Registered number: 07054438
FOR THE YEAR ENDED 31 MAY 2025
SHAMAN INVESTMENTS LIMITED
COMPANY INFORMATION
SHAMAN INVESTMENTS LIMITED
CONTENTS
SHAMAN INVESTMENTS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present the strategic report and financial statements for the year ended 31 May 2025.
The principal activity of the company continues to be that of a holding company which did not trade during the year. The group comprises of the company and its subsidiaries, Really Useful Products Ltd, Shaman Properties Ltd and Really Useful Boxes Incorporated.
The principal activities of the group are the design, development, manufacture and distribution of innovative plastic storage and organisational products. The group also rents its excess property space to third parties.
The principal activities of the group are the design, development, manufacture and distribution of innovative plastic storage and organisational products. The group also rents its excess property space to third parties.
The key financial performance indicators of the group are turnover, gross profit, gross profit margin and profit before taxation.
The group faces risks similar to other companies with similar products operating in similar markets. The principal risk of the company is price risk which is outlined below. The company also faces risks due to its operations in the world economy which it mitigates through internally hedging with sales income in non-UK currencies.
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SHAMAN INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
In addition to the above, the group is exposed to a moderate level of foreign currency, price, credit, liquidity, cash flow, and interest rate risk.
Foreign currency risk
The group is exposed to foreign currency risk through its overseas trading, mostly with the US. Where necessary, the group mitigates this risk by internally hedging as the group purchases and sells goods in US Dollars.
Price risk
Price risk is managed by continually reviewing changes in the commercial environment and reacting accordingly. The group is exposed to price risk because of changing plastic prices which are dependent on oil prices. The group reviews current trends to manage its exposure to variation in market prices.
Credit risk
The group mainly trades with long standing customers of the group, the nature of these relationships assist management in controlling its credit risk in addition to the normal credit management processes.
Liquidity and cash flow risk
Management control and monitor the group's cash flow on a regular basis, including forecasting future cash flows. We are in regular contact with our bank to ensure our facilities match our needs.
Interest rate risk
The group incurs interest rate risk on its borrowings. We do have some fixed interest agreements with asset finance. The group also leases excess factory space to generate rental income, which contributes to its borrowing costs.
Foreign currency risk
The group is exposed to foreign currency risk through its overseas trading, mostly with the US. Where necessary, the group mitigates this risk by internally hedging as the group purchases and sells goods in US Dollars.
Price risk
Price risk is managed by continually reviewing changes in the commercial environment and reacting accordingly. The group is exposed to price risk because of changing plastic prices which are dependent on oil prices. The group reviews current trends to manage its exposure to variation in market prices.
Credit risk
The group mainly trades with long standing customers of the group, the nature of these relationships assist management in controlling its credit risk in addition to the normal credit management processes.
Liquidity and cash flow risk
Management control and monitor the group's cash flow on a regular basis, including forecasting future cash flows. We are in regular contact with our bank to ensure our facilities match our needs.
Interest rate risk
The group incurs interest rate risk on its borrowings. We do have some fixed interest agreements with asset finance. The group also leases excess factory space to generate rental income, which contributes to its borrowing costs.
We have established strong relationships with suppliers and customers which means we are able to respond to changing demands within the marketplace.
The directors work closely with employees throughout the business. Site visits take place on a regular basis and the impact on employees is considered by management when making key decisions.
The focus in the coming year will continue to be on consolidation and debt reduction as we look to repay debt which built up in order to fund increased capacity. We are moving from being a growth business to a mature one, with attention now being placed on optimisation. We feel our capacity is now at the appropriate level to meet customer demand.
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SHAMAN INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The directors have regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Under this regulation, the directors have a duty to act in good faith and promote the long term success of the group.
The group is ultimately wholly owned by a director, therefore the interest of the directors and shareholder are aligned with the success of the group.
During the year, the group made several key decisions which affected the business. In making these decisions the group has had to balance the needs and requirement of its key stakeholders. These include shareholders, employees, customers, suppliers and other stakeholders such as the general public and the environment:
The group is ultimately wholly owned by a director, therefore the interest of the directors and shareholder are aligned with the success of the group.
During the year, the group made several key decisions which affected the business. In making these decisions the group has had to balance the needs and requirement of its key stakeholders. These include shareholders, employees, customers, suppliers and other stakeholders such as the general public and the environment:
∙The group remains in close contact with customers and suppliers.
∙Management considers the group's carbon footprint and constantly seeks to improve its performance. We have already invested significantly in cleaner machines and processes.
The interests of the above key stakeholders are not always totally compatible and may even be mutually exclusive at times. Therefore, the group has to constantly weigh up the needs and requirements of all key stakeholders and attempt to find the right balance where decisions may affect more than one shareholder. At all times, the group remains ethical in its dealings with key stakeholders and attempts to keep all key stakeholders informed of relevant business decisions.
In making long term decisions about the future of the group, at all times we have the requirements of our key stakeholders in mind. The board take our responsibility to ESG (Economic, Social and Corporate Governance) extremely seriously and the likely consequences of all our long-term decision making is part of our ongoing risk management process.
The culture of the business is one of support and inclusiveness with the aim of ensuring our business is sustainable in the long run. We aim to be an equal opportunities employer at all times and deal fairly and ethically with all stakeholders. Robust procedures are in place for conflict resolution.
This report was approved by the board and signed on its behalf.
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SHAMAN INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The profit for the year, after taxation, amounted to £773,284 (2024 - £406,572).
