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Company No: 02087035 (England and Wales)

AFSHAR LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

AFSHAR LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

AFSHAR LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
AFSHAR LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS A A Boreh
C Boreh
REGISTERED OFFICE Flat 2 103 Eaton Square
London
SW1W 9AA
United Kingdom
COMPANY NUMBER 02087035 (England and Wales)
AFSHAR LIMITED

BALANCE SHEET

As at 31 December 2023
AFSHAR LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
Fixed assets
Tangible assets 4 530,284 617,109
Investment property 5 9,000,000 12,800,000
Investments 6 923,890 582,048
10,454,174 13,999,157
Current assets
Debtors 7 114,714 120,361
Cash at bank and in hand 2,150,559 2,735,678
2,265,273 2,856,039
Creditors: amounts falling due within one year 8 ( 2,825,355) ( 2,938,281)
Net current liabilities (560,082) (82,242)
Total assets less current liabilities 9,894,092 13,916,915
Creditors: amounts falling due after more than one year 9 ( 6,000,000) ( 6,000,000)
Provision for liabilities 10 0 ( 952,715)
Net assets 3,894,092 6,964,200
Capital and reserves
Called-up share capital 11 93 93
Profit and loss account 3,893,999 6,964,107
Total shareholders' funds 3,894,092 6,964,200

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

Directors' responsibilities:

The financial statements of Afshar Limited (registered number: 02087035) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

A A Boreh
Director
AFSHAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
AFSHAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Afshar Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 2 103 Eaton Square, London, SW1W 9AA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in Euros which is the functional currency of the Company and rounded to the nearest Euro (€).

Foreign currency

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.

All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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.

Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

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
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

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.

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings 10 years straight line

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.

Investment property

Investment property is carried at fair value determined annually by the directors on an open market basis. The value is 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 profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, liabilities or equity instruments.

Provisions

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have identified the following key sources of estimation uncertainty and judgements:

Investment properties are revalued annually using an open market basis, but there is there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year. 1 1

4. Tangible assets

Fixtures and fittings Total
Cost
At 01 January 2023 868,245 868,245
At 31 December 2023 868,245 868,245
Accumulated depreciation
At 01 January 2023 251,136 251,136
Charge for the financial year 86,825 86,825
At 31 December 2023 337,961 337,961
Net book value
At 31 December 2023 530,284 530,284
At 31 December 2022 617,109 617,109

5. Investment property

Investment property
Valuation
As at 01 January 2023 12,800,000
Additions 30,164
Fair value movement (3,830,164)
As at 31 December 2023 9,000,000

The investment property consists of a villa in France. The property was valued on 31 December 2023 by the directors on an open market basis.

6. Fixed asset investments

Other investments Total
Cost or valuation before impairment
At 01 January 2023 582,048 582,048
Additions 266,500 266,500
Disposals ( 39,708) ( 39,708)
Movement in fair value 115,050 115,050
At 31 December 2023 923,890 923,890
Carrying value at 31 December 2023 923,890 923,890
Carrying value at 31 December 2022 582,048 582,048

7. Debtors

2023 2022
Prepayments 6,613 6,260
Other debtors 108,101 114,101
114,714 120,361

8. Creditors: amounts falling due within one year

2023 2022
Trade creditors 8,126 8,126
Amounts owed to related parties (note 12) 2,698,097 2,807,888
Accruals 12,570 12,200
Taxation and social security 9,358 10,913
Other creditors 97,204 99,154
2,825,355 2,938,281

9. Creditors: amounts falling due after more than one year

2023 2022
Bank loans (secured) 6,000,000 6,000,000

The bank loan is secured by a fixed charge over the company's assets and the personal assets of a shareholder.

10. Deferred tax

2023 2022
At the beginning of financial year ( 952,715) ( 669,631)
Credited/(charged) to the Profit and Loss Account 952,715 ( 283,084)
At the end of financial year 0 ( 952,715)

The deferred taxation balance is made up as follows:

2023 2022
Revaluation of investment property 0 ( 952,715)

11. Called-up share capital

2023 2022
Allotted, called-up and fully-paid
100 Ordinary shares of US $ 1.00 each 93 93

The share capital of the company comprises 100 ordinary shares of US $1.00 each, converted at the original foreign exchange rate at the date of issue.

12. Related party transactions

During the year ended 31 December 2023, the investment property was used by the directors and shareholders of the company on a rent-free basis. Based on the occupation by the directors and shareholders during the year, the estimated rental value on an open market basis was €72,493.

At 31 December 2023, the company owed €2,698,097 (2022: €2,807,888) to shareholders and connected parties. This balance is interest-free and repayable on demand.