Registered number
01590439
Satnam Investments Limited
Filleted Accounts
30 June 2023
Satnam Investments Limited
Registered number: 01590439
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,507,309 4,639,974
Investments 5 231,115 231,115
4,738,424 4,871,089
Current assets
Stocks 308,606 307,606
Debtors 6 27,860,822 23,217,671
Investments held as current assets 7 248 248
Cash at bank and in hand 5,773,776 2,412,733
33,943,452 25,938,258
Creditors: amounts falling due within one year 8 (12,732,516) (12,291,832)
Net current assets 21,210,936 13,646,426
Total assets less current liabilities 25,949,360 18,517,515
Creditors: amounts falling due after more than one year 9 (24,749,229) (17,677,609)
Provisions for liabilities (104,347) (104,347)
Net assets / (liabilities) 1,095,784 735,559
Capital and reserves
Called up share capital 500,010 500,010
Other reserve 50,000 50,000
Profit and loss account 545,774 185,549
Shareholders' funds 1,095,784 735,559
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 members have 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 8 form part of these financial statements.
Satnam Investments 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, 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).
Group accounts have not been prepared as the directors have taken advantage of the exemption conferred by section 400 of the Companies Act 2006, due to the company being "small" as defined by section 381 of the Act. The financial statements present information about the company as an individual undertaking and not about its group.
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.
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 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 have prepared the accounts on a going concern basis.
Turnover
Turnover represents rents received on properties and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease.
Stocks
Stocks, represented by dealing properties, are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Tangible fixed assets
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, 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:
Freehold buildings over 50 years
Short leasehold improvements over the lease term
Plant and machinery 20% per annum
Motor vehicles 25% per annum
1 Accounting policies (continued)
Investment properties at fair value
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments 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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Taxation on profit
£ £
Current tax
UK corporation tax on profits of the year - -
Adjustment in respect of previous years - -
Total current tax - -
Movement in deferred tax liability - -
Taxation charge on profit - -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2023 2022
£ £
Profit before tax 360,225 468,906
Profit at the standard rate of corporation tax in the UK 73,831 89,092
Effects of:
Capital allowances less than depreciation for year 272 3,341
Expenses / (income) not taxable (312,223) (371,001)
Loss utilised through group relief 238,120 278,568
Taxation charge on profit for the year - -
4 Tangible assets
Investment properties Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 July 2022 4,631,014 84,575 44,511 4,760,100
Additions 122 4,713 - 4,835
Disposals (127,695) - - (127,695)
At 30 June 2023 4,503,441 89,288 44,511 4,637,240
Depreciation
At 1 July 2022 - 81,178 38,948 120,126
Charge for the year - 4,242 5,563 9,805
On disposals - - - -
At 30 June 2023 - 85,420 44,511 129,931
Net book value
At 30 June 2023 4,503,441 3,868 - 4,507,309
At 30 June 2022 4,631,014 3,397 5,563 4,639,974
The historical cost of investment properties is £3,073,815 (2022: £3,201,388).
Investment properties have been revalued by the directors for the year ended 30 June 2023 and are stated at open market value.
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 181,115 50,000 231,115
At 30 June 2023 181,115 50,000 231,115
The principal undertakings in which the company's interest at the year end is 20% or more are as follows:
Proportion of
ordinary
Country of share capital Nature of
Name incorporation held business
Hillmarch Limited England 100% Property investment
Manchester & Provincial Car Parks Limited England 100% Car park operator / property investment
Northscene Limited England 100% Dormant company
Satnam Limited England 100% Property investment
Satnam Millennium Limited England 100% Property investment
Supara Limited England 100% Property investment
Forward Land Limited England 89% Property investment
Satnam Hispania S.L. Spain 100% Property investment
The registered office of all UK companies listed is 17 Imperial Square, Cheltenham, GL50 1QZ.
6 Debtors 2023 2022
£ £
Amounts falling due within one year:
Trade debtors 20,284 14,425
Amounts owed by group undertakings 7,778,463 8,784,521
Amounts owed by related parties 11,495,111 6,112,193
Other related debtors 7,486,699 7,711,356
Other debtors 1,080,265 595,176
27,860,822 23,217,671
7 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 248 248
(Decrease) / increase in fair value included in the profit and loss account for the financial year
Listed investments - (98)
8 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 83,686 38,056
Amounts owed to group undertakings 8,302,590 7,656,412
Amounts owed to related parties 3,565,908 1,988,840
Taxation and social security costs 61,175 40,848
Directors loan account 587,893 2,430,360
Other creditors 131,264 137,316
12,732,516 12,291,832
Amounts owed to related parties are interest free and unsecured. Amounts owed to group undertakings are interest bearing and unsecured.
9 Creditors: amounts falling due after one year 2023 2022
£ £
Other related creditors 24,749,229 17,677,609
10 Related party transactions
The related party balances included within debtors include balances with Parking Places Limited £902,328 (2022: £784,934), Cheltenham Property Group Limited £29,023 (2022: £26,651), Carewash Limited £53 (2022: £53), Aggregate Developments Limited £2,409,475 (2022: £2,348,257), Satnam Planning Services Limited £1,066,924 (2022: £1,033,144), Aggregate Investments Ltd £23,768 (2022: £23,755), Cheltenham Property Investments Limited £2,228,930 (2022: £209), Cheltenham Property Holdings Limited £1,423,937 (2022: £nil), Cheltenham Property Estates Limited £12 (2022: £nil) Forward Land Limited £362,559 (2022: £326,472), Cheltenham Properties Limited £18,490 (2022: £14,945), Workwell Properties Limited £1,509,923 (2022: £806,166), Trees for the Planet Limited £1,519,525 (2022: £nil), Satnam Developments Limited £13 (2022: £nil), Parking Places (Gloucester) Limited £13 (2022: £nil), Alderney Estates Limited £138 (2022: £nil), Satnam Urban Regeneration Limited £nil (2022: £747,521) and BW SIPP - Dhillon KS £nil (2022: £86). The debtor balance with Aggregate Developments Limited is secured on assets owned by that company.
Other related debtors of £7,486,699 (2022: £7,711,356) consists of balances with Kaur Capital Limited, Cheltenham Property Group Limited, Cheltenham Properties Limited and Lynsdale Limited, companies which are related to the company through common shareholders.
The related party balances included within creditors include balances with Satnam Parking Limited £1,562,162 (2022: £1,580,159), Satnam Car Parking Limited £162,852 (2022: £175,345), Satnam Urban Regeneration Limited £1,598,494 (2022: £nil), Satnam Properties Limited £1,177 (2022: £13,346), Cheltenham Property Group Limited £231,500 (2022: £211,500), BW SIPP - Dhillon J £6,532 (2022: £8,015), BW SIPP - Dhillon K S £3,191 (2022: £nil) and Trees for the Planet Limited £nil (2022: £475).
Other related creditors of £24,749,229 (2022: £17,677,609) consists of balances with Capfield Developments Limited, Xstrole Limited and Ou Satnam Europe, companies which are related to the company through common shareholders.
During the year the company paid £57,125 (2022: £49,825) in rent to BW SIPP Trustees Limited.
11 Controlling party
The ultimate controlling party of the company is S S Dhillon, a director of the company.
12 Other information
Satnam Investments 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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