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Registration number: 10027959

Salboy Central Limited

Financial Statements

for the Year Ended 31 March 2023

 

Salboy Central Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Salboy Central Limited

(Registration number: 10027959)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

100

-

Current assets

 

Stocks

5

94,958,853

50,204,275

Debtors

6

7,174,956

2,899,600

Cash at bank and in hand

 

11,355,236

3,115,603

 

113,489,045

56,219,478

Creditors: Amounts falling due within one year

7

(36,930,841)

(7,467,103)

Net current assets

 

76,558,204

48,752,375

Total assets less current liabilities

 

76,558,304

48,752,375

Creditors: Amounts falling due after more than one year

7

(69,288,041)

(41,538,990)

Net assets

 

7,270,263

7,213,385

Capital and reserves

 

Called up share capital

24

24

Share premium reserve

9,999,994

9,999,994

Profit and loss account

(2,729,755)

(2,786,633)

Shareholders' funds

 

7,270,263

7,213,385

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 Central 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 UK 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 £.

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 two main shareholders. 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 Central 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 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.

Tax

The tax expense for the period comprises current 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.

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.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Salboy Central Limited

Notes to the Financial Statements for the Year Ended 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 year, was 4 (2022 - 3).

4

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost

Additions

100

Carrying amount

At 31 March 2023

100

5

Stocks

2023
£

2022
£

Work in progress

94,958,853

50,204,275

 

Salboy Central Limited

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

6

Debtors

2023
£

2022
£

Prepayments

5,729,480

1,242,452

Other debtors

1,445,476

1,657,148

7,174,956

2,899,600

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,594,347

1,900,493

Taxation and social security

13,342

-

Accruals

205,549

94,771

Other creditors

30,117,603

5,471,839

36,930,841

7,467,103

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Owed to related parties

27,488,202

27,330,980

Other creditors

41,799,839

14,208,010

69,288,041

41,538,990

A fixed charge over land at Viadux Street and Albion Street Manchester was created on 26th March 2021 by Greater Manchester Combined Authority. The charge secures a clawback grant of £2,800,000 (2022 - £2,800,000) which is included in Other creditors, due after one year.

A fixed and floating charge over the freehold property known as Viadux, being land at Trafford Street, Manchester as well as a floating charge over the property of the company was created on 16th December 2021 by Cbre Loan Services Limited. The charge secured a loan to the company of £38,999,839 (2022 £1,408,010) which is included in Other creditors, due after one year.

 

 

Salboy Central Limited

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

8

Parent and ultimate parent undertaking

The parent companies are Salboy Limited and Domis Property Group Limited.

Salboy Limited is 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.

Domis Property Group Limited is a company incorporated in England and Wales, company number 10713656, registered office Unit 2, Block C, 14 Hulme Street, Salford, United Kingdom, M5 4ZG.

The shareholders of Salboy Limited and Domis Property Group Limited are considered to be the controlling parties.