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Registration number: 10014012

Sital Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Sital Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Sital Holdings Limited

Company Information

Director

Mr K Singh

Registered office

1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Sital Holdings Limited

(Registration number: 10014012)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

640,450

176,366

Current assets

 

Debtors

5

68,241

42,170

Cash at bank and in hand

 

9,582

7,677

 

77,823

49,847

Creditors: Amounts falling due within one year

6

(368,331)

(46,118)

Net current (liabilities)/assets

 

(290,508)

3,729

Total assets less current liabilities

 

349,942

180,095

Creditors: Amounts falling due after more than one year

6

(350,188)

(182,000)

Net liabilities

 

(246)

(1,905)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(346)

(2,005)

Shareholders' deficit

 

(246)

(1,905)

 

Sital Holdings Limited

(Registration number: 10014012)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 September 2023
 

.........................................
Mr K Singh
Director

 

Sital Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the director on 20 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Depreciation

Asset class

Depreciation method and rate

Property

No depreciation rate

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Sital Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Investment properties

2022
£

At 1 March

176,366

Additions

464,084

At 28 February

640,450

The fair value of the investment property in the accounts has been valued by the director at cost.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

Note

2022
£

2021
£

Amounts owed by related parties

67,171

-

Prepayments

 

1,070

-

Other debtors

 

-

42,170

 

Sital Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

5,556

18,000

Accruals and deferred income

 

600

600

Other creditors

 

362,175

27,518

 

368,331

46,118

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

350,188

182,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £306,206 (2021 - £Nil).

Creditors include bank loans not repayable by instalments of £306,206 (2021 - £Nil) due after more than five years.