Shantimex Holdings Ltd Accounts

SHANTIMEX HOLDINGS LIMITED - Company Information






Shantimex Holdings Ltd

	Company No. 12682361
		Information for Filing with The Registrar
		31 August 2023

The Director presents his report and the accounts for the year ended 31 August 2023.

Principal activities
The principal activity of the company during the year under review was property management..




Director

The Director who served at any time during the year was as follows:

D. Bhardwaj







































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

D. Bhardwaj
Director
31 May 2024

at	31 August 2023
Company No.		12682361	Notes	2023	2022
				£	£
Fixed assets


	Investment property		4	2,143,714	1,979,114

				2,143,714	1,979,114
Current assets

	Debtors		5	45,422	48,458

	Cash at bank and in hand			3,324	7,907
				48,746	56,365
Creditors: Amount falling due within one year			6	(532,116)	(548,096)
Net current liabilities				(483,370)	(491,731)
Total assets less current liabilities				1,660,344	1,487,383
Creditors: Amounts falling due after more than one year			7	(956,250)	(956,250)
Provisions for liabilities

	Other provisions			(210,036)	(168,886)
Net assets				494,058	362,247

Capital and reserves
	Called up share capital			2	2

	Revaluation reserve		9	630,108	506,658

	Profit and loss account		9	(136,052)	(144,413)

Total equity				494,058	362,247



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 August 2023 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 May 2024 and signed on its behalf by:
D. Bhardwaj
Director
31 May 2024

for the year ended 31 August 2023

General information

Shantimex Holdings Ltd is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 12682361

Its registered office is:

DSK Building

2 Dryden Street

Leicester

LE1 3QE

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

4	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 September 2022	1,979,114

		Revaluation	164,600

		At 31 August 2023	2,143,714



		Investment properties were revalued to fair value at 31st August 2023 based on a valuation undertaken by the Director on 31st August 2023. The method used for determining fair value was using a 7% gross yield market calculation.

5	Debtors
			2023	2022
			£	£



		Deferred tax asset	43,550	46,338



		Prepayments and accrued income	1,872	2,120
			45,422	48,458

6	Creditors:
		amounts falling due within one year
			2023	2022
			£	£




		Trade creditors	-	2


		Loans from directors	213,188	276,148
		Other creditors	317,929	269,877
		Accruals and deferred income	999	2,069
			532,116	548,096

7	Creditors:
		amounts falling due after more than one year
			2023	2022
			£	£

		Bank loans and overdrafts	956,250	956,250






			956,250	956,250

Share Capital

Ordinary £1 share capital

9	Reserves
			Revaluation Reserve	Total other reserves
			£	£

		Movement on revaluation reserve	506,658	506,658


		At 31 August 2022 and 1 September 2022	506,658	506,658
		Movement on revaluation reserve	164,600	164,600
		Deferred taxation	(41,150)	(41,150)

		At 31 August 2023	630,108	630,108

		Revaluation reserve - reflects the revaluation of property other than investment properties.


		Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Transactions with related parties

Included within other creditors is an amount of £317929 (2022: £269877) owed to Shantimex (UK) Limited, a company in which Mr D Bhardwaj and Mrs S Bhardwaj are both directors and shareholders. In addition, there is an amount owing to the director at the year end of £213188 (2022: £276148).