The Company is a 100% subsidiary of Shuz 4 U (International) Limited, a company registered in the Republic of Ireland. Consolidated financial statements are prepared for Shuz 4 U (International) Limited.

 

Audit Opinion

The auditor’s report on the accounts for the financial year ended 30 June 2024 was unqualified.

The audit report was signed by Paul O’Donovan, Statutory Auditor on behalf of Paul O’Donovan & Associates.