General Information
Shakib & Co Limited is a private company, limited by shares, registered in England and Wales, registration number 11121036, registration address Ground Floor, 1 Ginsburg Yard, Back Lane, London, NW3 1EW.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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 comprises of rental income receivable. Rental income from investment property is recognised in the profit & loss account on an accruals basis.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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. 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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
2% Straight Line |
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
| Office Equipment |
25% Reducing Balance
|
Investment properties
Investment properties are properties held to earn rentals and / or for capital appreciation.
Investment properties are initially recognised at cost and subsequently measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. Basic financial instruments are recognised at amortised cost.
|
| 2. |
Average number of employees
Average number of employees during the year was 13 (2024 : 13).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Office Equipment |
|
Investment properties |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
500,000 |
|
135,848 |
|
168,711 |
|
101,051 |
|
117,283,115 |
|
118,188,725 |
| Additions |
- |
|
- |
|
111,867 |
|
6,053 |
|
236,885 |
|
354,805 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
500,000 |
|
135,848 |
|
280,578 |
|
107,104 |
|
117,520,000 |
|
118,543,530 |
| Depreciation |
| At 01 April 2024 |
30,000 |
|
60,556 |
|
83,103 |
|
43,746 |
|
- |
|
217,405 |
| Charge for year |
5,000 |
|
18,823 |
|
19,168 |
|
15,142 |
|
- |
|
58,133 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
35,000 |
|
79,379 |
|
102,271 |
|
58,888 |
|
- |
|
275,538 |
| Net book values |
| Closing balance as at 31 March 2025 |
465,000 |
|
56,469 |
|
178,307 |
|
48,216 |
|
117,520,000 |
|
118,267,992 |
| Opening balance as at 01 April 2024 |
470,000 |
|
75,292 |
|
85,608 |
|
57,305 |
|
117,283,115 |
|
117,971,320 |
The original cost of investment properties as at 31 March 2025 was £105,275,350 (2024: £105,038,465). The 2025 valuations were made by management on an open market value for existing use basis.
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
5,503 |
|
- |
| Prepayments |
142,703 |
|
180,447 |
| Accrued Income |
- |
|
15,861 |
| Other Debtors |
2,495,543 |
|
2,038,320 |
|
2,643,749 |
|
2,234,628 |
|
| 4. |
Debtors: amounts falling due after one year
|
2025
£ |
|
2024
£ |
| Prepayments |
97,487 |
|
69,372 |
|
97,487 |
|
69,372 |
|
| 5. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
59,709 |
|
141,420 |
| Bank Loans (Secured) |
8,899,876 |
|
1,068,650 |
| Corporation Tax |
128,704 |
|
122,641 |
| PAYE & Social Security |
19,308 |
|
18,364 |
| Accrued Expenses |
51,694 |
|
57,946 |
| Deferred income |
332,144 |
|
361,183 |
| Other Creditors |
767,532 |
|
811,623 |
|
10,258,967 |
|
2,581,827 |
Following the year-end and before the submission of the Financial Statements, a loan which was originally due to expire in January 2026 has been refinanced and its maturity extended to January 2029.
|
| 6. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans (secured) due in more than 1 year and less than 5 years |
11,765,000 |
|
19,411,239 |
|
11,765,000 |
|
19,411,239 |
Bank loans are secured by way of a fixed and floating charge over the assets of the company, dated 15 March 2018, 4 November 2019, 24 January 2020, 29 September 2021 and 29 September 2022.
|
| 7. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
3,122,335 |
|
3,122,335 |
|
3,122,335 |
|
3,122,335 |
| Deferred Taxation |
|
2025
£ |
|
2024
£ |
| Provision at the start of the period |
|
(3,122,335) |
|
(1,260,449) |
| Gain on investment properties |
|
- |
|
(1,853,330) |
| Accelerated capital allowances |
|
- |
|
(8,556) |
| Provision at the end of the period |
|
(3,122,335) |
|
(3,122,335) |
|
| 8. |
Share premium account
|
2025
£ |
|
2024
£ |
| Equity Share Premium b/fwd |
80,453,107 |
|
80,453,107 |
|
80,453,107 |
|
80,453,107 |
|
| 9. |
Revaluation Reserves
|
2025
£ |
|
2024
£ |
| Revaluation Reserve b/fwd |
9,224,739 |
|
3,664,744 |
| Revaluation of Fixed Assets |
- |
|
7,413,325 |
| Deferred Tax Provided on Revaluation |
- |
|
(1,853,330) |
|
9,224,739 |
|
9,224,739 |
The revaluation reserve consists of increases in the fair value of investment properties, and decreases to the extent that such decreases relate to the increase on the same asset. The figure is stated net of the associated deferred tax liability and is not distributable. |
| 10. |
Related party transactions
Included within other debtors due within one year is £2,495,543 (2024: £2,036,943) due from entities with directors and shareholders in common.
Included within other creditors due within one year is £48,466 (2024: £19,840) due to the shareholders of the company.
Included within administrative expenses is £18,000 (2024: £35,000) of management fees incurred to a company with a director and shareholder in common.
|
2
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