Shivum Limited 31/03/2018 iXBRL

Shivum Limited 31/03/2018 iXBRL

SHIVUM LIMITED - Company Information

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Company registration number: 05762953
Shivum Limited
Unaudited filleted financial statements
31 March 2018
Shivum Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Shivum Limited
Directors and other information
Directors Mr S Patel
Mrs A Patel
Mr C Patel
Secretary Mrs A Patel
Company number 05762953
Registered office 7 Lingcroft
Kingswood
Basildon
Essex
SS16 5EZ
Accountants Doshi & Co. Accountants
6th Floor, AMP House
Dingwall Road
Croydon
CR0 2LX
Shivum Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Shivum Limited
Year ended 31 March 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2018 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor, AMP House
Dingwall Road
Croydon
CR0 2LX
3 September 2018
Shivum Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 105,000 105,000
Tangible assets 6 10 10
_______ _______
105,010 105,010
Current assets
Stocks 35,058 30,000
Debtors 7 187,450 151,811
Cash at bank and in hand 87,886 76,593
_______ _______
310,394 258,404
Creditors: amounts falling due
within one year 8 ( 152,302) ( 183,340)
_______ _______
Net current assets 158,092 75,064
_______ _______
Total assets less current liabilities 263,102 180,074
Creditors: amounts falling due
after more than one year 9 - ( 40,000)
_______ _______
Net assets 263,102 140,074
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 262,102 139,074
_______ _______
Shareholders funds 263,102 140,074
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 September 2018 , and are signed on behalf of the board by:
Mrs A Patel
Director
Company registration number: 05762953
Shivum Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 1,000 161,900 162,900
Profit for the year 117,174 117,174
_______ _______ _______
Total comprehensive income for the year - 117,174 117,174
Dividends paid and payable ( 140,000) ( 140,000)
_______ _______ _______
Total investments by and distributions to owners - ( 140,000) ( 140,000)
_______ _______ _______
At 31 March 2017 and 1 April 2017 1,000 139,074 140,074
Profit for the year 152,028 152,028
_______ _______ _______
Total comprehensive income for the year - 152,028 152,028
Dividends paid and payable ( 29,000) ( 29,000)
_______ _______ _______
Total investments by and distributions to owners - ( 29,000) ( 29,000)
_______ _______ _______
At 31 March 2018 1,000 262,102 263,102
_______ _______ _______
Shivum Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shivum Limited, 7 Lingcroft, Kingswood, Basildon, Essex, SS16 5EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2017: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2017 and 31 March 2018 105,000 105,000
_______ _______
Amortisation
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 105,000 105,000
_______ _______
At 31 March 2017 105,000 105,000
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2017 and 31 March 2018 83,042 83,042
_______ _______
Depreciation
At 1 April 2017 and 31 March 2018 83,032 83,032
_______ _______
Carrying amount
At 31 March 2018 10 10
_______ _______
At 31 March 2017 10 10
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 129,048 126,098
Other debtors 58,402 25,713
_______ _______
187,450 151,811
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 112,531 128,957
Corporation tax 35,486 29,066
Social security and other taxes 1,023 1,146
Other creditors 3,262 24,171
_______ _______
152,302 183,340
_______ _______
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors - 40,000
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 23,812) 57,840 34,028
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 28,224) 4,412 ( 23,812)
_______ _______ _______
11. Controlling party
The directors control the company by virtue of their shareholdings in the company