Registered number
03053019
Satnam Developments Limited
Filleted Accounts
30 June 2023
Satnam Developments Limited
Registered number: 03053019
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 687,567 646,274
Current assets
Cash at bank and in hand 20,762 15,542
Creditors: amounts falling due within one year 4 (765,939) (719,221)
Net current liabilities (745,177) (703,679)
Net liabilities (57,610) (57,405)
Capital and reserves
Called up share capital 2 2
Profit and loss account (57,612) (57,407)
Shareholder's deficit (57,610) (57,405)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 4 form part of these financial statements.
Satnam Developments Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Freehold land
Freehold land is held within tangible fixed assets at cost. No depreciation is provided in respect of freehold land.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. The directors are satisfied that cash resources can be made available to the company, if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and have prepared the accounts on a going concern basis.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Freehold land
£
Cost
At 1 July 2022 646,274
Additions 41,293
At 30 June 2023 687,567
Depreciation
At 1 July 2022 -
At 30 June 2023 -
Net book value
At 30 June 2023 687,567
At 30 June 2022 646,274
4 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to related parties 770,423 720,763
Other creditors (4,484) (1,542)
765,939 719,221
Amounts owed to group undertakings and related parties are interest free and due on demand.
5 Related party transactions
The related party balances included within creditors include balances with Satnam Parking Limited £747,763 (2022: £720,763), Satnam Investments Limited £13 (2022: £nil) and Satnam Millennium Limited £22,647 (2022: £nil), all companies in which S S Dhillon is a director.
6 Controlling party
The company is a wholly owned subsidiary of Satnam Parking Limited whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party is S S Dhillon, a director of the company.
6 Other information
Satnam Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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