Registered number: 13668877 Registered Charity Number : 1199739
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 FOR SHER KHAN FOUNDATION LTD
TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Sher Khan Foundation Ltd Unaudited Financial Statements For The Year Ended 31 October 2024
| Page | |
|---|---|
| Report of the trustees | 1 |
| Independent Examiners Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5-7 |
| Detailed Statement of Financial Activities | 8 |
Sher Khan Foundation Ltd
Report of the Trustees
For The Year Ended 31 October 202 4
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objectives and activities
Objectives and aims
The charity's objects ('objects') are specifically restricted to the following:
- The prevention or relief of poverty in Bangladesh by providing or assisting in the provision of goods and services including building materials, clothing, food and financial assistance for education, to individuals in need and/or charities, or other organisations working to prevent or relieve poverty.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Reference and administrative details
Registered Company number: 13668877
Registered Charity number : 1199739
Page 1
Sher Khan Foundation Ltd
Registered office
64 Southwark Bridge Road London SE1 0AS
Trustees
Mr Amir Ghazi
Ms Afia Khan
Ms Shah Begum
Independent Examiner
TaxAssist Accountants
64 Southwark Bridge Road London SE1 0AS
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................................
Trustee
Sher Khan Foundation Ltd Accountant's Report For The Year Ended 31 October 2024
Independent examiner's report to the trustees of Sher Khan Foundation Ltd.
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
.............................................
Sukhbir Sidhu
ACCA TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Page 2
Sher Khan Foundation Ltd Statement of Financial Activities For The Year Ended 31 October 2024
| Notes TURNOVER Cost of sales GROSS PROFIT Administrative expenses OPERATING (LOSS)/PROFIT AND (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
2024 £ 82,207 (81,820) 387 (1,009) (622) |
2023 £ 64,106 (60,937 ) |
|---|---|---|
| 3,169 (2,101 ) |
||
| 1,068 |
Page 3
Sher Khan Foundation Ltd Balance Sheet As At 31 October 2024
| Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 5 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Profit and Loss Account SHAREHOLDERS' FUNDS |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
|---|---|---|---|---|
| 195 3,315 |
- 4,132 |
|||
| 5,776 (2,461) |
4,882 (750) |
|||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 |
For the year ending 31 October 2024 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Shorif Khan
Director 15 July 2025
Page 4
Registered number: 13668877
Sher Khan Foundation Ltd Notes to the Financial Statements For The Year Ended 31 October 2024
1. Accounting Policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the period ended 31 October� 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the period ended 31 December 2023.
3. Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Other creditors | 2,461 | 750 | |||
| . | Movement in funds | ||||
| Net | |||||
| movement | At | ||||
| At 1/11/23 | in funds | 31/10/24 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 4,132 | (622) | 3,510 | ||
| TOTAL FUNDS | 4,132 | (622) | 3,510 | ||
| Comparative net movement in funds, included in the above are as | follows: | ||||
| Incoming | Resources |
Movement | |||
| resources | expended | in | funds | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 82,207 | (82,829) | (622) | ||
| TOTAL FUNDS | 82,207 | (82,829) | (622) |
4. Movement in funds
Page 5
Registered number: 13668877
Sher Khan Foundation Ltd Notes to the Financial Statements For The Year Ended 31 October 2024
4. Movement in funds (continued)
Comparatives for movement in funds
| Comparatives for movement in funds | ||||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| in funds | 31/10/23 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 1,068 | 4,132 | ||
| TOTAL FUNDS | 1,068 | 4,132 | ||
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | (64,106) | (63,038) | 1,068 | |
| TOTAL FUNDS | (64,106) | (63,038) | 1,068 |
5. Related party disclosures
There were no related party transactions for the year ended 31 October 2024 .
Page 6
Sher Khan Foundation Ltd Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
- Tangible Assets
| 4. Tangible Assets |
|
|---|---|
| Cost As at 1 November 2023 Additions As at 31 October 2024 Depreciation As at 1 November 2023 Provided during the period As at 31 October 2024 Net Book Value As at 31 October 2024 As at 1 November 2023 5. Creditors: Amounts Falling Due Within One Year 2024 £ Other creditors 2,461 |
Computer Equipment £ - 260 |
| 260 | |
| - 65 |
|
| 65 | |
| 195 | |
| - | |
| 2023 £ 750 |
Page 7
Sher Khan Foundation Ltd Trading Profit and Loss Account For The Year Ended 31 October 2024
| TURNOVER Sales Other income COST OF SALES Direct costs GROSS PROFIT Administrative Expenses Web hosting Printing, postage and stationery Accountancy fees Legal and prof fees Depreciation of computer equipment OPERATING (LOSS)/PROFIT AND (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
2024 £ £ 82,207 - 82,207 81,820 (81,820) 387 178 - 750 16 65 (1,009) (622) |
2024 £ £ 82,207 - 82,207 81,820 (81,820) 387 178 - 750 16 65 (1,009) (622) |
2023 £ £ 56,593 7,513 64,106 60,937 (60,937) 3,169 1,037 11 750 303 - (2,101) 1,068 |
2023 £ £ 56,593 7,513 64,106 60,937 (60,937) 3,169 1,037 11 750 303 - (2,101) 1,068 |
|---|---|---|---|---|
| 82,207 (81,820) |
64,106 (60,937) |
|||
| 178 - 750 16 65 |
1,037 11 750 303 - |
|||
| 387 (1,009) |
3,169 (2,101) |
|||
| (622) | 1,068 |
Page 8
Registered number: 13668877
SHER KHAN FOUNDATION LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Sher Khan Foundation Ltd Contents
| Page | |
|---|---|
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2—3 |
Sher Khan Foundation Ltd Balance Sheet As At 31 October 2024
Registered number: 13668877
| Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 5 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Profit and Loss Account SHAREHOLDERS' FUNDS |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
|---|---|---|---|---|
| 195 3,315 |
- 4,132 |
|||
| 5,776 (2,461) |
4,882 (750) |
|||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 |
For the year ending 31 October 2024 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 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.
