Satnam Urban Regeneration Limited |
Registered number: |
01812316 |
Balance Sheet |
as at 30 June 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
134,888 |
|
|
1,000,000 |
|
Current assets |
Debtors |
4 |
|
2,901,920 |
|
|
42,564 |
Cash at bank and in hand |
|
|
27,503 |
|
|
126,583 |
|
|
|
2,929,423 |
|
|
169,147 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,202,133) |
|
|
(792,586) |
|
|
|
|
|
|
|
Net current liabilities |
|
|
|
1,727,290 |
|
|
(623,439) |
|
Net assets |
|
|
|
1,862,178 |
|
|
376,561 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
1,862,078 |
|
|
376,461 |
|
Shareholder's funds |
|
|
|
1,862,178 |
|
|
376,561 |
|
|
|
|
|
|
|
|
|
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: |
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|
|
|
|
S S Dhillon |
Director |
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|
The notes on pages 2 to 4 form part of these financial statements. |
|
Satnam Urban Regeneration Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention, except for investment property, 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). |
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|
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. There is uncertainty regarding the impact on the company’s tenants and revenue from car park takings and uncertainty regarding the timing of receipts. 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 the net liabilities and have prepared the accounts on a going concern basis. |
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Turnover |
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Turnover, representing rental income from property and car parking income, is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is credited to profit or loss on a straight-line basis over the term of the lease. |
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|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings held for investment purposes, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life using the straight line method. |
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Fixtures and fittings |
over 5 years |
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|
Investment in properties |
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Investments in properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in profit and loss. |
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|
Debtors |
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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. |
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Creditors |
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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. |
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|
1 |
Accounting policies (continued) |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. |
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2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
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|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
£ |
|
Cost or valuation |
|
At 1 July 2022 |
1,000,000 |
|
Disposals |
(865,112) |
|
At 30 June 2023 |
134,888 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2022 |
- |
|
At 30 June 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
134,888 |
|
At 30 June 2022 |
1,000,000 |
|
The historical cost of investment properties is £134,888 (2022: £1,001,594). |
|
Investment properties have been revalued by the directors for the year ended 30 June 2023 and are stated at open market value. |
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|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
Amounts falling due within one year: |
|
Trade debtors |
3,426 |
|
2,757 |
|
Amounts owed by group undertakings |
|
2,898,494 |
|
- |
|
Other debtors |
- |
|
39,807 |
|
|
|
|
|
|
2,901,920 |
|
42,564 |
|
|
|
|
|
|
|
|
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Amounts owed by group undertakings are interest free and due on demand. |
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|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
- |
|
39,213 |
|
Amounts owed to group undertakings |
|
1,197,774 |
|
749,321 |
|
Other creditors |
4,359 |
|
4,052 |
|
|
|
|
|
|
1,202,133 |
|
792,586 |
|
|
|
|
|
|
|
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Amounts owed to group undertakings are interest free and are unsecured. |
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6 |
Related party transactions |
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The company has agreed to provide cross guarantees to Manchester and Provincial Car Parks Limited in the form of a first legal charge over certain properties in the company's portfolio. The total loan amount drawn down by Manchester and Provincial Car Parks Limited at 30 June 2022 is £838,000 (2022: £862,000). S S Dhillon is a director of both companies. |
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7 |
Controlling party |
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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 of the company is S S Dhillon, a director of the company. |
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8 |
Other information |
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Satnam Urban Regeneration Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
17 Imperial Square |
|
Cheltenham |
|
Gloucestershire |
|
GL50 1QZ |