Registered number
04763601
SHIRADE PROPERTIES LIMITED
Unaudited Filleted Accounts
31 August 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
SHIRADE PROPERTIES LIMITED
Registered number: 04763601
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,025,000 2,025,244
Current assets
Debtors 4 114,840 130,620
Cash at bank and in hand 10,742 2,194
125,582 132,814
Creditors: amounts falling due within one year 5 (748,837) (768,938)
Net current liabilities (623,255) (636,124)
Total assets less current liabilities 1,401,745 1,389,120
Creditors: amounts falling due after more than one year 6 (31,432) (47,614)
Provisions for liabilities (173,474) (173,474)
Net assets 1,196,839 1,168,032
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 739,547 739,547
Profit and loss account 457,192 428,385
Shareholders' funds 1,196,839 1,168,032
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Subhash K Lakhani
Director
Approved by the board on 14 May 2025
SHIRADE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes rental and interest income earned during the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Investment Properties At valuation
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost/ (Valuation) (Valuation)
At 1 September 2023 2,025,000 975 2,025,975
At 31 August 2024 2,025,000 975 2,025,975
Depreciation
At 1 September 2023 - 731 731
Charge for the year - 244 244
At 31 August 2024 - 975 975
Net book value
At 31 August 2024 2,025,000 - 2,025,000
At 31 August 2023 2,025,000 244 2,025,244
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,111,979 1,111,979
Cumulative depreciation based on historical cost - -
1,111,979 1,111,979
4 Debtors 2024 2023
£ £
Amounts owed by associated companies (see note 9 below) 82,440 95,640
Other debtors 32,400 34,980
114,840 130,620
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans ( see note 6 below) 16,296 16,415
Trade creditors - 9,612
Amounts owed to associated companies (see note 9 below) 132,974 134,841
Taxation and social security costs 8,644 8,824
Other creditors 590,923 599,246
748,837 768,938
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,432 47,614
Included under bank loans is an amount of Bounce back loan for an amount £9,775 ( 2023- £15,178) which is unsecured loan. The remaining loans are secured by debentures over the investment properties owned by the company.
7 Revaluation reserve 2024 2023
£ £
At 1 September 2023 739,547 140,147
Gain on revaluation of land and buildings - 740,000
Deferred taxation arising on the revaluation of land and buildings - (140,600)
At 31 August 2024 739,547 739,547
The valuation are done by the Directors based on market values. The Directors are not aware of any material changes in values since the last date of valuation.
8 Controlling party
The company was under the control of Mr S K Lakhani, a director and shareholder of the company and family members thoughtout the year.
9 Related party transactions
DSL Property Group Limited 2024 2023
£ £
An associated company incorporated in the United Kingdom
DSL Property Group Limited is a company in which Mr S K Lakhani is a Director, and the shares are held by a close family member.
At the year end, the balance owed by DSL Property Group Limited to Shirade Properties Limited was 47,414 48,614
(as disclosed under associated companies in note 4 above)
Mercure Property Limited 2024 2023
£ £
An associated company incorporated in the United Kingdom
Mercure Property Limited is a company in which Mr S K Lakhani is a Director, and the shares are held by a close family member.
At the year end, the balance owed by Mercure Property Limited to Shirade Properties Limited was 35,026 47,026
(as disclosed under associated companies in note 4 above)
9 Related party transactions ( continuation)
Portville Developments Limited 2024 2023
£ £
An associated company incorporated in the United Kingdom
Portville Developments Limited is a company in which Mr S K Lakhani is a Director and shareholder together with other close family members .
At the year end, the balance owed to Portville Developments Limited by Shirade Properties Limited was 6,000 6,000
(as disclosed under associated companies in note 5 above)
Newcrown Investments Limited 2024 2023
£ £
An associated company incorporated in the United Kingdom
Newcrown Investments Limited is a company in which Mr S K Lakhani is also a shareholder and director.
At the year end, the balance owed to Newcrown Investments Limited by Shirade Properties Limited was 106,000 106,000
(as disclosed under associated companies in note 5 above)
Lakhani Estates Limited 2024 2023
£ £
An associated company incorporated in the United Kingdom
Lakhani Estates Limited is a company in which Mr S K Lakhani is also a shareholder and director.
At the year end, the balance owed to Lakhani Estates Limited by Shirade Properties Limited was 20,974 22,841
(as disclosed under associated companies in note 5 above)
10 Other information
SHIRADE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
7 Eversley Crescent
London
London
N21 1EL
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