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who served during the year were:
At the 31 May 2025, the group had net current liabilities of £7.1m (2024 - net current asset of £0.1m). The net current liability position was the result of the HSBC term loan falling due for renewal in April 2026, as set out in note 19.
At the time of approving the financial statements, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence as the bank have given a positive indication that the banking facilities will be renewed.
The directors have prepared trading forecasts extending for a period of 12 months from date these financial statements were approved. The forecasts suggest continued operating profitability and sufficient cash availability to allow the group to meet its liabilities as they fall due.
The forecasts indicate that the Group will continue to meet its financial covenants over the forecast period.
The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
At the time of approving the financial statements, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence as the bank have given a positive indication that the banking facilities will be renewed.
The directors have prepared trading forecasts extending for a period of 12 months from date these financial statements were approved. The forecasts suggest continued operating profitability and sufficient cash availability to allow the group to meet its liabilities as they fall due.
The forecasts indicate that the Group will continue to meet its financial covenants over the forecast period.
The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
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SHAMAN INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The greenhouse gas emissions and energy use by the group's operations in the UK during the year were follows:
Notes
∙In calculating litres of fuel purchased the group has used a combination of actual and average prices.
∙Electric and gas invoices have been used for kWh values.
∙LPG invoices were used for kg of fuel purchase and then converted to litres at 1kg=1.96L.
∙Mileage conversion factor is based on all mileage assumed to be carried out in medium sized diesel car.
The group has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of principal activities, financial risk management, employee engagement, future developments and principal risks and uncertainties.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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SHAMAN INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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SHAMAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAMAN INVESTMENTS LIMITED
We have audited the financial statements of Shaman Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SHAMAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAMAN INVESTMENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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SHAMAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAMAN INVESTMENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, health and safety legistlation and tax legislation.
∙We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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SHAMAN INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHAMAN INVESTMENTS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Leeds
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SHAMAN INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2025
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SHAMAN INVESTMENTS LIMITED
REGISTERED NUMBER: 07054438
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 34 form part of these financial statements.
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SHAMAN INVESTMENTS LIMITED
REGISTERED NUMBER: 07054438
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company's profit for the year was £nil (2024 - £nil).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 34 form part of these financial statements.
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SHAMAN INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Shaman Investments Limited (the 'parent company') is a private company limited by shares registered and
incorporated in England and Wales. The registered office and principal place of business is Whistler Drive, Castleford, West Yorkshire, WF10 5HX.
The group consists of Shaman Investments Limited and all of its subsidiaries.
The company's and the group's principal activities and nature of its operations are disclosed in the Strategic Report.
incorporated in England and Wales. The registered office and principal place of business is Whistler Drive, Castleford, West Yorkshire, WF10 5HX.
The group consists of Shaman Investments Limited and all of its subsidiaries.
The company's and the group's principal activities and nature of its operations are disclosed in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 following principal accounting policies have been applied:
The consolidated financial statements incorporate those of Shaman Investments Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 May 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
All financial statements are made up to 31 May 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the 31 May 2025, the group had net current liabilities of £7.1m (2024 - net current asset of £0.1m). The net current liability position was the result of the HSBC term loan falling due for renewal in April 2026, as set out in note 19.
At the time of approving the financial statements, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence as the bank have given a positive indication that the banking facilities will be renewed.
The directors have prepared trading forecasts extending for a period of 12 months from date these financial statements were approved. The forecasts suggest continued operating profitability and sufficient cash availability to allow the group to meet its liabilities as they fall due.
The forecasts indicate that the Group will continue to meet its financial covenants over the forecast period.
The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
At the time of approving the financial statements, the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence as the bank have given a positive indication that the banking facilities will be renewed.
The directors have prepared trading forecasts extending for a period of 12 months from date these financial statements were approved. The forecasts suggest continued operating profitability and sufficient cash availability to allow the group to meet its liabilities as they fall due.
The forecasts indicate that the Group will continue to meet its financial covenants over the forecast period.
The directors therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Sales in respect of goods supplied to customers are recognised at the point at which the right attached to the goods are transferred to the customer i.e. at point of delivery.
Research and development expenditure is written off as incurred.
Rental Income
Rental income is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes. Where rent is invoiced in arrears or in advance, adjustments are made to accrued income and deferred income respectively.
Interest income
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.
Rental income is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes. Where rent is invoiced in arrears or in advance, adjustments are made to accrued income and deferred income respectively.
Interest income
Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
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.
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets in the course of construction are not depreciated.
At each reporting date the group assesses whether stocks are impaired or if an impairment loss in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the statement of income and retained earnings.
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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
Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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 debtors, accrued income, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of income and retained earnings.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income and retained earnings.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, accruals, invoice financing and bank loans and overdrafts, 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.
Basic financial assets
Basic financial assets, which include trade and other debtors, accrued income, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of income and retained earnings.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income and retained earnings.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, accruals, invoice financing and bank loans and overdrafts, 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.
Equity instruments issued by the group are recorded at the fair value of 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 group.
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property plant and equipment and note 11 for the useful economic life of each class of assets.
Stocks
Cost includes the purchase price of plastic as well as manufacturing and labour costs. Management estimate is used in determining the percentage to be applied to the raw material price to incorporate the costs to manufacture the finished goods. See note 13 for the carrying amount of stock.
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Analysis of turnover by country of destination:
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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SHAMAN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
10.Taxation (continued)
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