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REGISTERED NUMBER: 01794877 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

SABTINA LIMITED

SABTINA LIMITED (REGISTERED NUMBER: 01794877)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


SABTINA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







DIRECTORS: H M Elmaghrawi
T K S Fates
S K I Awad



REGISTERED OFFICE: 210 Upper Fifth Street
Regency Court
Milton Keynes
Buckinghamshire
MK9 2HR



REGISTERED NUMBER: 01794877 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Lawrence FCCA



AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022

The directors present their strategic report for the year ended 30 June 2022.

REVIEW OF BUSINESS
During the year the company continued with the management of various Libyan Foreign Investment Company (LAFICO) properties in the United Kingdom although most of the properties managed are currently empty.

The currently low level of bank interest receivable and lack of property tenants mean that the company has incurred a net loss this year. This position should improve as funds are released by the owners to invest in the properties managed. The company has available reserves to meet this deficit in the medium term.

As a subsidiary of LAFICO, the company has been subject to international sanctions during this year. However we have been able to obtain UK Treasury licences to continue the property management activity under the terms of these licences.

The company does not use financial key performance indicators to measure its activity given its small size and particular nature of the transactions which mean that each one can be identified and assessed individually. Financial and non - financial KPIs are therefore not considered appropriate for inclusion in the strategic report.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is in a strong position at the year end with reserves available to fund the ongoing property management activity. The company has sufficient available reserves and spare resource to increase its activity in this area if the opportunity arises.

The greatest risk to the company at present is the UK Government's and UK Banks' approach to the sanctions regime currently in place. If they decided to change to an even stricter interpretation of these rules, the company could be restricted even further in its activities and prevented from operating competently.

There is no significant risk facing the company at present from the termination of its activities by the parent company. Sabtina can continue to grow provided diversification in its activities are permitted and the sanctions regime comes to an end. Continuation without improvement in the current situation and the inability to move forward because of restrictions and other impediments may cause Sabtina significant problems in the future.

A further risk to the company is the property owner's attitude to investment in the properties managed. If they do not invest sufficient funds in the properties then there will be a lesser likelihood of finding suitable tenants and so generation of income for Sabtina Ltd.

The newly appointed directors are pursuing a positive plan to invest in the current managed properties as well as improve the financial situation of the company and to increase its activities.


SABTINA LIMITED (REGISTERED NUMBER: 01794877)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022

SECTION 172(1) STATEMENT
The Board works to promote the success of the company for the benefit of its members as a whole with regard to all its stakeholders and to the matters set out in Section 172 of The Companies Act 2006. The following disclosures set out how the Directors have had regard to the matters set out in section 172(1)(a) to (f) and forms the Directors' statement required under section 414CZA of The Companies Act 2006.

Board Governance
The company is committed to high standards of corporate governance. We have a comprehensive range of policies and systems in place to ensure that the properties under our management and our and business are well-managed, with effective oversight and control.

Activities of the Board
The responsibility for good governance lies with the Board. The Board is collectively responsible for the long-term success of the company and achieves this through its oversight of the business, generating value for its shareholders and its stakeholders as well as contributing to our wider communities.

In exercising its duty to promote the success of the company, the Board is responsible for overseeing the management of the company and, in so doing, may exercise its powers, subject to any relevant laws, regulations and the company's Articles of Association. The Board bears legal responsibility for the acts carried out on its behalf and enforces standards of accountability - all with a view to enable senior management to execute their responsibilities fully and in the interests of its stakeholders.

Matters not specifically reserved for the Board have been delegated to the Commercial Manager, Mr M M Ageli, for the day-to-day management of the business. The responsibilities of Commercial Manager were withdrawn from Mr M M Ageli by the board of directors on 16 September 2022. Mr H M Elmaghrawi became Managing Director on the same date. The Commercial Manager will also lead on the direction of the business as determined by the Board. Certain matters relating to third party agreements, financing and litigation, amongst others, require Board approval.

In performing its oversight function, the Board is entitled to rely on the advice, reports and opinions of management, counsel, auditors and outside experts.

Stakeholders
The company's key stakeholders are considered to be its shareholders, property tenants, suppliers and the communities and environment in which we operate. The relationships with stakeholders, how the Board engages with them along with key decisions and interactions are presented throughout this Report, and The Report of the Directors.

