Registered number: 4055750
SHERE KHAN EXPRESS LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
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SHERE KHAN EXPRESS LIMITED
COMPANY INFORMATION
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SHERE KHAN EXPRESS LIMITED
CONTENTS
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Notes to the abbreviated accounts
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SHERE KHAN EXPRESS LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHERE KHAN EXPRESS LIMITED
FOR THE YEAR ENDED 30 APRIL 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shere Khan Express Limited for the year ended 30 April 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a firm registered with of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/
regulations-standards-and-guidance.
This report is made solely to the Board of directors of Shere Khan Express Limited, as a body, in accordance with the terms of our engagement letter dated
12 September 2015. Our work has been undertaken solely
to prepare for your approval the financial statements of Shere Khan Express Limited and state those matters that we have agreed to state to the Board of directors of Shere Khan Express Limited, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shere Khan Express Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Shere Khan Express Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shere Khan Express Limited. You consider that Shere Khan Express Limited is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of Shere Khan Express Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Madisons
Bushbury House
435 Wilmslow Road
Withington
Manchester
M20 4AF
17 November 2016
Page 1
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SHERE KHAN EXPRESS LIMITED
REGISTERED NUMBER:
4055750
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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Page 2
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SHERE KHAN EXPRESS LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
30 APRIL 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 April 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 4 to 6 form part of these financial statements.
Page 3
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SHERE KHAN EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Fixture, Fittings and Equipment
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 4
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SHERE KHAN EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
1.
ACCOUNTING POLICIES (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.
TANGIBLE FIXED ASSETS
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At 1 May 2015 and 30 April 2016
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3.
CREDITORS:
Amounts falling due within one year
included within other creditors due within one year is a loan due to the directors amounting to £8,958 (2015: £78,449).
4.
CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
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Repayable other than by instalments
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Page 5
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SHERE KHAN EXPRESS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
5.
SHARE CAPITAL
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Allotted, called up and fully paid
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6.
OPERATING LEASE COMMITMENTS
At 30 April 2016 the company had annual commitments under non-cancellable operating leases as follows:
7.
RELATED PARTY TRANSACTIONS
Included within other debtors/(creditors) due within one year and after more than one year are the following loans to/(from) connected companies:
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Lightning Management Limited
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The loans are interest free with no fixed repayment terms.
Included within the profit and loss account is a management charge invoiced by Shere Khan Restaurants Limited in the amount of £20,000 (2015: £50,000). An amount of £ 336,750 (2015: £423,750) was due to Shere Khan Restaurants Limited at the balance sheet date. Shere Khan Restaurants Limited was incorporated in England & Wales and is wholly owned by the directors.
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