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Registered number: 13019535
Shainika (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Sagexcel Accountancy Ltd
55 Lower Addiscombe Road
Croydon
Surrey
CR0 6PQ
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13019535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 229,105 202,391
229,105 202,391
CURRENT ASSETS
Stocks 5 52,500 45,390
Debtors 6 10,150 5,340
Cash at bank and in hand 3,085 5,959
65,735 56,689
Creditors: Amounts Falling Due Within One Year 7 (287,938 ) (257,062 )
NET CURRENT ASSETS (LIABILITIES) (222,203 ) (200,373 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,902 2,018
NET ASSETS 6,902 2,018
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 6,802 1,918
SHAREHOLDERS' FUNDS 6,902 2,018
For the 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.
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 Jeyakanth Ganeshamoorthy
Director
12/05/2025
The notes on pages 2 to 3 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Shainika (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13019535 . The registered office is 412,Downham Way, Bromley, Kent, BR1 5HR.
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.
2.3. 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:
Leasehold 25
Plant & Machinery 25
Motor Vehicles 25
Fixtures & Fittings 25
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 4 (2023: 3)
4 3
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4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 180,000 - 30,000 210,000
Additions - 37,492 - 37,492
As at 31 May 2024 180,000 37,492 30,000 247,492
Depreciation
As at 1 June 2023 - - 7,609 7,609
Provided during the period - 6,748 4,030 10,778
As at 31 May 2024 - 6,748 11,639 18,387
Net Book Value
As at 31 May 2024 180,000 30,744 18,361 229,105
As at 1 June 2023 180,000 - 22,391 202,391
5. Stocks
2024 2023
£ £
Finished goods 52,500 45,390
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,555 3,055
Other debtors 2,595 2,285
10,150 5,340
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 67,594 62,367
Bank loans and overdrafts 105,272 152,635
Corporation tax 11,398 9,863
Other taxes and social security 1,164 1,080
VAT 19,829 21,208
Director's loan account 82,681 9,909
287,938 257,062
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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