Objectives Method of engagement

Shareholders To provide sustained profitable
growth.
Board engaged with LAFICO at various
points throughout the year and on all
major decisions that affect our
business. The Board convenes on a
formal basis quarterly and has
representatives from LAFICO as
members
Property tenants To provide (on behalf of
LAFICO)attractive properties in
good repair at reasonable rents.
We maintain regular contact through
email, telephone or face to face.
Employees To provide a safe and secure
working environments and reward
achievement.
Given the small size of our workforce
we maintain regular contact through
email, telephone and face to face.
Suppliers To work with our suppliers so that
we can deliver for the tenants and
communities we serve.
We work closely with suppliers,
maintaining regular contact to maintain
close and satisfactory working
relationships.
Communities and environment To help our customers build
communities, support charitable
organisations and leverage our size,
scope and resources to help make
local communities and the
environment a better place.
Our staff are encouraged to participate
in the wider community on a personal
level. The company also seeks ethically
sourced products where possible.




SABTINA LIMITED (REGISTERED NUMBER: 01794877)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022

Principal Decisions

In the table below we outline principal decisions made by the Board during the year under review. We define principal decisions as those decisions that are of a strategic nature and that are significant to any of the key stakeholder groups as indicated above. The table below explains how the directors have engaged with, or in relation to, the different key stakeholder groups and how stakeholder interests were considered during the course of the decision-making.

Key Stakeholders Principal Decision Impact on Business Considerations Outcomes and
Actions

None None None None None

ON BEHALF OF THE BOARD:





S K I Awad - Director


16 October 2023

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2022

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property management.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2022.

DIRECTORS
The directors who have held office during the period from 1 July 2021 to the date of this report are as follows:

M M S Fokla - resigned 16 May 2022
H A A Shoubana - resigned 16 May 2022
M A S Abdullah - appointed 16 May 2022
H M Elmaghrawi - appointed 16 May 2022
T K S Fates - appointed 16 May 2022

S K I Awad was appointed as a director after 30 June 2022 but prior to the date of this report.

M A S Abdullah ceased to be a director after 30 June 2022 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining balances sufficient to meet current and future needs.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

BUSINESS RELATIONSHIPS
Please refer to the s172 statement in the Strategic Report.

ENGAGEMENT WITH EMPLOYEES
Please refer to the s172 statement in the Strategic Report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Please refer to the s172 statement in the Strategic Report.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
Corporate governance is the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company's many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community.

Since corporate governance also provides the framework for attaining a company's objectives, it encompasses practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure.

Sabtina Limited follows these corporate governance principles using the internally generated code adopted by all LAFICO entities.

STREAMLINED ENERGY AND CARBON REPORTING
The company's only premises are an office of approximately 150 square feet. The directors are satisfied that the company consumed less than 40,000kWh of energy during the year and so no energy consumption information is considered necessary.


SABTINA LIMITED (REGISTERED NUMBER: 01794877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

DIRECTORS NOT IN POST DURING ACCOUNTING PERIOD

The directors wish to highlight the fact that they have only been appointed as directors of the company on 16th May 2022, and therefore were not in post during the year under review in these financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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, Ashdown Hurrey Auditors Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S K I Awad - Director


16 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SABTINA LIMITED

Qualified Opinion

We have audited the financial statements of Sabtina Limited (the 'company') for the year ended 30 June 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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, except for the possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year 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 qualified opinion
With respect to the liability to LAFICO having a carrying amount of £3,511,229 the audit evidence available to us was limited because the balance certificate received was materially different to this figure. Sabtina Ltd and its parent were unable to reconcile these balances in the time available. We are therefore unable to clarify the correct balance.We were unable to obtain sufficient appropriate audit evidence regarding the liability to LAFICO by using other audit procedures.

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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw attention to notes 11 and 18 to the financial statements which highlight the restrictions on the use of the Company's assets which includes the Company's ability to access if bank accounts and to make cash receipts and payments. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SABTINA LIMITED


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 Strategic Report or the Report of the Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

During the planning stage of this audit we considered the likelihood of irregularities around laws and regulations relevant to the company, including enquiry of management and those charged with governance. We reviewed the company's systems and controls in place, and formed an assessment as to their operational effectiveness.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the UK sanctions regime.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

During the course of this audit we discussed this area with senior members of the company's staff, including directors, and also carried out a review of legal expenses for evidence of any issues.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting irregularities.

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
SABTINA 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.




Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

18 October 2023

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022

30.6.22 30.6.21
Notes £    £   

TURNOVER 3 4,897 21,583

Administrative expenses (285,810 ) (344,487 )
(280,913 ) (322,904 )

Other operating income 19,565 -
OPERATING LOSS 5 (261,348 ) (322,904 )

Interest receivable and similar income 1,818 1,442
(259,530 ) (321,462 )

Interest payable and similar expenses 7 - 5
LOSS BEFORE TAXATION (259,530 ) (321,457 )

Tax on loss 8 - -
LOSS FOR THE FINANCIAL YEAR (259,530 ) (321,457 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR

(259,530

)

(321,457

)

