Salboy (SPV CO 4) Limited 14443426 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true false true 14443426 2023-02-01 2024-01-31 14443426 2024-01-31 14443426 core:RetainedEarningsAccumulatedLosses 2024-01-31 14443426 core:ShareCapital 2024-01-31 14443426 core:CurrentFinancialInstruments 2024-01-31 14443426 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 14443426 core:Non-currentFinancialInstruments 2024-01-31 14443426 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 14443426 bus:SmallEntities 2023-02-01 2024-01-31 14443426 bus:Audited 2023-02-01 2024-01-31 14443426 bus:FullAccounts 2023-02-01 2024-01-31 14443426 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 14443426 bus:RegisteredOffice 2023-02-01 2024-01-31 14443426 bus:Director1 2023-02-01 2024-01-31 14443426 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 14443426 1 2023-02-01 2024-01-31 14443426 1 2023-02-01 2024-01-31 14443426 countries:EnglandWales 2023-02-01 2024-01-31 14443426 2022-10-26 2023-01-31 14443426 2023-01-31 14443426 core:RetainedEarningsAccumulatedLosses 2023-01-31 14443426 core:ShareCapital 2023-01-31 14443426 core:CurrentFinancialInstruments 2023-01-31 14443426 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 14443426 core:Non-currentFinancialInstruments 2023-01-31 14443426 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 14443426

Salboy (SPV CO 4) Limited

Financial Statements

for the Year Ended 31 January 2024

 

Salboy (SPV CO 4) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Salboy (SPV CO 4) Limited

(Registration number: 14443426)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

39,232,060

17,024,010

Debtors

5

1,742,067

59,256

Cash at bank and in hand

 

1,717,106

-

 

42,691,233

17,083,266

Creditors: Amounts falling due within one year

6

(6,777,092)

(14,705,510)

Total assets less current liabilities

 

35,914,141

2,377,756

Creditors: Amounts falling due after more than one year

6

(35,881,376)

(2,379,993)

Net assets/(liabilities)

 

32,765

(2,237)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

32,665

(2,337)

Shareholders' funds/(deficit)

 

32,765

(2,237)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

.........................................
Mr SA Ismail
Director

 

Salboy (SPV CO 4) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Disclosure of long or short period

These financial statements are for the year ending 31 January 2024. The comparative figures are for a period of 97 days and are therefore not directly comparable. The short period is due to the company being incorporated on 26 October 2022.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by a related company. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 4 July 2024 was Mr Damian Wayne Riley FCCA, who signed for and on behalf of Alextra Audit Limited.

 

Salboy (SPV CO 4) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and
provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value
added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
enacted by the reporting date in the countries where the company operates and generates taxable income.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

2023
£

Work in progress

39,232,060

17,024,010

 

Salboy (SPV CO 4) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Debtors

2024
£

2023
£

Owed by group undertakings

100

15,035

Prepayments

 

1,497

2,894

Other debtors

 

1,740,470

41,327

 

1,742,067

59,256

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,572,053

201,616

Taxation and social security

10,333

-

Accruals and deferred income

7,300

3,894

Other creditors

3,187,406

14,500,000

6,777,092

14,705,510

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

13,682,283

-

Owed to group undertakings

 

22,199,093

2,379,993

 

35,881,376

2,379,993

 

Salboy (SPV CO 4) Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,682,283

-

Included within Bank borrowings is an amount falling due after more than one year of £13,682,283 (2023 - £nil) in relation to a loan which is secured by a charge dated 23 November 2023 created by Apex Group Hold Co (UK) Limited as Security Trustee for the Secured Parties. The charge created a fixed and floating charge over the freehold land on the south west side of Dutton Street, Manchester as well as a floating charge over all the property or undertakings of the company.

8

Parent and ultimate parent undertaking

The parent companies are Fred Done Property Trading Group Limited and Karpeediem Limited.

Fred Done Property Trading Group Limited is a company incorporated in England and Wales, company number 08830784, registered office The Spectrum Benson Road, Birchwood, Warrington, WA3 7PQ.

Karpeediem Limited is a company incorporated in England and Wales, company number 12104578, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG.

These financial statements are consolidated within the group financial statements of Fred Done Property Trading Group Limited. Copies of the financial statements are available on request from The Spectrum Benson Road, Birchwood, Warrington, WA3 7PQ.

The controlling party is Fred Done Property Trading Group Limited by virtue of its shareholding.