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Registration number: 10814249

Sital Holdings (Sale) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2022

 

Sital Holdings (Sale) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sital Holdings (Sale) Limited

Company Information

Director

Mr K Singh

Registered office

1 Pavilion Square
Westhoughton
Bolton
Bolton
BL5 3AJ

Accountants

EKWilliams Accountants Limited
1 Pavilion Square
Westhoughton
Bolton
BL5 3AJ

 

Sital Holdings (Sale) Limited

(Registration number: 10814249)
Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,915,130

1,925,000

Current assets

 

Debtors

5

469,077

147,060

Cash at bank and in hand

 

538,973

13,572

 

1,008,050

160,632

Creditors: Amounts falling due within one year

6

(407,624)

(462,540)

Net current assets/(liabilities)

 

600,426

(301,908)

Total assets less current liabilities

 

2,515,556

1,623,092

Creditors: Amounts falling due after more than one year

6

(1,705,111)

(826,952)

Provisions for liabilities

(164,685)

(164,685)

Net assets

 

645,760

631,455

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

702,080

702,080

Profit and loss account

(56,420)

(70,725)

Total equity

 

645,760

631,455

 

Sital Holdings (Sale) Limited

(Registration number: 10814249)
Balance Sheet as at 30 June 2022

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2023
 

.........................................
Mr K Singh
Director

 

Sital Holdings (Sale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

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:
1 Pavilion Square
Westhoughton
Bolton
Bolton
BL5 3AJ
England

These financial statements were authorised for issue by the director on 19 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 United Kingdom 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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 income 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.

 

Sital Holdings (Sale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

Furniture and fittings

15% straight line

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 the director) during the year, was 1 (2021 - 1).

 

Sital Holdings (Sale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2021

1,785,870

139,130

1,925,000

Additions

11,000

-

11,000

At 30 June 2022

1,796,870

139,130

1,936,000

Depreciation

Charge for the year

-

20,870

20,870

At 30 June 2022

-

20,870

20,870

Carrying amount

At 30 June 2022

1,796,870

118,260

1,915,130

At 30 June 2021

1,785,870

139,130

1,925,000

Included within the net book value of land and buildings above is £1,796,870 (2021 - £1,785,870) in respect of freehold land and buildings.

The company's investment properties were revalued at the 2021 year end by the director. The historical cost of the investment properties is £1,292,350.

5

Debtors

Current

2022
£

2021
£

Other debtors

469,077

147,060

 

Sital Holdings (Sale) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

5,556

-

Taxation and social security

 

100

-

Accruals and deferred income

 

2,220

1,866

Other creditors

 

399,748

460,674

 

407,624

462,540

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

1,705,111

826,952

Creditors include bank loans and overdrafts which are secured of £1,472,028 (2021 - £296,313).

Creditors include bank loans not repayable by instalments of £1.472.028 (2021 - £296,313) due after more than five years.