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

BALANCE SHEET
30 JUNE 2022

30.6.22 30.6.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 24,125 3,160

CURRENT ASSETS
Debtors 10 65,656 150,078
Cash at bank and in hand 11 5,720,825 10,263,193
5,786,481 10,413,271
CREDITORS
Amounts falling due within one year 12 3,593,502 7,974,797
NET CURRENT ASSETS 2,192,979 2,438,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,217,104

2,441,634

PROVISIONS FOR LIABILITIES 13 35,000 -
NET ASSETS 2,182,104 2,441,634

CAPITAL AND RESERVES
Called up share capital 14 1,000,000 1,000,000
Retained earnings 15 1,182,104 1,441,634
SHAREHOLDERS' FUNDS 2,182,104 2,441,634

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





S K I Awad - Director


SABTINA LIMITED (REGISTERED NUMBER: 01794877)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2020 1,000,000 1,763,091 2,763,091

Changes in equity
Total comprehensive loss - (321,457 ) (321,457 )
Balance at 30 June 2021 1,000,000 1,441,634 2,441,634

Changes in equity
Total comprehensive loss - (259,530 ) (259,530 )
Balance at 30 June 2022 1,000,000 1,182,104 2,182,104

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022

30.6.22 30.6.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (122,135 ) (363,397 )
Interest paid - 5
Net cash from operating activities (122,135 ) (363,392 )

Cash flows from investing activities
Purchase of tangible fixed assets (29,500 ) -
Interest received 1,818 1,442
Net cash from investing activities (27,682 ) 1,442

Cash flows from financing activities
Amounts received from parent entities - 7,313,221
LAFICO Property costs (4,392,551 ) -
Net cash from financing activities (4,392,551 ) 7,313,221

(Decrease)/increase in cash and cash equivalents (4,542,368 ) 6,951,271
Cash and cash equivalents at beginning
of year

2

10,263,193

3,311,922

Cash and cash equivalents at end of
year

2

5,720,825

10,263,193

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.22 30.6.21
£    £   
Loss before taxation (259,530 ) (321,457 )
Depreciation charges 8,535 3,085
Profit on disposal of fixed assets - (14,763 )
Increase/(Decrease) in provisions 35,000 -
Finance costs - (5 )
Finance income (1,818 ) (1,442 )
(217,813 ) (334,582 )
Decrease/(increase) in trade and other debtors 60,610 (28,437 )
Increase/(decrease) in trade and other creditors 35,068 (378 )
Cash generated from operations (122,135 ) (363,397 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 5,720,825 10,263,193
Year ended 30 June 2021
30.6.21 1.7.20
£    £   
Cash and cash equivalents 10,263,193 3,311,922


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.21 Cash flow At 30.6.22
£    £    £   
Net cash
Cash at bank and in hand 10,263,193 (4,542,368 ) 5,720,825
10,263,193 (4,542,368 ) 5,720,825
Total 10,263,193 (4,542,368 ) 5,720,825

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1. STATUTORY INFORMATION

Sabtina 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
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered a cash flow forecast for the company which covers the 12 month period from the date of signing these financial statements.

On the basis of these forecasts and the fact that the company has substantial net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

These accounts present information about the company as an individual undertaking and not about the group of which it is a member.

The company's operating and presentation currencies are UK Sterling (£).

Significant judgements and estimates
Apart from those involving estimation, management have not had to make any significant judgements in the process of applying the company's accounting policies.

Turnover
Turnover represents property management commissions, excluding value added tax. These commissions are charged on a quarterly basis following the collection of rent from the property tenants.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Office equipment - 25% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.6.22 30.6.21
£    £   
Commissions receivable 3,956 20,527
Management fees 941 1,056
4,897 21,583

There is no difference between in geographical analysis of turnover whether it is analysed by place of supply or the destination of that supply.

4. EMPLOYEES AND DIRECTORS
30.6.22 30.6.21
£    £   
Wages and salaries 152,382 181,925
Social security costs 19,010 58,295
171,392 240,220

The average number of employees during the year was as follows:
30.6.22 30.6.21

Management and administration 2 2

The company had an average monthly number of 2 (2021: 2) directors who do not hold contracts of employment with the company.

