Company Registration No. 10094638 (England and Wales)
Ife & Shanaz Limited
Unaudited accounts
for the year ended 31 March 2025
Ife & Shanaz Limited
Unaudited accounts
Contents
Ife & Shanaz Limited
Company Information
for the year ended 31 March 2025
Directors
Natasha Spence
Olamigoke Ife OLABINTAN
Company Number
10094638 (England and Wales)
Registered Office
C/O Russells Associates Ltd
27 Old Gloucester Street
London
WC1N 3AX
England
Accountants
Russells Associates Limited
27 Old Gloucester Street
London
WC1N 3AX
Ife & Shanaz Limited
Statement of financial position
as at 31 March 2025
Tangible assets
220,257
220,342
Cash at bank and in hand
98
2,171
Creditors: amounts falling due within one year
(16,364)
(9,135)
Net current assets
46,211
55,513
Total assets less current liabilities
266,468
275,855
Creditors: amounts falling due after more than one year
(159,218)
(169,546)
Provisions for liabilities
Deferred tax
(19,322)
(19,322)
Called up share capital
200
200
Profit and loss account
87,728
86,787
Shareholders' funds
87,928
86,987
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 December 2025 and were signed on its behalf by
Natasha Spence
Director
Company Registration No. 10094638
Ife & Shanaz Limited
Notes to the Accounts
for the year ended 31 March 2025
Ife & Shanaz Limited is a private company, limited by shares, registered in England and Wales, registration number 10094638. The registered office is C/O Russells Associates Ltd, 27 Old Gloucester Street, London, WC1N 3AX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 March 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
11 below.
The financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 1A, and the Companies Act 2006.
The financial statements are prepared under the historical cost convention, except for investment property, which is measured at fair value.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Ife & Shanaz Limited
Notes to the Accounts
for the year ended 31 March 2025
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2024
220,000
2,708
222,708
At 31 March 2025
220,000
2,708
222,708
At 1 April 2024
-
2,366
2,366
Charge for the year
-
85
85
At 31 March 2025
-
2,451
2,451
At 31 March 2025
220,000
257
220,257
At 31 March 2024
220,000
342
220,342
Carrying amount of land and buildings on cost basis
118,306
118,306
The company owns a freehold residential property which is held for investment purposes and let to a third party.
The fair value of the investment property at the balance sheet date has been determined by the directors using market-based evidence, including rental income and prevailing market yields for similar properties.
Amounts falling due within one year
Other debtors
62,477
62,477
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
241
935
Loans from directors
14,683
7,300
7
Creditors: amounts falling due after more than one year
2025
2024
Bank loans
159,218
169,546
The mortgage is secured by a legal charge over the company’s investment property.
The total amount of liabilities secured on the company’s assets at the balance sheet date was £136,125 (2024: £133,104).
Ife & Shanaz Limited
Notes to the Accounts
for the year ended 31 March 2025
8
Deferred taxation
2025
2024
Revaluation of investment property
19,322
19,322
Provision at start of year
19,322
-
Charged to the profit and loss account
-
19,322
Provision at end of year
19,322
19,322
Deferred tax arises in respect of the revaluation of investment property to fair value.
At 31 March 2025, the deferred tax liability was £19,322 (2024: £19,322).
9
Transactions with related parties
During the year, the company let its investment property to a Community Interest Company controlled by the directors.
Rental income of £14,400 (2024: £14,400) was earned during the year.
The directors consider that the transaction was carried out on terms consistent with those available on the open market.
10
Average number of employees
During the year the average number of employees was 2 (2024: 2).
11
Reconciliations on adoption of FRS 102
During the year, the company adopted FRS 102 for the first time, having previously prepared its financial statements under FRS 105.
On transition, the company reclassified its property as investment property and measured it at fair value. The resulting net adjustment of £82,372, after recognising deferred tax, was recognised directly in retained earnings at the date of transition.