Shahnawaz (London) Limited
Shahnawaz (London) Limited
Registered number: 03115741
Financial Statements
For The Year Ended
31 December 2021
Shabbir & Co
Chartered Certified Accountants
248 Brockley Road
London
SE4 2SF
Shahnawaz (London) Limited
Financial Statements
For The Year Ended
31 December 2021
Financial Statements
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Shahnawaz (London) Limited
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
03115741
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 88,032 | 85,327 | |||
Shahnawaz (London) Limited
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Shahnawaz (London) Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The COVID-19 pandemic has expectedly had an impact on business performance of the company during the year resulting in a decrease in sales, but still managed to achieve profit for the year.
The company took advantage of the business support grant offered by the government but did not require or apply for any further additional financing in form of government backed loans, yet still were able to maintain positive working capital and control expenditure through continuous monitoring of overheads.
At the time of approving the financial statements, the director still had reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3.
Turnover
Turnover represents sales or airline tickets and package tours, net of value added tax. Revenue relating to flight only sales is recognised at the point of booking.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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Shahnawaz (London) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 1)
Shahnawaz (London) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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4.
Debtors
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| Trade debtors |
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| Other debtors |
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| VAT |
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| Other debtors |
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Trade debtors of £20,795 at the finanicial year end refer to those amounts owed by customers.
Other debtors (less than one year) of £3,804 are refunds owed to the company due from its suppliers. This figure includes an overall net amount of £155.37 owed via BSP system as at the 31st December 2021. This amount was refunded to the company on the 24th Janaury 2022.
Other debtors (more than than year) of £50,000 refers to security deposit held by Pakistan International Airlines on behalf of company so that the company may issue tickets for travel on their airlines.
Shahnawaz (London) Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
5.
Creditors: Amounts Falling Due Within One Year
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Net wages | 776 | - | |
| Accruals and deferred income |
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7.
General Information
Shahnawaz (London) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03115741
. The registered office is Kings Travel, 66a Upper Tooting Road, London, SW17 7PB.