30.6.22 30.6.21
£    £   
Directors' remuneration - 4,000

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

30.6.22 30.6.21
£    £   
Depreciation - owned assets 8,535 3,085
Profit on disposal of fixed assets - (14,763 )
Auditors' remuneration 16,140 7,100
Foreign exchange differences (60,553 ) -

6. EXCEPTIONAL ITEMS
30.6.22 30.6.21
£    £   
Exceptional items (40,988 ) -

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

A review of accrued income has highlighted the fact that the company is currently unable to collect a significant proportion of these. The Board has therefore decided to impair the accrued income balance. Due to the size of this impairment it has been treated as an exceptional item.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.22 30.6.21
£    £   
Interest on late paid tax - (5 )

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2022 nor for the year ended 30 June 2021.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.22 30.6.21
£    £   
Loss before tax (259,530 ) (321,457 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

(49,311

)

(61,077

)

Effects of:
Expenses not deductible for tax purposes - 23
Capital allowances in excess of depreciation (4,231 ) (317 )
Utilisation of tax losses 53,542 61,371
Total tax charge - -

9. TANGIBLE FIXED ASSETS
Fixtures
Short Office and
leasehold equipment fittings
£    £    £   
COST
At 1 July 2021 1,980 8,258 8,564
Additions - - -
At 30 June 2022 1,980 8,258 8,564
DEPRECIATION
At 1 July 2021 396 7,965 8,389
Charge for year 198 73 87
At 30 June 2022 594 8,038 8,476
NET BOOK VALUE
At 30 June 2022 1,386 220 88
At 30 June 2021 1,584 293 175

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2021 - 8,361 27,163
Additions 29,500 - 29,500
At 30 June 2022 29,500 8,361 56,663
DEPRECIATION
At 1 July 2021 - 7,253 24,003
Charge for year 7,375 802 8,535
At 30 June 2022 7,375 8,055 32,538
NET BOOK VALUE
At 30 June 2022 22,125 306 24,125
At 30 June 2021 - 1,108 3,160

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Trade debtors 9,013 4,126
Amounts owed by group undertakings - 23,813
Other debtors 16,445 22,828
VAT 4,053 26,115
Prepayments and accrued income 36,145 73,196
65,656 150,078

11. CASH AT BANK AND IN HAND
30.6.22 30.6.21
£    £   
Amounts available under licence 4,386,685 10,263,163
Amounts not available to the company 1,334,110 -
Cash in hand 30 30
5,720,825 10,263,193

The company operates under the UK sanctions regime and so is only able to operate its bank accounts if authorised by the UK Office for Financial Sanctions Implementation. Accounts for which licences to operate have not been granted are unable to be operated, although the balances within them remain the property of the company and where relevant continue to accrue interest. Although such amounts are unavailable to the company, they are not considered to be impaired.

Within the amounts deemed unavailable, is an inter account transfer of £400,000 which is frozen in the banking system awaiting authorisation from the Spanish authorities to complete the transfer.

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Trade creditors 29,032 13,513
Amounts owed to group undertakings 3,525,163 7,941,526
Social security and other taxes (1,759 ) (4,587 )
Other creditors 27,318 12,817
Accrued expenses 13,748 11,528
3,593,502 7,974,797

13. PROVISIONS FOR LIABILITIES

A provision for compensation has been included within the financial statements of £35,000.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.22 30.6.21
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000

15. RESERVES
Retained
earnings
£   

At 1 July 2021 1,441,634
Deficit for the year (259,530 )
At 30 June 2022 1,182,104

16. ULTIMATE PARENT COMPANY

Libyan Foreign Investment Company (LAFICO) (incorporated in Libya ) is regarded by the directors as being the company's ultimate parent company.

LAFICO is controlled by the Libyan Investment Authority; a Libyan Sovereign Wealth Fund.

17. RELATED PARTY DISCLOSURES

Related party balances are not secured.

Entities with control, joint control or significant influence over the entity
30.6.22 30.6.21
£    £   
Commission earned on rents collected (4,897 ) (7,026 )
Directors costs paid by LAFICO - 4,000
Amounts paid out on behalf of LAFICO 4,392,550 -
Amount due from related party - 23,813
Amount due to related party (3,511,229 ) (7,927,592 )

Key management personnel of the entity or its parent (in the aggregate)
30.6.22 30.6.21
£    £   
Remuneration and directors fees 152,382 145,925

SABTINA LIMITED (REGISTERED NUMBER: 01794877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

17. RELATED PARTY DISCLOSURES - continued

Entities that provide key management personnel services to the entity
30.6.22 30.6.21
£    £   
Purchases 17,820 17,400
Amount due to related party (1,740 ) (1,740 )

Other related parties
30.6.22 30.6.21
£    £   
Amount due to related party (13,934 ) (13,934 )

18. RESTRICTED ASSETS

As a result of UN sanctions imposed on Libya on 26 February 2011 and subsequent action by the UK Treasury, the company's bank accounts were frozen (excluding those held in Libya). By subsequent licence issued by the UK Treasury an arrangement was set up by which cash receipts and necessary payments were able to be received and made. The licence does not permit payments to the shareholders.

At the end of the year £5,023,412 (2021: £9,564,698) was held in frozen accounts.

These sanctions are regulated by the Office for Financial Sanctions Implementation, a department of HM Treasury and their operation delegated to the company's bankers.

Although the UN sanctions regime has now been lifted the restrictions imposed by the UK Treasury remain in place.