REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
SAFIRA PROPERTIES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
SAFIRA PROPERTIES LIMITED |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Contents of the Financial Statements |
for the year ended 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SAFIRA PROPERTIES LIMITED |
Company Information |
for the year ended 30 NOVEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Statement of Financial Position |
30 NOVEMBER 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 | 100 | 100 |
Fair value reserve | 9 | 399,429 | 399,429 |
Retained earnings | 9 | (171,119 | ) | (87,131 | ) |
SHAREHOLDERS' FUNDS |
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. |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Statement of Financial Position - continued |
30 NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Notes to the Financial Statements |
for the year ended 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Safira Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable from the investment properties owned by company. Rents are recognised up to the year end date. |
Investment property |
Investment properties are revalued annually at their open market value in accordance with FRS 102 Section 1A. The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below its historical cost, in which case it is taken to the profit and loss account. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Cash and cash equivalent |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Notes to the Financial Statements - continued |
for the year ended 30 NOVEMBER 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
The directors are of the opinion that the property value of £2,323,452 is a fair approximation of the current market value. |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2016 | 119,599 |
Valuation in 2020 | 375,000 |
Cost | 1,828,853 |
2,323,452 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Directors' current accounts | 132,285 | 36,855 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
30/11/23 | 30/11/22 |
£ | £ |
Deferred tax | 123,650 | 123,650 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Balance at 30 November 2023 |
SAFIRA PROPERTIES LIMITED (REGISTERED NUMBER: 07851047) |
Notes to the Financial Statements - continued |
for the year ended 30 NOVEMBER 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/11/23 | 30/11/22 |
value: | £ | £ |
ordinary shares | 1 | 100 | 100 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2022 | (87,131 | ) | 399,429 | 312,298 |
Deficit for the year | (83,988 | ) | (83,988 | ) |
At 30 November 2023 | (171,119 | ) | 399,429 | 228,310 |
10. | RELATED PARTY DISCLOSURES |
Creditors consists of funds of £1,980,674 (2022: 1,885,244) owed to directors. |
11. | ULTIMATE CONTROLLING PARTY |
The directors control the company by virtue of their direct interest in the whole of the issued share capital. |