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Registration number: 10739544

Salboy International Limited

Financial Statements

for the Year Ended 31 March 2023

 

Salboy International Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Salboy International Limited

(Registration number: 10739544)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

142,615

212,978

Investments

5

551,386

551,386

 

694,001

764,364

Current assets

 

Debtors

6

4,114,935

4,019,522

Cash at bank and in hand

 

320,933

33,819

 

4,435,868

4,053,341

Creditors: Amounts falling due within one year

7

(3,732,597)

(3,938,796)

Net current assets

 

703,271

114,545

Total assets less current liabilities

 

1,397,272

878,909

Provisions for liabilities

(35,654)

(40,466)

Net assets

 

1,361,618

838,443

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,361,617

838,442

Shareholders' funds

 

1,361,618

838,443

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 International Limited

Notes to the Financial Statements for the Year Ended 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 have been prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Group accounts not prepared

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

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 its 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 Matthew Geoffrey Price, who signed for and on behalf of Alextra Audit Limited.

 

Salboy International Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Salboy International Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% Straight line

Office equipment

25% Straight line

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Salboy International Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

281,832

26,468

308,300

Additions

1,453

-

1,453

At 31 March 2023

283,285

26,468

309,753

Depreciation

At 1 April 2022

77,822

17,500

95,322

Charge for the year

68,367

3,449

71,816

At 31 March 2023

146,189

20,949

167,138

Carrying amount

At 31 March 2023

137,096

5,519

142,615

At 31 March 2022

204,010

8,968

212,978

5

Investments

2023
£

2022
£

Investments in subsidiaries

551,386

551,386

Subsidiaries

£

Cost or valuation

At 1 April 2022

551,386

Carrying amount

At 31 March 2023

551,386

At 31 March 2022

551,386

 

Salboy International Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Details of undertakings

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Salboy International Hong Kong Limited

Room 2901
29th Floor
The Centrium
60 Wyndham Street
Central

Hong Kong

Ordinary

100%

100%

Saboyi (Shanghai) Real Estate Consulting Co., Ltd

Room 802
8th Floor
Platinum Tower
233 Taicang Road
Huangpu
Shanghai 200001

China

Ordinary

100%

100%

Subsidiary undertakings

Salboy International Hong Kong Limited
The principle activity of Salboy International Hong Kong Limited is Real estate consultancy services. The country of registration and operation is Hong Kong.

Saboyi (shanghai) Real Estate Consultancy Co., Ltd
The principle activity of Saboyi (shanghai) Real Estate Consultancy Co., Ltd is Real estate consultancy services. The country of registration and operation is China.

6

Debtors

2023
£

2022
£

Trade debtors

191,654

507,380

Amounts owed by group undertakings

517,029

296,416

Other debtors

3,406,252

3,215,726

 

4,114,935

4,019,522

 

Salboy International Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Trade creditors

 

394,326

160,377

Owed to group undertakings

2,066,088

2,495,218

Taxation and social security

 

225,580

126,281

Other creditors

 

1,046,603

1,156,920

 

3,732,597

3,938,796

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

8,800

-

Later than one year and not later than five years

13,494

-

22,294

-

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.