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REGISTERED NUMBER: SC551346 (Scotland)















Financial Statements

for the Year Ended 30 November 2023

for

Savu Properties Ltd

Savu Properties Ltd (Registered number: SC551346)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Savu Properties Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J Savaliya
J K N Savliya





REGISTERED OFFICE: 3 Baird Gardens
Blantyre
Glasgow
G72 0WT





REGISTERED NUMBER: SC551346 (Scotland)





ACCOUNTANTS: KAL Accountants
Chartered Certified Accountants
3 Baird Gardens
Blantyre
Glasgow
G72 0WT

Savu Properties Ltd (Registered number: SC551346)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,335,020 2,943,018

CURRENT ASSETS
Debtors 5 1,350 1,350
Cash at bank and in hand 148,235 43,571
149,585 44,921
CREDITORS
Amounts falling due within one year 6 861,731 819,863
NET CURRENT LIABILITIES (712,146 ) (774,942 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,622,874

2,168,076

CREDITORS
Amounts falling due after more than one
year

7

1,943,400

1,715,933
NET ASSETS 679,474 452,143

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 9 689,627 506,098
Retained earnings (10,157 ) (53,959 )
679,474 452,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Savu Properties Ltd (Registered number: SC551346)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





J K N Savliya - Director


Savu Properties Ltd (Registered number: SC551346)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Savu Properties Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 2,943,018
Additions 208,473
Revaluations 183,529
At 30 November 2023 3,335,020
NET BOOK VALUE
At 30 November 2023 3,335,020
At 30 November 2022 2,943,018

Savu Properties Ltd (Registered number: SC551346)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. INVESTMENT PROPERTY - continued

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2021 377,816
Valuation in 2022 128,282
Valuation in 2023 183,529
Cost 2,645,393
3,335,020

If investment property had not been revalued it would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 2,645,393 2,436,920

Investment property was valued on an open market basis on 30 November 2023 by the company's independent valuer .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 1,350 1,350

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 1,889 1,889
Other creditors 859,842 817,974
861,731 819,863

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 10,547 12,435
Other creditors 1,932,853 1,703,498
1,943,400 1,715,933

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,991 4,879
Mortgages 1,932,853 1,703,498
1,935,844 1,708,377

Savu Properties Ltd (Registered number: SC551346)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Mortgage 1,932,853 1,703,498

Standard securities have been granted in favour of the lenders over the individual properties to which the mortgages relate.

9. RESERVES
Revaluation
reserve
£   
At 1 December 2022 506,098
Property revaluation 183,529

At 30 November 2023 689,627

10. RELATED PARTY DISCLOSURES

Included within other creditors are loans made to the company as follows:-

Loans from directors of £163,000 (2022 - £138,000) from Mr J Savaliya and £196,600 (2022 - £166,600) from Mr J Savliya.

Loan from Savu Engineering Ltd of £319,000 (2022 - £379,000), a company in which Mr J Savaliya has a controlling interest.

Loans from spouses of the directors totalling £98,100 (2022 - £81,100).