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
Mr Shorif Khan
Director 15 July 2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Sher Khan Foundation Ltd Notes to the Financial Statements For The Year Ended 31 October 2024
1. General Information
Sher Khan Foundation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13668877. The registered office is 64 Southwark Bridge Road, London, SE1 0AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Computer Equipment 25%
2.4. 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 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 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3 )
Page 2
Sher Khan Foundation Ltd Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
- Tangible Assets
| 4. Tangible Assets |
|
|---|---|
| Cost As at 1 November 2023 Additions As at 31 October 2024 Depreciation As at 1 November 2023 Provided during the period As at 31 October 2024 Net Book Value As at 31 October 2024 As at 1 November 2023 5. Creditors: Amounts Falling Due Within One Year 2024 £ Other creditors 2,461 |
Computer Equipment £ - 260 |
| 260 | |
| - 65 |
|
| 65 | |
| 195 | |
| - | |
| 2023 £ 750 |
Page 3
Registered number: 13668877
SHER KHAN FOUNDATION LTD DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Sher Khan Foundation Ltd Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6—7 |
| The following pages do not form part of the statutory accounts: | |
| Trading Profit and Loss Account | 8 |
Sher Khan Foundation Ltd Company Information For The Year Ended 31 October 2024
Directors Mr Amir Ghazi Ms Afia Khan Ms Shah Begum Company Number 13668877 Registered Office 64 Southwark Bridge Road London SE1 0AS Accountants TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Page 1
Sher Khan Foundation Ltd Company No. 13668877 Directors' Report For The Year Ended 31 October 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
Directors
The directors who held office during the year were as follows:
Mr Amir Ghazi
Ms Afia Khan
Ms Shah Begum
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Shorif Khan
Director 15 July 2025
Page 2
Sher Khan Foundation Ltd Accountant's Report For The Year Ended 31 October 2024
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 October 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
15 July 2025
TaxAssist Accountants 64 Southwark Bridge Road London SE1 0AS
Page 3
Sher Khan Foundation Ltd Profit and Loss Account For The Year Ended 31 October 2024
| Notes TURNOVER Cost of sales GROSS PROFIT Administrative expenses OPERATING (LOSS)/PROFIT AND (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
2024 £ 82,207 (81,820) 387 (1,009) (622) |
2023 £ 64,106 (60,937) |
|---|---|---|
| 3,169 (2,101) |
||
| 1,068 |
The notes on pages 6 to 7 form part of these financial statements.
Page 4
Sher Khan Foundation Ltd Balance Sheet As At 31 October 2024
| Notes FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 5 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Profit and Loss Account SHAREHOLDERS' FUNDS |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2024 £ £ 195 195 5,776 5,776 (2,461) 3,315 3,510 3,510 3,510 3,510 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
2023 £ £ - - 4,882 4,882 (750) 4,132 4,132 4,132 4,132 4,132 |
|---|---|---|---|---|
| 195 3,315 |
- 4,132 |
|||
| 5,776 (2,461) |
4,882 (750) |
|||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 | |||
| 3,510 | 4,132 |
For the year ending 31 October 2024 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Shorif Khan
Director 15 July 2025
The notes on pages 6 to 7 form part of these financial statements.
Page 5
Sher Khan Foundation Ltd Notes to the Financial Statements For The Year Ended 31 October 2024
1. General Information
Sher Khan Foundation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13668877. The registered office is 64 Southwark Bridge Road, London, SE1 0AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Computer Equipment 25%
2.4. 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 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 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3 )
Page 6
Sher Khan Foundation Ltd Notes to the Financial Statements (continued) For The Year Ended 31 October 2024
- Tangible Assets
| 4. Tangible Assets |
|
|---|---|
| Cost As at 1 November 2023 Additions As at 31 October 2024 Depreciation As at 1 November 2023 Provided during the period As at 31 October 2024 Net Book Value As at 31 October 2024 As at 1 November 2023 5. Creditors: Amounts Falling Due Within One Year 2024 £ Other creditors 2,461 |
Computer Equipment £ - 260 |
| 260 | |
| - 65 |
|
| 65 | |
| 195 | |
| - | |
| 2023 £ 750 |
Page 7
Sher Khan Foundation Ltd Trading Profit and Loss Account For The Year Ended 31 October 2024
| TURNOVER Sales Other income COST OF SALES Direct costs GROSS PROFIT Administrative Expenses Web hosting Printing, postage and stationery Accountancy fees Legal and prof fees Depreciation of computer equipment OPERATING (LOSS)/PROFIT AND (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
2024 £ £ 82,207 - 82,207 81,820 (81,820) 387 178 - 750 16 65 (1,009) (622) |
2024 £ £ 82,207 - 82,207 81,820 (81,820) 387 178 - 750 16 65 (1,009) (622) |
2023 £ £ 56,593 7,513 64,106 60,937 (60,937) 3,169 1,037 11 750 303 - (2,101) 1,068 |
2023 £ £ 56,593 7,513 64,106 60,937 (60,937) 3,169 1,037 11 750 303 - (2,101) 1,068 |
|---|---|---|---|---|
| 82,207 (81,820) |
64,106 (60,937) |
|||
| 178 - 750 16 65 |
1,037 11 750 303 - |
|||
| 387 (1,009) |
3,169 (2,101) |
|||
| (622) | 1,068 |
Page 8