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Registered number: 03323184









SALAMIS TRADING LIMITED









DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
18,576
6,934

Investments
 6 
395,381
395,381

Investment property
 7 
9,203,000
14,970,192

  
9,616,957
15,372,507

Current assets
  

Debtors: amounts falling due within one year
 8 
843,109
37,971

Cash at bank and in hand
  
139,447
206,693

  
982,556
244,664

Creditors: amounts falling due within one year
 9 
(924,578)
(2,406,200)

Net current assets/(liabilities)
  
 
 
57,978
 
 
(2,161,536)

Total assets less current liabilities
  
9,674,935
13,210,971

Creditors: amounts falling due after more than one year
 10 
-
(3,089,000)

Provisions for liabilities
  

Deferred tax
  
(194,994)
(918,866)

  
 
 
(194,994)
 
 
(918,866)

Net assets
  
9,479,941
9,203,105


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
9,478,941
9,202,105

  
9,479,941
9,203,105


Page 1

 
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2023.




................................................
P Christoforou
................................................
T Christoforou
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

The company is a private company limited by shares and is incorporated and domiciled in England and Wales, registration number 3323184. The registered office is Cuckmans Farm, 67 Ragged Hall Lane, St Albans AL2 3NP.
The company is engaged in Property Investment in the form of letting of high quality commercial and residential accomodation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.7

Other fixed asset investments

Other fixed asset investments consist of classic cars which are carried at fair value determined annually by the directors based on current publicly available selling prices for similar vehicles and adjusted if necessary for any difference in the nature, condition of the specific asset. Changes in fair value are recognised in the profit or loss.

 
2.8

Investments in associates

Associates and Joint Ventures are held at cost less impairment.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 5

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Significant assumptions regarding the Investment property and Classic cars valuation

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The Company uses the valuation performed by its directors as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market based yields. In determining fair value the directors make reference to market evidence and recent transaction prices for similar properties. Management considers the significant assumptions to the valuation of investment properties to be estimated rental values and market based yields.
The Company uses the valuation performed by its directors as the fair value of its Classic cars. The valuation is based upon the key assumptions of estimated selling price. In determining fair value the directors make reference to selling price for similar vehicles publicly available and adjusted for any difference in the nature, condition of the specific asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 February 2022
158,278


Additions
17,245



At 31 January 2023

175,523



Depreciation


At 1 February 2022
151,344


Charge for the year on owned assets
5,603



At 31 January 2023

156,947



Net book value



At 31 January 2023
18,576



At 31 January 2022
6,934

Page 6

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Fixed asset investments





Investments in associates
Loans to associates
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 February 2022
1
30,000
365,380
395,381



At 31 January 2023
1
30,000
365,380
395,381





7.


Investment property


Freehold investment property

£



Valuation


At 1 February 2022
14,970,192


Additions at cost
267,025


Disposals
(5,700,000)


Deficit on revaluation
(334,217)



At 31 January 2023
9,203,000

The 2023 valuations were made by the directors, on an open market value.





8.


Debtors

2023
2022
£
£


Trade debtors
6,155
29,969

Amounts owed by group undertakings
832,594
-

Other debtors
4,360
8,002

843,109
37,971


Page 7

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5
29,433

Amounts owed to group undertakings
-
2,055,997

Other taxation and social security
782,712
134,320

Other creditors
141,861
186,450

924,578
2,406,200



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
3,089,000

-
3,089,000


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
3,089,000

-
3,089,000

Details of security provided:

The bank loans are secured by a first legal charge on the company's Investment Properties, as well as by a debenture over the company's assets and a cross company guarantee between Eurosalamis Enterprises Ltd and Salamis Trading Ltd.

Page 8

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
-
3,089,000


-
3,089,000



12.Guarantees and other financial commitments

Guarantees:
The company had total guarantees at the balance sheet date of £4,872,072 (2022 - £6,272,072). There is a cross guarantee in place between the Company and its Parent Company  Eurosalamis Enterprises Ltd for the loan raised by the Parent Company from the bank. 
 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 27 October 2023 by Demetrakis Zemenides (Senior Statutory Auditor) on behalf of Goodman Lawrence & Co.

 
Page 9