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Registered number: 10622013
Shamaazi Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Valentis (UK) Ltd
ACCA
6-8 Great Eastern Street
London
EC2A 3NT
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10622013
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,145 10,551
Tangible Assets 5 17,147 7,371
Investments 6 646,343 546,581
670,635 564,503
CURRENT ASSETS
Debtors 7 133,352 50,188
Cash at bank and in hand 597,680 750,166
731,032 800,354
Creditors: Amounts Falling Due Within One Year 8 (267,738 ) (345,668 )
NET CURRENT ASSETS (LIABILITIES) 463,294 454,686
TOTAL ASSETS LESS CURRENT LIABILITIES 1,133,929 1,019,189
Creditors: Amounts Falling Due After More Than One Year 9 (877,101 ) (797,283 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (4,626 ) (201 )
NET ASSETS 252,202 221,705
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 252,102 221,605
SHAREHOLDERS' FUNDS 252,202 221,705
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ismael Dainehine
Director
19/03/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shamaazi Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10622013 . The registered office is 6-8 Great Eastern Street, London, EC2A 3NT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Donations
Donations are collected on behalf of charities and paid over once the collection period is over.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are costs incurred on website development. It is amortised to the profit and loss account over the estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
These are fees paid to trademark the brand. It has been amortised over 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 6)
10 6
4. Intangible Assets
Website Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 March 2023 29,200 4,864 34,064
As at 29 February 2024 29,200 4,864 34,064
Amortisation
As at 1 March 2023 22,540 973 23,513
Provided during the period 2,920 486 3,406
As at 29 February 2024 25,460 1,459 26,919
Net Book Value
As at 29 February 2024 3,740 3,405 7,145
As at 1 March 2023 6,660 3,891 10,551
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 2,066 11,158 13,224
Additions 371 13,692 14,063
As at 29 February 2024 2,437 24,850 27,287
Depreciation
As at 1 March 2023 1,008 4,845 5,853
Provided during the period 286 4,001 4,287
As at 29 February 2024 1,294 8,846 10,140
Net Book Value
As at 29 February 2024 1,143 16,004 17,147
As at 1 March 2023 1,058 6,313 7,371
6. Investments
Unlisted
£
Cost
As at 1 March 2023 546,581
Additions 13,092
Disposals (12,264 )
Revaluations 98,934
As at 29 February 2024 646,343
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 646,343
As at 1 March 2023 546,581
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 63,621 16,950
Prepayments and accrued income 138 -
Other debtors 49,542 24,001
Corporation tax recoverable 3,185 3,185
VAT 16,866 6,052
133,352 50,188
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,427 1,160
Corporation tax 204,075 334,506
Other taxes and social security 15,977 7,002
Net wages 9,259 -
Accruals and deferred income - 3,000
267,738 345,668
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 877,101 797,283
877,101 797,283
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,626 201
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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