Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31true22022-09-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09730589 2022-09-01 2023-08-31 09730589 2021-09-01 2022-08-31 09730589 2023-08-31 09730589 2022-08-31 09730589 c:Director1 2022-09-01 2023-08-31 09730589 d:MotorVehicles 2022-09-01 2023-08-31 09730589 d:MotorVehicles 2023-08-31 09730589 d:MotorVehicles 2022-08-31 09730589 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09730589 d:FurnitureFittings 2022-09-01 2023-08-31 09730589 d:FurnitureFittings 2023-08-31 09730589 d:FurnitureFittings 2022-08-31 09730589 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09730589 d:OfficeEquipment 2022-09-01 2023-08-31 09730589 d:OfficeEquipment 2023-08-31 09730589 d:OfficeEquipment 2022-08-31 09730589 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09730589 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 09730589 d:FreeholdInvestmentProperty 2022-09-01 2023-08-31 09730589 d:FreeholdInvestmentProperty 2023-08-31 09730589 d:FreeholdInvestmentProperty 2022-08-31 09730589 d:FreeholdInvestmentProperty 2 2022-09-01 2023-08-31 09730589 d:CurrentFinancialInstruments 2023-08-31 09730589 d:CurrentFinancialInstruments 2022-08-31 09730589 d:Non-currentFinancialInstruments 2023-08-31 09730589 d:Non-currentFinancialInstruments 2022-08-31 09730589 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 09730589 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 09730589 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 09730589 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 09730589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 09730589 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 09730589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 09730589 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 09730589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 09730589 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-08-31 09730589 d:ShareCapital 2023-08-31 09730589 d:ShareCapital 2022-08-31 09730589 d:InvestmentPropertiesRevaluationReserve 2022-09-01 2023-08-31 09730589 d:InvestmentPropertiesRevaluationReserve 2023-08-31 09730589 d:InvestmentPropertiesRevaluationReserve 2022-08-31 09730589 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 09730589 d:RetainedEarningsAccumulatedLosses 2023-08-31 09730589 d:RetainedEarningsAccumulatedLosses 2022-08-31 09730589 c:OrdinaryShareClass2 2022-09-01 2023-08-31 09730589 c:OrdinaryShareClass2 2023-08-31 09730589 c:OrdinaryShareClass2 2022-08-31 09730589 c:OrdinaryShareClass3 2022-09-01 2023-08-31 09730589 c:OrdinaryShareClass3 2023-08-31 09730589 c:OrdinaryShareClass3 2022-08-31 09730589 c:FRS102 2022-09-01 2023-08-31 09730589 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 09730589 c:FullAccounts 2022-09-01 2023-08-31 09730589 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09730589 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 09730589 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 09730589 6 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09730589










SISMA DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
SISMA DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09730589

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
19,393
7,178

Investments
 5 
100
100

Investment property
 6 
6,548,407
7,700,000

  
6,567,900
7,707,278

Current assets
  

Debtors: amounts falling due within one year
 7 
13,626
47,838

Cash at bank and in hand
  
4,411
5,164

  
18,037
53,002

Creditors: amounts falling due within one year
 8 
(2,117,516)
(1,900,390)

Net current liabilities
  
 
 
(2,099,479)
 
 
(1,847,388)

Total assets less current liabilities
  
4,468,421
5,859,890

Creditors: amounts falling due after more than one year
 9 
(2,638,802)
(3,425,970)

Provisions for liabilities
  

Deferred tax
  
(710,000)
-

  
 
 
(710,000)
 
 
-

Net assets
  
1,119,619
2,433,920


Capital and reserves
  

Called up share capital 
 12 
1
1

Investment property reserve
 13 
1,889,930
3,139,829

Profit and loss account
 13 
(770,312)
(705,910)

  
1,119,619
2,433,920


Page 1

 
SISMA DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09730589
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Mohammed Nusarat
Director

