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28/02/2023
2023-02-28
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No description of principal activities is disclosed
2022-03-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
08889693
2022-03-01
2023-02-28
08889693
2023-02-28
08889693
2022-02-28
08889693
2021-03-01
2022-02-28
08889693
2022-02-28
08889693
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2022-03-01
2023-02-28
08889693
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2022-03-01
2023-02-28
08889693
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2023-02-28
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2023-02-28
08889693
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2022-02-28
08889693
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2022-02-28
08889693
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core:LongLeaseholdAssets
2023-02-28
08889693
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2023-02-28
08889693
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2023-02-28
08889693
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2022-02-28
08889693
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2023-02-28
08889693
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2022-02-28
08889693
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2023-02-28
08889693
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2022-02-28
08889693
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2023-02-28
08889693
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2022-02-28
08889693
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core:LongLeaseholdAssets
2022-03-01
2023-02-28
08889693
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core:LongLeaseholdAssets
2022-02-28
08889693
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2022-02-28
08889693
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2023-02-28
08889693
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2022-03-01
2023-02-28
08889693
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2022-03-01
2023-02-28
08889693
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2023-02-28
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2022-03-01
2023-02-28
Company registration number:
08889693
Sitexia Investments Limited
Unaudited filleted financial statements
28 February 2023
Sitexia Investments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Sitexia Investments Limited
Directors and other information
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Director |
S A S Faidi |
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Company number |
08889693 |
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Registered office |
1324-1326 High Road |
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London |
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N20 9HJ |
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Accountants |
ALG |
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Chartered Accountants |
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1324 - 1326 High Road |
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London |
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N20 9HJ |
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Sitexia Investments Limited
Statement of financial position
28 February 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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|
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Fixed assets |
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|
Tangible assets |
|
7 |
1,609,439 |
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|
1,608,396 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
1,609,439 |
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|
1,608,396 |
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|
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Current assets |
|
|
|
|
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|
|
|
|
Debtors |
|
8 |
7,532 |
|
|
|
1,671 |
|
|
Cash at bank and in hand |
|
|
81,818 |
|
|
|
132,063 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
89,350 |
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|
133,734 |
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|
Creditors: amounts falling due |
|
|
|
|
|
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|
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|
within one year |
|
9 |
(
171,387) |
|
|
|
(
132,368) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
82,037) |
|
|
|
1,366 |
|
|
|
|
|
_________ |
|
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|
_________ |
Total assets less current liabilities |
|
|
|
|
1,527,402 |
|
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|
1,609,762 |
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|
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Creditors: amounts falling due |
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|
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|
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|
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after more than one year |
|
10 |
|
|
(
1,725,124) |
|
|
|
(
1,761,411) |
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|
|
|
|
_________ |
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|
_________ |
Net liabilities |
|
|
|
|
(
197,722) |
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|
(
151,649) |
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|
|
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|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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|
100 |
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|
100 |
Profit and loss account |
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|
|
(
197,822) |
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|
(
151,749) |
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|
|
|
_______ |
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|
_______ |
Shareholders deficit |
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|
(
197,722) |
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|
(
151,649) |
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|
_______ |
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_______ |
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For the year ending 28 February 2023 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 financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 November 2023
, and are signed on behalf of the board by:
_____________________________
S A S Faidi
Director
Company registration number:
08889693
Sitexia Investments Limited
Notes to the financial statements
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1324-1326 High Road, London, N20 9HJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
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. The figures are rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis. The company is dependent on the continued support of its shareholders. The director is of the opinion that the company will continue in existence for the foreseeable future.
Turnover
Turnover represents rents receivable from the letting of the company's investment properties and is recognised evenly over the lease terms.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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|
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Long leasehold property |
- |
Not depreciated |
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|
Fittings fixtures and equipment |
- |
20 % |
straight line |
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating loss
Operating loss is stated after charging/(crediting):
|
|
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2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
486 |
449 |
|
|
|
|
_______ |
_______ |
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6.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
7.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Total |
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|
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|
|
£ |
£ |
£ |
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Cost |
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At 1 March 2022 |
1,606,593 |
4,280 |
1,610,873 |
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|
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Additions |
900 |
629 |
1,529 |
|
|
|
|
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|
_________ |
_______ |
_________ |
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At 28 February 2023 |
1,607,493 |
4,909 |
1,612,402 |
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|
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|
_________ |
_______ |
_________ |
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Depreciation |
|
|
|
|
|
|
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At 1 March 2022 |
- |
2,477 |
2,477 |
|
|
|
|
|
Charge for the year |
- |
486 |
486 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
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|
|
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At 28 February 2023 |
- |
2,963 |
2,963 |
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|
|
|
|
|
_______ |
_______ |
_______ |
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|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 February 2023 |
1,607,493 |
1,946 |
1,609,439 |
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|
|
|
|
_________ |
_______ |
_________ |
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|
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|
At 28 February 2022 |
1,606,593 |
1,803 |
1,608,396 |
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|
|
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|
_________ |
_______ |
_________ |
|
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|
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Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
At 1 March 2022 |
1,606,592 |
|
Additions |
900 |
|
|
_________ |
|
At 28 February 2023 |
1,607,492 |
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|
_________ |
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It is the opinion of the director that the company's investment properties are shown at their open market value at the balance sheet date.
8.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
7,532 |
1,671 |
|
|
|
_______ |
_______ |
|
|
|
|
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9.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,860 |
2,860 |
|
Other creditors |
|
168,527 |
129,508 |
|
|
|
_______ |
_______ |
|
|
|
171,387 |
132,368 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
463,302 |
471,835 |
|
Other creditors |
|
1,261,822 |
1,289,576 |
|
|
|
_________ |
_________ |
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|
|
1,725,124 |
1,761,411 |
|
|
|
_________ |
_________ |
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The bank loans are secured.
11.
Related party transactions
Included in creditors due after more than one year are loans of £Nil (2022: £25,000) due to a company in which the director has an interest and £1,255,000 (2022: £1,255,000) of loans due to companies in which the shareholders have an interest.