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Samian1 Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2023

Registration number: 13666278

 

Samian1 Limited

Balance Sheet as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

3

2,743,000

11,175,000

Current assets

 

Debtors

4

1

1

Net assets

 

2,743,001

11,175,001

Capital and reserves

 

Called up share capital

5

2,743,001

11,175,001

Shareholders' funds

 

2,743,001

11,175,001

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

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

Mr I G Friend

Director

Company Registration Number: 13666278

 

Samian1 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
East Down Barn
East Down
Blandford Forum
DT11 9AS
England

These financial statements were authorised for issue by the Board on 28 October 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Prior period adjustment

The investment in the share capital of the subsidiary was understated in the 2022 accounts by £11,175,000. Share capital was understated by £11,175,000. The effect of this is an increase to reserves and net assets of £11,175,000.

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.

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.

 

Samian1 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3

Investments

2023
£

(As restated)

2022
£

Investments in subsidiaries

2,743,000

11,175,000

Subsidiaries

£

Cost or valuation

At 1 November 2022

11,175,000

Disposals

(8,432,000)

At 31 October 2023

2,743,000

Provision

Carrying amount

At 31 October 2023

2,743,000

At 31 October 2022

11,175,000

 

Samian1 Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2023

4

Debtors

2023
£

(As restated)

2022
£

Other debtors

1

1

1

1

5

Share capital

Allotted, called up and fully paid shares

2023

(As restated)

2022

No.

£

No.

£

Ordinary shares of £1 each

-

-

11,175,001

11,175,001

Ordinary A shares of £1 (2022 - £0) each

2,743,001

2,743,001

-

-

Ordinary B shares of £1 (2022 - £0) each

-

-

-

-

2,743,001

2,743,001

11,175,001

11,175,001