REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
SANDBAR INVESTMENTS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
SANDBAR INVESTMENTS LIMITED |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
SANDBAR INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
9 Berners Place |
London |
W1T 3AD |
HOLDING COMPANY: |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
The director presents his report with the financial statements of the company for the period 1 November 2021 to 31 December 2022. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
DIRECTORS |
The directors who have held office during the period from 1 November 2021 to the date of this report are as follows: |
FIXED ASSETS |
The changes in fixed assets are given in note 5 to the financial statements. |
TAXATION STATUS |
The company is a close company within the provision of the Income and Corporation Taxes Act 2010. |
RELATED PARTY TRANSACTIONS |
None of the directors had any other material interests at any time during the year in any contract of significance in relation to the business of the company other than that stated in note 11 to the financial statements. |
HOLDING COMPANY |
IKRA UK Ltd is the holder of all the issued share capital of Sandbar Investments Limited. |
POST BALANCE SHEET EVENTS |
There were no significant events to report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Mehta & Tengra, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDBAR INVESTMENTS LIMITED |
Opinion |
We have audited the financial statements of Sandbar Investments Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. However, with respects to the opening balances and comparative information shown on the financial statements, we have not sought to obtain further audit evidence as the financial statements for the previous year were not audited. In forming our opinion, we have used other audit evidence to evaluate the overall adequacy of the information shown on the financial statements. We believe that the audit evidence that we have obtained, is sufficient and appropriate to provide a basis of our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDBAR INVESTMENTS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDBAR INVESTMENTS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. |
- results of our enquiries of management about their own identification and assessment of the risks and irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition.In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDBAR INVESTMENTS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
9 Berners Place |
London |
W1T 3AD |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
INCOME STATEMENT |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
PERIOD |
1.11.21 |
TO | YEAR ENDED |
31.12.22 | 31.10.21 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
PERIOD |
1.11.21 |
TO | YEAR ENDED |
31.12.22 | 31.10.21 |
Notes | £ | £ |
LOSS FOR THE PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2020 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 October 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Sandbar Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Freehold property | - |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those asset have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
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 period 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. |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
PERIOD |
1.11.21 |
TO | YEAR ENDED |
31.12.22 | 31.10.21 |
£ | £ |
Directors' remuneration |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
PERIOD |
1.11.21 |
TO | YEAR ENDED |
31.12.22 | 31.10.21 |
£ | £ |
Depreciation - owned assets |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 31 December 2022 nor for the year ended 31 October 2021. |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
6. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2021 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for period |
Reclassification/transfer | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 October 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
Other taxation | 7 | 398 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
SANDBAR INVESTMENTS LIMITED (REGISTERED NUMBER: 09835905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 31 DECEMBER 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2021 | ( |
) |
Deficit for the period | ( |
) |
At 31 December 2022 | ( |
) |
12. | RELATED PARTY DISCLOSURES |
Other than transactions between members of the group headed by the parent company for which exemption under FRS 102 section 33.1A was adopted,there were no related party transactions. |
13. | ULTIMATE PARENT COMPANY AND PARENT UNDERTAKING OF LARGER GROUP |
The company is a subsidiary of IKRA UK Ltd which is a company incorporated in the UK. |
The ultimate parent company is Ikra Lojistik Uluslararasi Tasimacilik ve Ticaret A.S (Incorporated in Turkey). |
14. | GOING CONCERN |
The Parent company has agreed to support the company for the foreseeable future. |