REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
CASPIAN PROPERTIES (U.K) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
CASPIAN PROPERTIES (U.K) LIMITED |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | Statutory information |
Caspian Properties (UK) Limited is a private company, limited by shares, incorporated in England within the United Kingdom registration number 10249603. The address of the registered office is 7& 8 Church Street, Wimborne, Dorset, BH21 1JH and place of business is Campden House, Ringwood Road, Burley, Hampshire, BH24 4BU. |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements present information about Caspian Properties (U.K) Limited as an individual undertaking and not about its group. The company and its parent comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
Turnover |
Turnover from land and property in respect of the total proceeds of building and development is recognised at legal completion and represents the amounts receivable for the property, net of discounts and VAT. |
Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is 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 that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 April 2021 |
Disposals | ( |
) |
Revaluations | (15,088 | ) |
At 31 March 2022 |
Net book value |
At 31 March 2022 |
At 31 March 2021 |
Fair value at 31 March 2022 is represented by: |
£ |
Valuation in 2017 | 503,017 |
Valuation in 2018 | 160,000 |
Valuation in 2021 | (267,929 | ) |
Valuation in 2022 | (15,088 | ) |
Cost | 815,000 |
1,195,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 815,000 | 1,495,736 |
Investment properties were valued on an open market basis on 31 March 2022 by the director . |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 1,711 | 2,907 |
Other creditors |
Directors' current accounts | 344,999 | 404,999 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans |
8. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
The Lloyds Bank loan is secured by way of a fixed and floating charge over the company assets dated 25 November 2016 and legal charges over the freehold of 111 Old Christchurch Road, Bournemouth and Restynge House, 11-15 Ringwood Road, Verwood dated 3 February 2017. |
In addition, the Aldermore Bank loans are secured by legal charge over the freehold of 14&16 Castle Street, Christchurch, Dorset dated 31 October 2017 and 6 Elm Gardens, Wimborne, Dorset dated 11 September 2018. |
9. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax | 95,000 | 75,067 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Investment property revaluat'n | 19,933 |
Balance at 31 March 2022 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A | £1 | 2 | 2 |
CASPIAN PROPERTIES (U.K) LIMITED (REGISTERED NUMBER: 10249603) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
11. | Reserves |
Revaluation |
reserve |
£ |
At 1 April 2021 |
Investment property revaluation | (35,022 | ) |
At 31 March 2022 |
12. | Ultimate controlling party |
The company is controlled by the director, Mr S Seyed-Rezai, by virtue of his 100% holding in the voting share capital of the ultimate parent company, Caspian Holdings (UK) Limited. |