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REGISTERED NUMBER: 11168236 (England and Wales)















SAPINA HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SAPINA HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr I Iacovides
Mrs P Iacovidou
Mr S Iacovides





REGISTERED OFFICE: Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE





REGISTERED NUMBER: 11168236 (England and Wales)





ACCOUNTANTS: Kounnis And Partners Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Investments 4 611,754 611,754
Investment property 5 10,903,533 10,903,533
11,515,287 11,515,287

CURRENT ASSETS
Debtors 6 104,236 102,561
Cash at bank and in hand 68,699 61,342
172,935 163,903
CREDITORS
Amounts falling due within one year 7 (498,247 ) (284,943 )
NET CURRENT LIABILITIES (325,312 ) (121,040 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,189,975

11,394,247

CREDITORS
Amounts falling due after more than one
year

8

(4,903,000

)

(4,903,000

)

PROVISIONS FOR LIABILITIES (513,072 ) (513,072 )
NET ASSETS 5,773,903 5,978,175

CAPITAL AND RESERVES
Called up share capital 15 15
Fair value reserve 1,658,012 1,658,012
Retained earnings 4,115,876 4,320,148
SHAREHOLDERS' FUNDS 5,773,903 5,978,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 26 September 2023 and were signed on its behalf by:





Mr I Iacovides - Director


SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Sapina Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 3 ) .

SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 611,754
NET BOOK VALUE
At 31 March 2023 611,754
At 31 March 2022 611,754

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 10,903,533
NET BOOK VALUE
At 31 March 2023 10,903,533
At 31 March 2022 10,903,533

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2019 2,795,000
Cost 8,108,533
10,903,533

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 8,108,533 8,108,533

Investment property was valued on an open market basis basis on 31 March 2021 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed by group undertakings 6,841 6,181
Other debtors 97,395 96,380
104,236 102,561

SAPINA HOLDINGS LIMITED (REGISTERED NUMBER: 11168236)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 54,552
Trade creditors 27,485 2,544
Amounts owed to group undertakings 2,099 2,429
Other creditors 468,663 225,418
498,247 284,943

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 4,903,000 4,903,000