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REGISTERED NUMBER: 09736438 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

SAM ASSETS LTD

SAM ASSETS LTD (REGISTERED NUMBER: 09736438)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SAM ASSETS LTD

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: Mr E Wajchman
Mrs M Horowitz





REGISTERED OFFICE: Flat 12, Stroh Court
9 Amhurst Park
London
N16 5DH





REGISTERED NUMBER: 09736438 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

SAM ASSETS LTD (REGISTERED NUMBER: 09736438)

ABRIDGED BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 901,848 901,848

CURRENT ASSETS
Debtors 13,989 16,536
Cash at bank 74,249 8,690
88,238 25,226
CREDITORS
Amounts falling due within one year 327,178 269,888
NET CURRENT LIABILITIES (238,940 ) (244,662 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

662,908

657,186

CREDITORS
Amounts falling due after more than one year 5 (341,431 ) (352,283 )

PROVISIONS FOR LIABILITIES (6,500 ) (4,863 )
NET ASSETS 314,977 300,040

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 20,730 20,730
Retained earnings 294,245 279,308
SHAREHOLDERS' FUNDS 314,977 300,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SAM ASSETS LTD (REGISTERED NUMBER: 09736438)

ABRIDGED BALANCE SHEET - continued
31 August 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:





Mr E Wajchman - Director


SAM ASSETS LTD (REGISTERED NUMBER: 09736438)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Sam Assets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover
Turnover represents property sales and net invoiced rents and commission receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

SAM ASSETS LTD (REGISTERED NUMBER: 09736438)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022
and 31 August 2023 901,848
NET BOOK VALUE
At 31 August 2023 901,848
At 31 August 2022 901,848

Investment property was valued on an open market basis on 31 August 2023 by the directors.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans 302,666 291,163

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 337,995 345,061

Bank loans are secured against the company's investment properties.

SAM ASSETS LTD (REGISTERED NUMBER: 09736438)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, company owed the directors £98,449 (2022: £91,113).

At the balance sheet date, company was owed £100 (2022: £nil) by a company connected by virtue of common directors.