Date: 21 August 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Sisma Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09730589. The registered office is 910 The Crescent, Colchester Business Park, Colchester, Essex CO4 9YQ.
The financial statements are rounded to the nearest pound sterling. 
The significant accounting policies applied in the presentation of these financial statements are set out below. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The Directors have assessed the current financial position of the Company along with expected future cash flows and based on these assessments and having regard to the resources available to the entity. The Directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is carried at fair value determined on a periodic basis by external valuers and derived from the current market rents and investment property yields for comparable real estate, 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 the Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
Page 6

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 September 2022
4,024
4,555
2,782
11,361


Additions
-
17,063
-
17,063



At 31 August 2023

4,024
21,618
2,782
28,424



Depreciation


At 1 September 2022
1,449
911
1,823
4,183


Charge for the year on owned assets
515
4,141
192
4,848



At 31 August 2023

1,964
5,052
2,015
9,031



Net book value



At 31 August 2023
2,060
16,566
767
19,393



At 31 August 2022
2,575
3,644
959
7,178


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
100



At 31 August 2023
100





6.


Investment property


Freehold investment property

£
Page 8

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
6.Investment property (continued)




Valuation


At 1 September 2022
7,700,000


Additions at cost
316,227


Disposals
(1,217,820)


Loss on revaluation
(250,000)



At 31 August 2023
6,548,407

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,948,477
4,560,171

3,948,477
4,560,171

Page 9

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Debtors

2023
2022
£
£


Other debtors
11,032
40,452

Prepayments and accrued income
2,594
7,386

13,626
47,838



8.


Creditors: amounts falling due within one year

2023
2022 (as restated)
£
£

Bank loans
718,500
718,500

Trade creditors
35,065
26,049

Amounts owed to other participating interests
41,403
156,453

Other taxation and social security
2,167
8,349

Other creditors
1,308,839
979,897

Accruals and deferred income
11,542
11,142

2,117,516
1,900,390



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,638,802
3,425,970


Page 10

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
718,500
718,500

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
2,628,802
3,168,070

Amounts falling due after more than 5 years

Bank loans
-
247,900

3,357,302
4,144,470



11.


Deferred taxation




2023


£






Charged to profit or loss
710,000



At end of year
710,000

The deferred taxation balance is made up as follows:

2023
2022
£
£


On revaluation of fixed assets
710,000
-

710,000
-

Page 11

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



51 (2022 - 51) A ordinary shares of £0.01 each
1
1
49 (2022 - 49) B ordinary shares of £0.01 each
-
-

1

1

On 1 April 2018 the ordinary share capital was split into a total of 100 ordinary shares at £0.01 nominal value, with 51 of these being A ordinary shares with full voting rights and rights to dividends and the remaining 49 being B ordinary shares with rights to dividends only.  



13.


Reserves

Investment property revaluation reserve

This reserve reflects the non-distributable accumulated gains and losses from the revaluation of investment properties.

Profit and loss account

The profit and loss account reflects the accumulation of distributable profits from the current and previous periods, net of any dividends paid.


14.


Prior year reclassification

The financial statements for the year ended 31 August 2022 have been reclassified to reflect £150,430 that was incorrectly included under the heading of 'amounts owed to participating interests' and has now been included in 'other creditors'.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,440 (2022 - £nil) . No Contributions (2022 - nil) were payable to the fund at the balance sheet date and are included in creditors.


16.


Related party transactions

Related party transactions are considered to be concluded under normal market conditions. The Company has therefore taken advantage of the reduced disclosures available under FRS 102 Section 1A. 
At 31 August 2023 there was an amount of £662,621 owed to Mr M Nusarat, a Director (2022: £322,125).
Included in creditors is an amount of £41,403 (2022: £156,453) owed to Gold Lion Ventures Limited, a company in which Mr Nusarat is also a director.

Page 12

 
SISMA DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

17.


Controlling party

The company's ultimate controlling party is the director, Mr Nusarat, by virtue of his ownership of 100% of the company's share capital with voting rights. 

 
Page 13