Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-3032701221317580523The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-01falseNo description of principal activity3falsetrue 09448047 2022-07-01 2023-06-30 09448047 2021-07-01 2022-06-30 09448047 2023-06-30 09448047 2022-06-30 09448047 c:Director1 2022-07-01 2023-06-30 09448047 c:Director1 2023-06-30 09448047 c:Director2 2022-07-01 2023-06-30 09448047 c:Director3 2022-07-01 2023-06-30 09448047 c:RegisteredOffice 2022-07-01 2023-06-30 09448047 d:FurnitureFittings 2022-07-01 2023-06-30 09448047 d:FurnitureFittings 2023-06-30 09448047 d:FurnitureFittings 2022-06-30 09448047 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 09448047 d:FreeholdInvestmentProperty 2022-07-01 2023-06-30 09448047 d:FreeholdInvestmentProperty 2023-06-30 09448047 d:FreeholdInvestmentProperty 2022-06-30 09448047 d:CurrentFinancialInstruments 2023-06-30 09448047 d:CurrentFinancialInstruments 2022-06-30 09448047 d:Non-currentFinancialInstruments 2023-06-30 09448047 d:Non-currentFinancialInstruments 2022-06-30 09448047 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09448047 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 09448047 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09448047 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 09448047 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 09448047 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 09448047 d:ShareCapital 2023-06-30 09448047 d:ShareCapital 2022-06-30 09448047 d:InvestmentPropertiesRevaluationReserve 2023-06-30 09448047 d:InvestmentPropertiesRevaluationReserve 2022-06-30 09448047 d:RetainedEarningsAccumulatedLosses 2023-06-30 09448047 d:RetainedEarningsAccumulatedLosses 2022-06-30 09448047 c:FRS102 2022-07-01 2023-06-30 09448047 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 09448047 c:FullAccounts 2022-07-01 2023-06-30 09448047 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09448047 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 09448047 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 09448047 d:Right-of-useInvestmentProperty 2022-07-01 2023-06-30 09448047 d:Right-of-useInvestmentProperty 2023-06-30 09448047 d:Right-of-useInvestmentProperty 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 09448047









SBR PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
SBR PROPERTIES LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Haider Zaman (resigned 1 January 2024)
Mr Skandar Zaman 
Mr Daniel Babar Zaman 




Registered number
09448047



Registered office
1E Finsbury Park Road

Finsbury Park

London

N4 2LA




Accountants
Hurkan Sayman & Co
Chartered Accountants

291 Green Lanes

Palmers Green

London

N13 4XS





 
SBR PROPERTIES LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 11


 
SBR PROPERTIES LIMITED
REGISTERED NUMBER: 09448047

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
41,058
21,893

Investment property
 5 
16,350,611
15,879,026

  
16,391,669
15,900,919

Current assets
  

Debtors: amounts falling due within one year
 6 
106,228
60,421

Cash at bank and in hand
 7 
238,208
563,443

  
344,436
623,864

Creditors: amounts falling due within one year
 8 
(11,359,327)
(11,323,309)

Net current liabilities
  
 
 
(11,014,891)
 
 
(10,699,445)

Total assets less current liabilities
  
5,376,778
5,201,474

Creditors: amounts falling due after more than one year
 9 
(1,800,000)
(1,800,000)

Provisions for liabilities
  

Deferred tax
 11 
(715,292)
(715,293)

  
 
 
(715,292)
 
 
(715,293)

Net assets
  
2,861,486
2,686,181


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
  
2,145,877
2,145,876

Profit and loss account
  
714,609
539,305

  
2,861,486
2,686,181


Page 1

 
SBR PROPERTIES LIMITED
REGISTERED NUMBER: 09448047
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 








Mr Skandar Zaman
Director

Date: 19 February 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

SBR Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09448047. The address of the registered office is 1E Finsbury Park Road, Finsbury Park, London N4 2LA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that the company is able to continue trading as a going concern. 
The net current liability position of the company is due to related company loans which are classified as due in less than one year. The directors have confirmed that the loans will not be repayable should they affect the going concern status of the company.

 
2.3

Revenue

Turnover comprises of rents received by the company during the year.
Turnover is recognised in the period the rent relates to.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
20% and 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 5

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Page 6

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 7

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Fixtures, fittings & equipment

£



Cost


At 1 July 2022
45,402


Additions
26,180



At 30 June 2023

71,582



Depreciation


At 1 July 2022
23,509


Charge for the year on owned assets
7,015



At 30 June 2023

30,524



Net book value



At 30 June 2023
41,058



At 30 June 2022
21,893


5.


Investment property


Freehold investment property
Property under construc-tion
Total

£
£
£



Valuation


At 1 July 2022
12,788,969
3,090,057
15,879,026


Additions at cost
48,468
423,116
471,584



At 30 June 2023
12,837,437
3,513,173
16,350,610

The 2023 valuations were made by the Directors, on a fair value basis.




Page 8

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
77,630
44,393

Other debtors
20,632
-

Prepayments and accrued income
7,966
16,028

106,228
60,421



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
238,208
563,443

238,208
563,443



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
36,600
18,984

Corporation tax
-
7,622

Other taxation and social security
-
2,500

Other creditors
11,267,702
11,245,849

Accruals and deferred income
55,025
48,354

11,359,327
11,323,309



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,800,000
1,800,000

1,800,000
1,800,000


Page 9

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
1,800,000
1,800,000


1,800,000
1,800,000


Total bank loans
1,800,000
1,800,000


Bank loans are secured by way of a floating charge over all property and undertaking of the company. 


11.


Deferred taxation




2023


£






At beginning of year
(715,292)



At end of year
(715,292)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value movements on investment properties
(715,292)
(715,292)

(715,292)
(715,292)


12.Other financial commitments

The company has provided cross company guarantees to companies which are under the control of the Directors and the loans are secured against an investment property with its fair value stated at £2,580,000 at the year end.

Page 10

 
SBR PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Related party transactions

Included within Other Creditors at the year end are loan amounts of £11,186,833 (2022: £11,145,392)  owed to companies in which the Directors hold controlling interests. The loans are unsecured, free of interest and repayable on demand.

 
Page 11