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REGISTERED NUMBER: 12274826 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

SLEJEM PROPERTIES LIMITED

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SLEJEM PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: Mr H S Goldman
Mr R S Goldman





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 12274826 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 385,693 379,977
Investment property 5 13,449,918 13,446,385
13,835,611 13,826,362

CURRENT ASSETS
Debtors 6 110,599 16,395
Cash at bank 339,532 671,268
450,131 687,663
CREDITORS
Amounts falling due within one year 7 12,151,922 10,098,006
NET CURRENT LIABILITIES (11,701,791 ) (9,410,343 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,133,820 4,416,019

CREDITORS
Amounts falling due after more than one
year

8

-

(3,000,001

)

PROVISIONS FOR LIABILITIES (10,984 ) (10,984 )
NET ASSETS 2,122,836 1,405,034

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 2,122,834 1,405,032
SHAREHOLDERS' FUNDS 2,122,836 1,405,034

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.

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





Mr H S Goldman - Director


SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023


1. STATUTORY INFORMATION

Slejem Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12274826. The address of its registered office is 100 Barbirolli Square, Manchester, M2 3BD and principal place of business is 90 North Street, Manchester, M8 8RA.

The financial statements are prepared in Sterling, which is also the functional currency of the Company.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax.
Turnover principally consists of income from the rental of commercial property.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis 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 profit and loss account, 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.

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand. Bank borrowings and overdrafts are included in creditors.

Investments
Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investment compromise of a portfolio of listed shares.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 September 2022 379,977
Revaluations 5,716
At 31 August 2023 385,693
NET BOOK VALUE
At 31 August 2023 385,693
At 31 August 2022 379,977

Cost or valuation at 31 August 2023 is represented by:

Other
investments
£   
Valuation in 2021 42,532
Valuation in 2022 (15,800 )
Valuation in 2023 5,716
Cost 353,245
385,693

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 13,446,385
Additions 3,533
At 31 August 2023 13,449,918
NET BOOK VALUE
At 31 August 2023 13,449,918
At 31 August 2022 13,446,385

The investment properties were valued by the directors at 31st August 2023 and feel that it reflects the fair value. In arriving at the valuation figure consideration was given to the commercial values of properties in the locality and the valuation was on the market value basis only. The valuation thus represents the current value with the benefit of vacant possession.

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2021 43,937
Cost 13,405,981
13,449,918

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,710 -
Other debtors 11,889 16,395
110,599 16,395

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,265,957 266,667
Trade creditors 4,131 -
Taxation and social security 241,165 207,644
Other creditors 9,640,669 9,623,695
12,151,922 10,098,006

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 3,000,001

SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,933,334

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,265,957 3,266,668

Barclays Bank PLC registered a fixed charge over the property including land lying to the south-west of the bury property held by the company on 11 December 2019.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1.00 2 2

11. RELATED PARTY DISCLOSURES

Included in other creditors are amounts owed to the directors of the company of £9,525,911 (2022 - £9,620,671). These amounts represent interest free loans that are unsecured and repayable on demand.

The Company has made the following transactions with companies which are related parties by virtue of common control:
Rent received in the period £386,000 (2022: £298,500)