REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SANTOK INVESTMENTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SANTOK INVESTMENTS LIMITED |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
SANTOK INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SANTOK INVESTMENTS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Santok Investments Limited for the year ended 31 December 2021 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Santok Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Santok Investments Limited and state those matters that we have agreed to state to the Board of Directors of Santok Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Santok Investments Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Santok Investments 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 Santok Investments Limited. You consider that Santok Investments Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Santok Investments 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. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
31/12/21 | 31/12/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Santok Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to the balance sheet date. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
Revaluations | 135,000 |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2010 | 772,130 |
Valuation in 2012 | (362,883 | ) |
Valuation in 2013 | (15,000 | ) |
Valuation in 2015 | 310,000 |
Valuation in 2016 | 208,281 |
Valuation in 2018 | 49,781 |
Valuation in 2021 | 135,000 |
Cost | 1,937,691 |
3,035,000 |
The investment properties were valued using RICS valuation standards on 01 September 2016 by Allsop LLP. Directors believe that the properties market value as at balance sheet date is £3,035,000 (2020: £2,900,000) |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade debtors |
Amounts owed by connected companies |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Amounts owed to connected companies |
Tax |
Social security and other taxes |
VAT | 6,825 | 6,213 |
Other creditors |
Directors' current accounts | 683,293 | 669,117 |
Deferred income |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans (see note 9) |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/12/21 | 31/12/20 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 627,496 | 681,848 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/21 | 31/12/20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 627,496 | 681,848 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/21 | 31/12/20 |
£ | £ |
Bank loans | 1,029,306 | 1,083,667 |
Included within bank loans is loan secured by a first legal charge over the investment properties of the company. Bank loan is obtained from Natwest which is repayable by monthly instalments over 20 years and the interest rate of 1.95% over the base rate. |
Also included within bank loans is a Covid-19 related bounce back loan. The loan is unsecured and is repayable by May 2026 with interest charge at 2.5% per annum. |
SANTOK INVESTMENTS LIMITED (REGISTERED NUMBER: 04924810) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/21 | 31/12/20 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
At 31 December 2021 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, amounts owed to Mr V Pau of £546,268 (2020: £544,180) and Mr J Pau of £137,024 (2020: £124,937). The amounts due are repayable on demand. |
14. | RELATED PARTY DISCLOSURES |
Included within the debtors and creditors are amounts due from or to connected companies. Connected companies are companies in which the directors have beneficial interest in. These amounts are interest free and repayable on demand. |
15. | ULTIMATE CONTROLLING PARTY |
The Directors are the ultimate controllers as they own the entire share capital of the company. |