| SHAKAY LTD (name changed from Admiral U.P.V.C. Specialists Ltd) |
| Registered number: |
04823754 |
| Balance Sheet |
| as at 31 March 2022 |
|
| Notes |
|
|
2022 |
|
|
2021 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
32,554 |
|
|
54,266 |
| Investments |
4 |
|
|
500,200 |
|
|
500,100 |
|
|
|
|
532,754 |
|
|
554,366 |
|
| Current assets |
| Stocks |
|
|
234,025 |
|
|
237,725 |
| Debtors |
5 |
|
440,766 |
|
|
485,944 |
| Cash at bank and in hand |
|
|
43,711 |
|
|
34,965 |
|
|
|
718,502 |
|
|
758,634 |
|
| Creditors: amounts falling due within one year |
6 |
|
(129,736) |
|
|
(203,271) |
|
| Net current assets |
|
|
|
588,766 |
|
|
555,363 |
|
| Total assets less current liabilities |
|
|
|
1,121,520 |
|
|
1,109,729 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(32,379) |
|
|
(42,094) |
|
| Provisions for liabilities |
|
|
|
(37,845) |
|
|
(39,346) |
|
|
| Net assets |
|
|
|
1,051,296 |
|
|
1,028,289 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
1,051,196 |
|
|
1,028,189 |
|
| Shareholders' funds |
|
|
|
1,051,296 |
|
|
1,028,289 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A P Marks |
| Director |
| Approved by the board on 26 September 2022 |
|
| SHAKAY LTD (name changed from Admiral U.P.V.C. Specialists Ltd) |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). The financial effect of the Coronavirus epidemic on the company and its subsidiary companies has been reviewed. The companies are continuing to trade and advantage has been taken of Governmental financial support to assist with cashflow and profitability. The directors consider that the company will continue to be a going concern for at least the next 12 months and therefore the going concern basis is appropriate and has been applied in preparing these accounts. The company is exempt from preparing group accounts as it is a small group. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and the supply of materials in connection with those services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
|
Government grants |
|
Government grants which do not impose specified future performance-related conditions on the company are recognised in income when the grants are received or receivable. Grants that impose performance-related conditions on the company are recognised in income when the performance-related conditions are met. |
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
10% straight line, or the lease term if shorter |
|
Motor vehicles |
25% on net book value |
|
Tools and equipment |
25% on net book value |
|
|
Investments |
|
Investment property is measured at fair value. Changes in fair value are included in the profit and loss account. Investments in subsidiaries are measured at cost less any accumulated impairment losses. Debtors include loans to the subsidiary companies. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated sales value for use in contracts. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. There are no finance leases in either of the years under review. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Leasehold property improvements |
|
Tools and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2021 |
79,474 |
|
14,539 |
|
45,139 |
|
139,152 |
|
Disposals |
- |
|
(13,712) |
|
(45,139) |
|
(58,851) |
|
At 31 March 2022 |
79,474 |
|
827 |
|
- |
|
80,301 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2021 |
39,527 |
|
12,135 |
|
33,224 |
|
84,886 |
|
Charge for the year |
7,960 |
|
531 |
|
2,484 |
|
10,975 |
|
On disposals |
- |
|
(12,406) |
|
(35,708) |
|
(48,114) |
|
At 31 March 2022 |
47,487 |
|
260 |
|
- |
|
47,747 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2022 |
31,987 |
|
567 |
|
- |
|
32,554 |
|
At 31 March 2021 |
39,947 |
|
2,404 |
|
11,915 |
|
54,266 |
|
|
| 4 |
Investments |
Investments in |
| subsidiary |
Other |
| undertakings |
investments |
| at cost |
at fair value |
Total |
| £ |
£ |
£ |
|
At cost / fair value |
|
At 1 April 2021 |
100 |
|
500,000 |
|
500,100 |
|
Additions |
100 |
|
- |
|
100 |
|
|
At 31 March 2022 |
200 |
|
500,000 |
|
500,200 |
|
Fair value has been estimated by a director of the company in conjunction with advice from a commercial property estate agent and the amount is considered to be reasonable in view of the rental income and expected rate of return. |
|
|
| 5 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
|
Trade debtors |
4,138 |
|
14,496 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
414,694 |
|
371,757 |
|
Amounts recoverable on contracts |
- |
|
58,992 |
|
Other debtors |
9,000 |
|
9,000 |
|
Prepayments and accrued income |
12,934 |
|
31,699 |
|
|
|
|
|
|
440,766 |
|
485,944 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loans |
9,701 |
|
7,906 |
|
Trade creditors |
2,168 |
|
54,306 |
|
Taxation and social security costs |
35,699 |
|
52,892 |
|
Other creditors |
80,368 |
|
83,415 |
|
Accruals |
1,800 |
|
4,752 |
|
|
|
|
|
|
129,736 |
|
203,271 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2022 |
|
2021 |
| £ |
£ |
|
|
Bank loan |
32,379 |
|
42,094 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2022 |
|
2021 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
- |
|
1,769 |
|
|
The bank loan is guaranteed by the Government. Two of the directors have given personal guarantees to the bank. |
|
| 9 |
Other financial commitments |
2022 |
|
2021 |
| £ |
£ |
|
Total future minimum payments under non-cancellable operating leases: |
|
Undertaken on behalf of or for the benefit of the company's subsidiary companies |
|
53,190 |
|
86,625 |
|
Others |
172,910 |
|
201,783 |
|
|
|
|
|
|
226,100 |
|
288,408 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
On 1st February 2022 the company's business of home improvements including double glazing sales and installation was transferred to a new 100% owned subsidiary company, Admiral Home Improvements Ltd, with net assets at a market value of £91,071 being transferred to Admiral Home Improvements Ltd via an inter-company loan account. |
|
|
| 11 |
Other information |
|
|
SHAKAY LTD (name changed from Admiral U.P.V.C. Specialists Ltd) is a private company limited by shares and incorporated in England & Wales. Its registered office is: |
|
27 Melton Grange Road |
|
Melton |
|
Woodbridge |
|
Suffolk |
|
IP12 1SA |
