Company registration number 04339503 (England and Wales)
SARASTRO HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SARASTRO HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J J Scott
J L Hoare
Company number
04339503
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SARASTRO HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
SARASTRO HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,587
Investment property
4
6,110,500
6,110,500
Investments
5
127,100
1,028,229
6,237,600
7,141,316
Current assets
Debtors
6
14,114
181,398
Investments
7
1,050,030
Cash at bank and in hand
399,646
62,432
1,463,790
243,830
Creditors: amounts falling due within one year
8
(494,892)
(151,047)
Net current assets
968,898
92,783
Total assets less current liabilities
7,206,498
7,234,099
Provisions for liabilities
(654,547)
Net assets
6,551,951
7,234,099
Capital and reserves
Called up share capital
9
28,229
28,229
Non-distributable profits reserve
10
11,290
Distributable profit and loss reserves
6,512,432
7,205,870
Total equity
6,551,951
7,234,099
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
- 1 -
SARASTRO HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
..............................................
J J Scott
Director
Company registration number 04339503 (England and Wales)
- 2 -
SARASTRO HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2021
28,229
1,051,479
1,079,708
Year ended 30 April 2022:
Profit and total comprehensive income
-
-
6,189,997
6,189,997
Dividends
-
-
(35,606)
(35,606)
Balance at 30 April 2022
28,229
7,205,870
7,234,099
Year ended 30 April 2023:
Loss and total comprehensive income
-
11,290
(544,995)
(533,705)
Dividends
-
-
(148,443)
(148,443)
Balance at 30 April 2023
28,229
11,290
6,512,432
6,551,951
- 3 -
SARASTRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
Company information
Sarastro Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue arises from the rental of the company's investment properties net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight line
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
- 4 -
SARASTRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
- 5 -
SARASTRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 and 30 April 2023
5,175
Depreciation and impairment
At 1 May 2022
2,588
Depreciation charged in the year
2,587
At 30 April 2023
5,175
Carrying amount
At 30 April 2023
At 30 April 2022
2,587
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
6,110,500
The directors believe that there has been no significant change to the fair value of the property from its historical cost. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
127,100
1,028,229
- 6 -
SARASTRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
5
Fixed asset investments
(Continued)
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022 & 30 April 2023
1,028,229
Impairment
At 1 May 2022
-
Impairment losses
901,129
At 30 April 2023
901,129
Carrying amount
At 30 April 2023
127,100
At 30 April 2022
1,028,229
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,114
45,267
Amounts owed by group undertakings
52,657
Other debtors
3,881
14,114
101,805
Deferred tax asset
79,593
14,114
181,398
7
Current asset investments
2023
2022
£
£
Other investments
1,050,030
- 7 -
SARASTRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
155,673
Corporation tax
42,378
24,159
Other taxation and social security
22,558
1,055
Other creditors
274,283
125,833
494,892
151,047
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
28,229
28,229
28,229
28,229
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
11,290
-
At the end of the year
11,290
-
11
Related party transactions
The company has taken advantage of the exemption allowed under Section 33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group.
12
Directors' transactions
At balance sheet date, the company owed the director £55,932 (2022: The director owed the company £1,033) in the form of interest free loans repayable on demand.
- 8 -
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