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Registered Number: 10899741
England and Wales

 

 

 

SAFL PROPERTY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Kevin Francis De Souza
Jesus Yohany Munoz Orozco
Liam Joseph Brendan Ryan
Registered Number 10899741
Registered Office Unit 216 C/O Assets For Life Waterhouse Business Centre
2 Cromar Way
Chelmsford
England
CM1 2QE
Accountants aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate, Peterborough,
Cambridgeshire
PE1 5BQ
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023
Principal activities
Principal activity of the company during the financial year was buying and selling of own real estate.
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors
The directors who served the company throughout the year were as follows:
Kevin Francis De Souza
Jesus Yohany Munoz Orozco
Liam Joseph Brendan Ryan

This report was approved by the board and signed on its behalf by:


----------------------------------
Jesus Yohany Munoz Orozco
Director

Date approved: 14 November 2023
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SAFL Property Ltd for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SAFL Property Ltd for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of SAFL Property Ltd, as a body, in accordance with the terms of our engagement letter dated 14 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of SAFL Property Ltd and state those matters that we have agreed to state to the Board of Directors of SAFL Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAFL Property Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SAFL Property Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SAFL Property Ltd. You consider that SAFL Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SAFL Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts for the period ended
31 March 2023



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate, Peterborough,
Cambridgeshire
PE1 5BQ
14 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 5,086,555    5,127,363 
Investments 4 1    1 
5,086,556    5,127,364 
Current assets      
Debtors 5 121,209    355,319 
Cash at bank and in hand 19,379    3,171 
140,588    358,490 
Creditors: amount falling due within one year 6 (270,267)   (358,490)
Net current liabilities (129,679)  
 
Total assets less current liabilities 4,956,877    5,127,364 
Creditors: amount falling due after more than one year 7 (5,138,562)   (5,252,856)
Net liabilities (181,685)   (125,492)
 

Capital and reserves
     
Called up share capital 8 100    100 
Reserves 9 1,368,775    1,468,643 
Profit and loss account (1,550,560)   (1,594,235)
Shareholder's funds (181,685)   (125,492)
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 November 2023 and were signed on its behalf by:


-------------------------------
Jesus Yohany Munoz Orozco
Director
4
General Information
SAFL Property Ltd is a private company, limited by shares, registered in England and Wales, registration number 10899741, registration address Unit 216 C/O Assets For Life Waterhouse Business Centre, 2 Cromar Way, Chelmsford, England, CM1 2QE.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Straight Line
Computer Equipment 33% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
2.

Average number of employees including directors

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2022 5,099,000    44,892    3,790    5,147,682 
Additions 270,897    1,822      272,719 
Disposals (200,730)       (200,730)
Revaluations (99,868)       (99,868)
At 31 March 2023 5,069,299    46,714    3,790    5,119,803 
Depreciation
At 01 April 2022   18,038    2,281    20,319 
Charge for year   11,679    1,250    12,929 
On disposals      
At 31 March 2023   29,717    3,531    33,248 
Net book values
Closing balance as at 31 March 2023 5,069,299    16,997    259    5,086,555 
Opening balance as at 01 April 2022 5,099,000    26,854    1,509    5,127,363 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2022 1    1 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2023 1    1 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 295,026   
Provision for Doubtful Debts (293,556)   (293,556)
Amount Owed by Participating Interests 111,651    350,345 
Prepayments & Accrued Income 733    481 
Other Debtors   295,136 
Landlord deposit 7,175   
VAT 180    2,913 
121,209    355,319 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 5,839    20,835 
Bounce Back Loan less than 1 year 10,000    9,787 
Interest Payable 235,124    325,443 
Tenant deposit 16,879   
Directors' Current Accounts 2,425    2,425 
270,267    358,490 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bounce Back Loan more than 1 year 21,667    31,880 
Bank Loans & Overdrafts 4,226,310    5,220,976 
Amounts Owed to Participating Interests 890,585   
5,138,562    5,252,856 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
50 Class A shares of £1.00 each 50    50 
25 Class B shares of £1.00 each 25    25 
25 Class C shares of £1.00 each 25    25 
100    100 

9.

Reserves

2023
£
  2022
£
Revaluation of Fixed Assets 1,368,775    1,468,643 
1,368,775    1,468,643 

10.

Director’s loan

Money advanced to the company by directors

Particulars   Current
£
Opening balance as at 1 April 2022 2,425 
Money advanced by directors during the year
2,425 

11.

Amounts owed by Participating Interest

During the year ending 31 March 2023, the company entered into related party transactions with "SAFL 10 Ltd" (100% shareholding). The balance at 31 March 2023 is £119,234.65 owed to the company. (2022: £350,345)
12.

Bank Loans - Security

The bank loans are secured against the company's investment properties.
13.

Bounce Bank Loan

The bank loan included in creditors more than one year, has an amount of £21,667 (2022: £31,667) which is due after more than 1 year.

The bank loan included in creditors due less than one year has an amount of £10,000 (2022: £10,000) which is due within 1 year.
14.

Bank loans and overdrafts

The bank loans and overdraft included in creditors due more than one year has an amount of ££5,116,894 (2022: £5,220,976)  which is due after more than one year.
15.

Participating Loan

During the year ending 31 March 2023, the company entered into related party transactions with JM Prop Ltd and Assets for Life ltd (identical directors). The balance at 31 March 2023 owed to the company as follow:
Particulars   Current
£
JM Prop Ltd 340,000 
Assets for Life Ltd 534,248 
Springboard 6,337 
5