| SHIRADE PROPERTIES LIMITED |
| Notes to the Accounts |
| for the year ended 31 August 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration receivable. Turnover includes rental and interest income earned during the year. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
15% reducing balance |
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Investment Properties |
At valuation |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
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| £ |
£ |
£ |
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Cost/ (Valuation) |
(Valuation) |
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At 1 September 2024 |
2,025,000 |
|
975 |
|
2,025,975 |
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At 31 August 2025 |
2,025,000 |
|
975 |
|
2,025,975 |
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Depreciation |
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At 1 September 2024 |
- |
|
975 |
|
975 |
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At 31 August 2025 |
- |
|
975 |
|
975 |
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Net book value |
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At 31 August 2025 |
2,025,000 |
|
- |
|
2,025,000 |
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At 31 August 2024 |
2,025,000 |
|
- |
|
2,025,000 |
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Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
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Historical cost |
1,111,979 |
|
1,111,979 |
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Cumulative depreciation based on historical cost |
- |
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- |
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1,111,979 |
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1,111,979 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Amounts owed by associated companies (see note 9 below) |
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82,440 |
|
82,440 |
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Other debtors |
32,400 |
|
32,400 |
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114,840 |
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114,840 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans ( see note 6 below) |
16,486 |
|
16,296 |
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Amounts owed to associated companies (see note 9 below) |
|
6,000 |
|
155,815 |
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Taxation and social security costs |
10,163 |
|
8,644 |
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Other creditors |
715,393 |
|
568,082 |
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748,042 |
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748,837 |
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| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans |
13,444 |
|
31,432 |
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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. |
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| 7 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
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At 1 September 2024 |
739,547 |
|
739,547 |
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At 31 August 2025 |
739,547 |
|
739,547 |
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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. |
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| 8 |
Controlling party |
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The company was under the control of Mr S K Lakhani, a director and shareholder of the company and family members thoughtout the year. |
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| 9 |
Related party transactions |
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DSL Property Group Limited |
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|
2025 |
|
2024 |
| £ |
£ |
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An associated company incorporated in the United Kingdom |
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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. |
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At the year end, the balance owed by DSL Property Group Limited to Shirade Properties Limited was |
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47,414 |
|
47,414 |
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(as disclosed under associated companies in note 4 above) |
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Mercure Property Limited |
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|
2025 |
|
2024 |
| £ |
£ |
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An associated company incorporated in the United Kingdom |
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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. |
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At the year end, the balance owed by Mercure Property Limited to Shirade Properties Limited was |
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35,026 |
|
35,026 |
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(as disclosed under associated companies in note 4 above) |
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| 9 |
Related party transactions ( continuation) |
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Portville Developments Limited |
|
2025 |
|
2024 |
| £ |
£ |
|
An associated company incorporated in the United Kingdom |
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Portville Developments Limited is a company in which Mr S K Lakhani is a Director and shareholder together with other close family members . |
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At the year end, the balance owed to Portville Developments Limited by Shirade Properties Limited was |
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6,000 |
|
6,000 |
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(as disclosed under associated companies in note 5 above) |
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Newcrown Investments Limited |
2025 |
|
2024 |
| £ |
£ |
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An associated company incorporated in the United Kingdom |
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Newcrown Investments Limited is a company in which Mr S K Lakhani is also a shareholder and director. |
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At the year end, the balance owed to Newcrown Investments Limited by Shirade Properties Limited was |
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106,000 |
|
106,000 |
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(as disclosed under associated companies in note 5 above) |
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Lakhani Estates Limited |
2025 |
|
2024 |
| £ |
£ |
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An associated company incorporated in the United Kingdom |
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Lakhani Estates Limited is a company in which Mr S K Lakhani is also a shareholder and director. |
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At the year end, the balance owed to Lakhani Estates Limited by Shirade Properties Limited was |
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57,859 |
|
20,974 |
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(as disclosed under associated companies in note 5 above) |
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| 10 |
Other information |
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SHIRADE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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7 Eversley Crescent |
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London |
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London |
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N21 1EL |