Company Registration No. 11201954 (England and Wales)
Sarem Holdings Ltd
Unaudited accounts
for the year ended 31 March 2023
Sarem Holdings Ltd
Unaudited accounts
Contents
Sarem Holdings Ltd
Company Information
for the year ended 31 March 2023
Director
Teifion L G Salisbury
Company Number
11201954 (England and Wales)
Registered Office
Jasmine Cottage
Rowland
Bakewell
Derbyshire
DE45 1NR
Accountants
Andrew B Sharkey Ltd
Jasmine Cottage
Rowland
Bakewell
Derbyshire
DE45 1NR
Sarem Holdings Ltd
Statement of financial position
as at 31 March 2023
Tangible assets
1,002,454
965,902
Investment property
4,186,659
5,402,396
Investments
269,850
153,100
Cash at bank and in hand
1,232,178
600,692
Creditors: amounts falling due within one year
1,455
(34,822)
Net current assets
1,245,842
578,079
Total assets less current liabilities
6,704,805
7,099,477
Creditors: amounts falling due after more than one year
(133,279)
(133,279)
Net assets
6,571,526
6,966,198
Called up share capital
730
730
Share premium
6,509,550
6,509,550
Profit and loss account
61,246
455,918
Shareholders' funds
6,571,526
6,966,198
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 September 2023 and were signed on its behalf by
Teifion L G Salisbury
Director
Company Registration No. 11201954
Sarem Holdings Ltd
Notes to the Accounts
for the year ended 31 March 2023
Sarem Holdings Ltd is a private company, limited by shares, registered in England and Wales, registration number 11201954. The registered office is Jasmine Cottage, Rowland, Bakewell, Derbyshire, DE45 1NR. The principal place of business is Burre House, Baslow Road, Bakewell, Derbyshire, DE45 1AB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Other tangible fixed assets
No depreciation is provided on classic car investments included under motor vehicles.
Investment property is included at fair value. Gains are recognised in the income statement.
Investment in subsidiary undertaking
During the year ended 31 March 2020 the company acquired the majority of the share capital of Cathelco Limited which became a subsidiary undertaking. The consideration given comprised the issue of 569 ordinary shares of 1p and cash of £2,647,205.
Share Capital and Capital Reduction
During the year ended 31/03/19 the company issued 568,431 ordinary shares of 1p for cash in order to provide some working capital. It then entered into an agreement whereby it acquired the majority of the shares in Cathelco Limited. The consideration comprised the issue of 569 ordinary shares of 1p together with cash consideration.
As part of a capital reduction demerger, the existing ordinary shares of the company were recategorized as 73,027 A shares, 404,973 B shares and 91,000 C shares. The rights of the B and C shares were to the investment in the subsidiary undertaking. The A shares are entitled to all other assets of the company. A capital reduction then took place in which the B and C shares were cancelled. In consideration of this capital reduction the investment in the subsidiary undertaking was transferred to a new company incorporated under the direction of the B shareholders.
Following these various transactions the company is controlled by the Trustees of 15 trusts, the settlor being Mr T Salisbury.
Sarem Holdings Ltd
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
39,063
935,840
20,527
995,430
Additions
23,205
24,000
-
47,205
At 31 March 2023
62,268
959,840
20,527
1,042,635
At 1 April 2022
19,244
-
10,284
29,528
Charge for the year
8,604
-
2,049
10,653
At 31 March 2023
27,848
-
12,333
40,181
At 31 March 2023
34,420
959,840
8,194
1,002,454
At 31 March 2022
19,819
935,840
10,243
965,902
Fair value at 1 April 2022
5,402,396
At 31 March 2023
4,186,659
6
Investments
Other investments
Valuation at 1 April 2022
153,100
Valuation at 31 March 2023
269,850
Amounts falling due within one year
Other debtors
12,209
12,209
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
3,772
1,950
Taxes and social security
2,491
29,674
Loans from directors
(8,873)
(3,860)
Sarem Holdings Ltd
Notes to the Accounts
for the year ended 31 March 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
133,279
133,279
Teifion Salisbury Family Business Trust - loan
Allotted, called up and fully paid:
73,027 A ordinary shares of £0.01 each
730.27
730.27
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Advances
3,860
5,013
-
8,873
During the period the director, the company made various advances to Teifion LG Salisbury. The balance due from him at the balance sheet date was £8,873 (2022: £3,860). The loan is repayable at the discretion of the director and is interest free.
12
Transactions with related parties
As at 31/03/22 there was a balance due from Castle Hill Management (Bakewell) Limited of £6,525, a company under common control, (2022: £6,525) which is included within other debtors.
13
Average number of employees
During the year the average number of employees was 1 (2022: 1).