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Registration number: 12092429

SSL Burnham Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

SSL Burnham Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

SSL Burnham Limited

Company Information

Director

Mr Raman Thukral

Registered office

861 Coronation Road
Park Royal
London
NW10 7PT

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

SSL Burnham Limited

(Registration number: 12092429)
Balance Sheet as at 31 May 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

4

3,015,100

3,015,101

Current assets

 

Debtors

5

247,791

95,441

Cash at bank and in hand

 

1,350

3,429

 

249,141

98,870

Creditors: Amounts falling due within one year

6

(2,153,109)

(2,065,809)

Net current liabilities

 

(1,903,968)

(1,966,939)

Total assets less current liabilities

 

1,111,132

1,048,162

Creditors: Amounts falling due after more than one year

6

(845,716)

(809,752)

Net assets

 

265,416

238,410

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

265,316

238,310

Shareholders' funds

 

265,416

238,410

For the financial year ending 31 May 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 year in question in accordance with section 476; and

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

 

SSL Burnham Limited

(Registration number: 12092429)
Balance Sheet as at 31 May 2023 (continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 25 September 2024
 

.........................................
Mr Raman Thukral
Director

   
     
 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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:
861 Coronation Road
Park Royal
London
NW10 7PT
United Kingdom

These financial statements were authorised for issue by the director on 25 September 2024.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In assessing whether the going concern assumption is appropriate the Director has considered all information available for the foreseeable future in particular the 12 months from the date of sign off of these financial statements and accordingly these financial statements have been prepared on a going concern basis.

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, 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 creditors or debtors, 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 of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
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 if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2022: 1).

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

3,015,100

3,015,101

Subsidiaries

Note

£

Cost or valuation

At 1 June 2022

 

3,015,101

Impairment

12

(1)

At 31 May 2023

 

3,015,100

Provision

Carrying amount

At 31 May 2023

 

3,015,100

At 31 May 2022

 

3,015,101

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Broadhurst Investments Ltd

1st Floor,
Cromwell House,
14 Fulwood Place,
London, WC1V 6HZ
United Kingdom

Ordianry shares

60%

60%

Charles Street Investments (Heathrow) Limited

861 Coronation Road,
Park Royal,
London NW10 7PT
United Kingdom

Ordinary shares

100%

100%

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Hamilton West Property Services Limited

C/O Gorrie Whitson Limited,
1st Floor, Cromwell House,
14 Fulwood Place,
London WC1V 6HZ,
United Kingdom

Ordinary shares

50%

50%

Property Tring Ltd

1st Floor, Cromwell House,
14 Fulwood Place,
London WC1V 6HZ,
United Kingdom

Ordinary shares

100%

100%

Wendover Property Services Limited

861 Coronation Road
Park Royal,
London, NW10 7PT,
United Kingdom

Ordinary shares

100%

100%

WOW Workspaces Ltd

861 Coronation Road,
Park Royal,
London, NW10 7PT,
United Kingdom

Ordinary shares

100%

100%

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

15,000

-

Amounts owed by related parties

9

195,080

64,580

Other debtors

 

6,850

-

Corporation tax recoverable

30,861

30,861

 

247,791

95,441

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Trade creditors

 

7,100

18,000

Amounts owed to related parties

9

1,099,386

824,790

Other payables

 

20,733

78,908

Accruals

 

3,500

-

Corporation tax payable

71,614

95,859

Director's current account

 

950,776

1,048,252

 

2,153,109

2,065,809

Due after one year

 

Loans and borrowings

7

845,716

809,752

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

7

845,716

809,752

7

Loans and borrowings

Non-current loans and borrowings

Note

2023
£

(As restated)

2022
£

Amounts owed to related parties

9

845,716

809,752

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

The Company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the Group.

Other transactions with the director

At the balance sheet the company owed the director £950,776 (2022: £1,048,252).

Summary of transactions with other related parties

At the balance sheet date the company was owed a total of £195,080 (2022: £64,580) by other companies with common directors. The loans are interest free and repayable on demand.

At the balance sheet date the company owed a total of £1,945,102 (2022: £1,634,542) to other companies with common directors. The loans are interest free and payable on demand.

10

Ultimate controlling party

The ultimate controlling party is Mr Raman Thukral.

11

Prior Year Adjustment

The comparatives have been restated to reflect the following which were previously omitted:

1. Stamp duty paid on the investments amounting to £15,100.
2. Investment in subsidiary amounting to £1.

The above adjustments have been adjusted against the corresponding amounts due to group undertakings.

3. Inter-company transactions misposted to Bad debts amounting to net £223,361.

The above adjustment has impacted the retained earnings by £223,361.

 

SSL Burnham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

12

Post Balance Sheet Events

Subsequent to the year, one of the company's investments, namely Property Tring Ltd was dissolved. The company has impaired this investment to £Nil in these financial statements.