Silverfin false 31/03/2023 01/04/2022 31/03/2023 M Moolla 17/11/2010 S Munshi 20/04/1964 02 February 2024 The principal activity of the Company continued to be that of property investment. 00801751 2023-03-31 00801751 bus:Director1 2023-03-31 00801751 bus:Director2 2023-03-31 00801751 2022-03-31 00801751 core:CurrentFinancialInstruments 2023-03-31 00801751 core:CurrentFinancialInstruments 2022-03-31 00801751 core:ShareCapital 2023-03-31 00801751 core:ShareCapital 2022-03-31 00801751 core:RetainedEarningsAccumulatedLosses 2023-03-31 00801751 core:RetainedEarningsAccumulatedLosses 2022-03-31 00801751 core:OtherPropertyPlantEquipment 2022-03-31 00801751 core:OtherPropertyPlantEquipment 2023-03-31 00801751 core:CostValuation 2022-03-31 00801751 core:CostValuation 2023-03-31 00801751 core:ProvisionsForImpairmentInvestments 2022-03-31 00801751 core:ProvisionsForImpairmentInvestments 2023-03-31 00801751 core:ListedExchangeTraded core:WithinOneYear 2023-03-31 00801751 core:ListedExchangeTraded core:WithinOneYear 2022-03-31 00801751 core:CurrentFinancialInstruments 1 2023-03-31 00801751 core:CurrentFinancialInstruments 1 2022-03-31 00801751 bus:OrdinaryShareClass1 2023-03-31 00801751 2022-04-01 2023-03-31 00801751 bus:FullAccounts 2022-04-01 2023-03-31 00801751 bus:SmallEntities 2022-04-01 2023-03-31 00801751 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00801751 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00801751 bus:Director1 2022-04-01 2023-03-31 00801751 bus:Director2 2022-04-01 2023-03-31 00801751 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 00801751 2021-04-01 2022-03-31 00801751 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00801751 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00801751 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00801751 (England and Wales)

SAFAZA INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SAFAZA INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SAFAZA INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
SAFAZA INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 0 7,565
Investment property 5 90,022,040 88,032,178
Investments 6 418,476 418,476
90,440,516 88,458,219
Current assets
Debtors 7 334,473 266,102
Investments 8 22,388,632 13,207,558
Cash at bank and in hand 9 2,350,819 6,599,193
25,073,924 20,072,853
Creditors: amounts falling due within one year 10 ( 6,206,045) ( 2,885,186)
Net current assets 18,867,879 17,187,667
Total assets less current liabilities 109,308,395 105,645,886
Provision for liabilities 11 ( 13,665,159) ( 13,665,159)
Net assets 95,643,236 91,980,727
Capital and reserves
Called-up share capital 12 8 8
Profit and loss account 95,643,228 91,980,719
Total shareholders' funds 95,643,236 91,980,727

For the financial 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.

Directors' responsibilities:

The financial statements of Safaza Investments Limited (registered number: 00801751) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Munshi
Director

02 February 2024

SAFAZA INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SAFAZA INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Safaza Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 4

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 30,260 30,260
At 31 March 2023 30,260 30,260
Accumulated depreciation
At 01 April 2022 22,695 22,695
Charge for the financial year 7,565 7,565
At 31 March 2023 30,260 30,260
Net book value
At 31 March 2023 0 0
At 31 March 2022 7,565 7,565

5. Investment property

Investment property
£
Valuation
As at 01 April 2022 88,032,178
Additions 1,989,862
As at 31 March 2023 90,022,040

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 2
At 31 March 2023 2
Carrying value at 31 March 2023 2
Carrying value at 31 March 2022 2
Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 418,474 418,474
At 31 March 2023 418,474 418,474
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 418,474 418,474
Carrying value at 31 March 2022 418,474 418,474

7. Debtors

2023 2022
£ £
Trade debtors 199,999 109,758
Other debtors 134,474 156,344
334,473 266,102

8. Current asset investments

2023 2022
£ £
Listed investments – at fair value 22,388,632 13,207,558

9. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,350,819 6,599,193
Less: Bank overdrafts ( 56,429) ( 6,466)
2,294,390 6,592,727

10. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 56,429 6,466
Trade creditors 12,000 20,730
Amounts owed to connected companies 2,950,594 0
Taxation and social security 1,024,373 740,319
Other creditors 2,162,649 2,117,671
6,206,045 2,885,186

11. Provision for liabilities

2023 2022
£ £
Deferred tax 13,665,159 13,665,159

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
8 Ordinary shares of £ 1.00 each 8 8