Company registration number 00559471 (England and Wales)
SHANI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SHANI LIMITED
COMPANY INFORMATION
Director
M.A. Hollis
Secretary
M.A. Hollis
Company number
00559471
Registered office
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Accountants
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Business address
1st Floor
5 Rochester Mews
London
NW1 9JB
SHANI LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
SHANI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
50,062
-
0
Investments
5
2,057
2,057
52,119
2,057
Current assets
Inventories
636,261
554,240
Trade and other receivables
6
929,207
1,126,768
Cash and cash equivalents
288,631
-
0
1,854,099
1,681,008
Current liabilities
7
(2,002,734)
(1,853,310)
Net current liabilities
(148,635)
(172,302)
Net liabilities
(96,516)
(170,245)
Equity
Called up share capital
8
100,000
100,000
Retained earnings
(196,516)
(270,245)
Total equity
(96,516)
(170,245)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 8 August 2025
M.A. Hollis
Director
Company registration number 00559471 (England and Wales)
SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Shani Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the truecompany's excess of liabilities over assets at the balance sheet date.

 

The company's working capital needs are met through various financing arrangements, which include bank financing, counterparty financing facilities and related party and shareholder loans, each of which are drawn down to meet the requirements of the company's business, throughout its seasonal trading cycle.

 

The director acknowledges that if any of these existing facilities were to be withdrawn entirely or in part, it would place considerable pressure on the company and cast material doubt on its ability to continue as a going concern. However, the director is not currently aware of any reason why these facilities should not be made available for the foreseeable future.

 

This being the case, and based on forecasts prepared covering the period of 12 months from the date of the approval of these financial statements, the director is satisfied that the company will be able to meet its liabilities as they fall due. Accordingly he continues to adopt the going concern basis of accounting.

1.3
Revenue

Revenue represents sales to customers at invoiced amounts less value added tax. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Customer returns and credit notes are provided for as a reduction to revenue based on management's best estimate of the amount required to meet claims by customers, taking into account historical trends and past experiences.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its remaining useful life, which is considered to be 3 years from its acquisition date.

SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost assets less their residual values over their useful lives on the following basis:

Plant and machinery
25% straight line basis
Office furniture and fittings
25% straight line basis
Computer equipment
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Cash and cash equivalents

Cash at bank and in hand comprises cash and short term deposits held with banks. Bank overdrafts and invoice discounting facilities are shown within borrowings in current liabilities, unless there is a legally enforceable right to set-off with a bank that allows them to be offset against cash balances.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, amounts due under invoice discounting facilities and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Invoice discounting

Amounts due in respect of invoice discounting are separately disclosed within current liabilities as borrowings.

 

The invoice discounting facility allows the company to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains with the company.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company makes contributions to the personal pension schemes of certain employees. Contributions payable are charged to the statement of comprehensive income in the year they are payable.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
17
SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
189,626
Amortisation and impairment
At 1 January 2024 and 31 December 2024
189,626
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2024
27,386
Additions
53,400
At 31 December 2024
80,786
Depreciation and impairment
At 1 January 2024
27,386
Depreciation charged in the year
3,338
At 31 December 2024
30,724
Carrying amount
At 31 December 2024
50,062
At 31 December 2023
-
0
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,057
2,057
SHANI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
860,960
1,120,009
Other receivables
68,247
6,759
929,207
1,126,768
7
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
-
0
306,029
Trade payables
750,662
442,310
Amounts owed to group undertakings
1,198,919
1,005,433
Taxation and social security
14,705
61,224
Other payables
38,448
38,314
2,002,734
1,853,310
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
9
Parent company

The company is a wholly owned subsidiary of Shani Group Limited, of which M.A. Hollis is the overall controlling party.

 

The financial statements of the company are consolidated in the financial statements of Shani Group Limited. These consolidated financial statements are available from its registered office, 5th Floor 3 Dorset Rise, London, EC4Y 8EN.

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