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Registration number: 13834435

Salboy Property Limited

Financial Statements

for the Period from 7 January 2022 to 31 March 2023

 

Salboy Property Limited

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Financial Statements

3 to 8

 

Salboy Property Limited

(Registration number: 13834435)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Investments

4

112,735

Current assets

 

Debtors

5

2,127,856

Cash at bank and in hand

 

115,033

 

2,242,889

Creditors: Amounts falling due within one year

6

(3,024,077)

Net current liabilities

 

(781,188)

Net liabilities

 

(668,453)

Capital and reserves

 

Called up share capital

100

Retained earnings

(668,553)

Shareholders' deficit

 

(668,453)

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Salboy Property Limited

Statement of Changes in Equity for the Period from 7 January 2022 to 31 March 2023

Share capital
£

Retained earnings
£

Total
£

Loss for the period

-

(668,553)

(668,553)

New share capital subscribed

100

-

100

At 31 March 2023

100

(668,553)

(668,453)

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

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:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
Cheshire
WA3 7GB

These financial statements were authorised for issue by the Board on 27 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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Disclosure of long or short period

These accounts are for the period 7 January 2022 to 31 March 2023 which is a long period. The reason for this change is that the directors considered that a period end date of 31 March 2023 would allow the financial statements of the group company to provide more useful information.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the company is included within the consolidated financial statements of their ultimate parent, Salboy Limited.

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the parent company. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 September 2023 was Mr Ian William Biddington, who signed for and on behalf of Alextra Audit Limited.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

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 directors) during the period, was 2.

4

Investments

2023
£

Investments in subsidiaries

112,735

Subsidiaries

£

Cost or valuation

Additions

130,002

Impairments

(17,267)

At 31 March 2023

112,735

Provision

Carrying amount

At 31 March 2023

112,735

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal Activity

Subsidiary undertaking

2023

Salboy BP SPV 14 Limited

Ordinary

100%

Development of building projects

Salboy BP SPV 18 Limited

Ordinary

100%

Development of building projects

All companies listed above hold the registered office of:
3 Dewhurst Road
Birchwood
Warrington
England
WA3 7GB
England and Wales

5

Debtors

2023
£

Owed by group undertakings

2,125,623

Prepayments

 

2,233

 

2,127,856

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

 

Loans and borrowings

7

1,603,000

Trade creditors

 

1,680

Owed to group undertakings

1,386,971

Accruals and deferred income

 

32,426

 

3,024,077

7

Loans and borrowings

2023
£

Current loans and borrowings

Other borrowings

1,603,000

Included within loans and borrowings is £1,603,000 in relation to a loan which is secured by fixed and floating charge 18 May 2022 over all present and future freehold or leasehold land and all intellectual property. The floating charge covers all the property of undertaking of the company.

 

Salboy Property Limited

Notes to the Financial Statements for the Period from 7 January 2022 to 31 March 2023

8

Non adjusting events after the financial period

On 24th May 2023, the company acquired the entire ordinary share capital of;

Salboy BP SPV 12 Limited (Company number 12726528)
Salboy BP SPV 13 Limited (Company number 12726694)
Salboy BP SPV 30 Limited (Company number 13390372)

9

Parent and ultimate parent undertaking

The parent company is Salboy Limited, a company incorporated in England and Wales, company number 09123542, registered office Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, England, WA3 7GB.

These financial statements are consolidated within the group financial statements of Salboy Limited. Copies of the consolidated financial statements are available on request from Unit 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, England, WA3 7GB.

The directors of Salboy Limited are considered to be the controlling party.

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.