REGISTERED NUMBER: |
Financial Statements |
for the period |
20 January 2022 to 31 March 2023 |
for |
SALAFT SERVICED OFFICES LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the period |
20 January 2022 to 31 March 2023 |
for |
SALAFT SERVICED OFFICES LIMITED |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Contents of the Financial Statements |
for the period 20 January 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SALAFT SERVICED OFFICES LIMITED |
Company Information |
for the period 20 January 2022 to 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants |
Statutory Auditor |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Balance Sheet |
31 March 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 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 |
Investment Property Fair Value |
Reserve | 11 |
Retained earnings | 11 | ( |
) |
Shareholders' funds |
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 |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Notes to the Financial Statements |
for the period 20 January 2022 to 31 March 2023 |
1. | Statutory information |
Salaft Serviced Offices 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. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared on a going concern basis. |
Going concern |
Financial statements are required to be prepared on a going concern basis, unless that basis is not appropriate. |
An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative to do so. |
If the going concern basis is not appropriate then the assets and liabilities would need to be stated on a break-up basis, which can entail reduced asset values and increased liabilities. |
Parent company loan: |
The parent company has indicated its willingness to provide finance to the company, should it be required. The directors believe that the parent company will continue to have sufficient resources, in the event that the company requires additional funds. |
Directors conclusion on going concern |
The directors have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as |
possible, there remains a risk that the provisions do not match the actual tax liability in the event of asset |
disposals. |
Turnover |
Turnover is stated net of value added tax and comprises: |
Rents receivable, excluding service charges and insurance matched with a specific disbursement; |
Service charges and insurance which are in effect a rechargeable disbursement are not included in turnover or cost of sales unless they relate to a vacant period or vacant part of an investment property. |
Tangible fixed assets |
Plant and machinery etc | - |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Notes to the Financial Statements - continued |
for the period 20 January 2022 to 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial |
recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the |
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Where an arrangement constitutes a financing transaction the debt instrument is initially recognised at the |
present value of future payments, discounted at a market rate of interest for a similar debt instrument. Such |
assets or liabilities are subsequently carried at amortised cost using the effective interest method. |
The interest-free loan to the company from the parent has been deemed a financing transaction. |
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. |
Investment properties |
Investment properties are shown at fair value and not depreciated. |
Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing |
parties in an arm's length transaction, therefore in practice the concept is similar to open market value. |
The directors' opinion of market value is used to ascertain a fair value for each investment property, having |
regard to the last professional market valuation. |
Gains and losses arising on changes in fair value are recognised in the income statement. |
Deferred tax is provided on the unrealised gains at the rate expected to be applied when the property is sold. |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Notes to the Financial Statements - continued |
for the period 20 January 2022 to 31 March 2023 |
2. | Accounting policies - continued |
Transactions with fellow group undertakings |
The company has taken advantage of the exemption within the Financial Reporting Standard 102 (section 1A), In respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary. |
3. | Employees and directors |
The average number of employees during the period was NIL. |
4. | Tangible fixed assets |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost or valuation |
Additions |
Revaluations |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Cost or valuation at 31 March 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
2023 |
Cost | - | 54,378 | 54,378 |
8,100,000 | 54,378 | 8,154,378 |
If the investment property had not been revalued it would have been included at the following historical cost: |
£ |
Cost | 7,925,247 |
Freehold land and buildings were valued on an open market basis on 31 March 2023 by the directors. . |
5. | Debtors: amounts falling due within one year |
£ |
Trade debtors |
Other debtors |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Notes to the Financial Statements - continued |
for the period 20 January 2022 to 31 March 2023 |
6. | Creditors: amounts falling due within one year |
£ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
£ |
Bank loans |
8. | Secured debts |
The following secured debts are included within creditors: |
£ |
Bank loans |
Secured debts consist of a £2,300,000 interest only bank loan facility, repayable 27 July 2027. |
The bank loan is secured over all the assets of the company. |
9. | Provisions for liabilities |
£ |
Deferred tax |
Property stated at fair value | 43,688 |
Deferred tax |
£ |
Provided during period |
Balance at 31 March 2023 |
The investment property was transferred to the company by the parent company. The provision for deferred tax above, arising from the statement of the investment property at fair value, is on the basis that, in the event of a future sale of the investment property, the parent company will reimburse the company the portion of corporation tax arising on any chargeable capital gain that had accrued up to the date of transfer of the investment property. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
SALAFT SERVICED OFFICES LIMITED (REGISTERED NUMBER: 13862122) |
Notes to the Financial Statements - continued |
for the period 20 January 2022 to 31 March 2023 |
11. | Reserves |
Investment |
Property |
Retained | Fair Value |
earnings | Reserve | Totals |
£ | £ | £ |
Profit for the period |
Transfer for change in |
unrealised gain on investment |
property | (174,753 | ) | 174,753 | - |
Transfer for change in |
deferred tax on unrealised |
gain on investment properties | 43,688 | (43,688 | ) | - |
At 31 March 2023 | ( |
) | 5,500 |
The investment property fair value reserve is derived from transfers out of the retained earnings reserve and represents the unrealised profit on the individual investment properties that are stated in the balance sheet above cost less the deferred tax provision relating to investment properties. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | Related party disclosures |
The investment property was acquired from the parent company during the accounting period. |
The amount owed to the parent company is repayable on demand and interest free, however there is a deed of subordination in place with the bank. |