REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Salazan Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Salazan Limited |
Salazan Limited (Registered number: 02804753) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Salazan Limited |
Company Information |
for the Year Ended 31 March 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
120 New Cavendish Street, |
London |
W1W 6XX |
Salazan Limited (Registered number: 02804753) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Fixed assets |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities | 8 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Non-distributable fair value | 10 |
Retained earnings | 10 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Salazan Limited (Registered number: 02804753) |
Balance Sheet - continued |
31 March 2023 |
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 |
Salazan Limited (Registered number: 02804753) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24, Old Burlington Street, London, W1S 3AW. |
The principal activity of the company during the year was that of property investment. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Turnover |
Turnover is the total amount receivable by the company for rents. |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, as follows: |
Cash and cash equivalents |
These comprise cash at bank and other short-term highly liquid bank deposits. |
Debtors |
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated |
irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
Trade creditors |
Trade creditors are not interest bearing and are stated at their nominal value. |
Salazan Limited (Registered number: 02804753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year 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 year 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. |
Going concern |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Investment property |
Total |
£ |
Fair value |
At 1 April 2022 |
Revaluations | (90,000 | ) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
The investment properties were valued by the directors at the 31st March 2023 on a fair value basis. |
No depreciation is provided in respect of these properties. |
The historical cost of the properties is £1,356,841. |
Salazan Limited (Registered number: 02804753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | Investment property - continued |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2020 | 113,159 |
Valuation in 2021 | 35,000 |
Valuation in 2022 | 15,000 |
Valuation in 2023 | (90,000 | ) |
Cost | 1,356,841 |
1,430,000 |
6. | Debtors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Taxation and social security |
Other creditors |
8. | Provisions for liabilities |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax |
Other timing differences | 22,107 | 39,602 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year | ( |
) |
Balance at 31 March 2023 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary Share of £1 | 4000 | 4,000 | 4,000 |
Called-up share capital represents the nominal value of shares that have been issued. |
Salazan Limited (Registered number: 02804753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | Reserves |
Non-distributable |
Retained | fair |
earnings | value | Totals |
£ | £ | £ |
At 1 April 2022 | 285,258 |
Deficit for the year | ( |
) | ( |
) |
Investment property fair value movement net of deferred tax |
174,347 |
(174,347 |
) |
- |
At 31 March 2023 | 242,493 |
The retained earnings reserve records retained earnings and accumulated losses. |
The Non-distributable fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
11. | Directors' advances, credits and guarantees |
During the year the company had the following transactions with, H.S. Ellingsen, a director: |
31.3.23 | 31.3.22 |
£ | £ |
Balance brought forward | 95,856 | 95,856 |
Balance carried forward | 95,856 | 95,856 |
During the year the company had the following transactions with, M. Weinfeld, a director: |
31.3.23 | 31.3.22 |
£ | £ |
Balance brought forward | 94,250 | 94,250 |
Balance carried forward | 94,250 | 94,250 |
The above loans are interest free, unsecured and repayable on demand. |
12. | Related party disclosures |
During the year the company had the following transactions with Meon Valley Stud, a partnership owned and controlled by H.S. Ellingsen and M. Weinfeld, who also control Salazan Limited: |
31.3.23 | 31.3.22 |
£ | £ |
Balance brought forward | 1,101,660 |
Balance carried forward | 1,101,660 |
The loan is interest free, unsecured and repayable on demand. |
Salazan Limited (Registered number: 02804753) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | Ultimate controlling party |
The controlling parties are H.S. Ellingsen and M. Weinfeld, who each owns 45% of the issued share capital of the company. |