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Registration number: 14532852

Saga House UK Limited

Unaudited Filleted Abridged Financial Statements

for the Period from 9 December 2022 to 31 December 2023

 

Saga House UK Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Saga House UK Limited

Company Information

Director

Chiara Bonetti

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Accountants

Verfides
5th Floor
86 Jermyn Street
London
SW1Y 6AW

 

Saga House UK Limited

(Registration number: 14532852)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

573,794

Investment property

2,879,831

 

3,453,625

Current assets

 

Debtors

17,707

Cash at bank and in hand

 

22,903

 

40,610

Creditors: Amounts falling due within one year

(3,610,142)

Net current liabilities

 

(3,569,532)

Total assets less current liabilities

 

(115,907)

Accruals and deferred income

 

(13,208)

Net liabilities

 

(129,115)

Capital and reserves

 

Called up share capital

10,000

Retained earnings

(139,115)

Shareholders' deficit

 

(129,115)

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Saga House UK Limited

(Registration number: 14532852)
Abridged Balance Sheet as at 31 December 2023

Approved and authorised by the director on 9 September 2024
 

.........................................

Chiara Bonetti

Director

 

Saga House UK Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 9 December 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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 Pounds Sterling which is the functional currency of the company and are rounded to the nearest whole Pound.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Saga House UK Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 9 December 2022 to 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Saga House UK Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 9 December 2022 to 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

573,794

573,794

At 31 December 2023

573,794

573,794

Depreciation

Carrying amount

At 31 December 2023

573,794

573,794

Investment properties

2023
£

Additions

2,879,831

There has been no valuation of investment property by an independent valuer.

5

Related party transactions

Summary of transactions with other related parties

At the year end the company owed the shareholders £3,585,407.