Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312false2023-02-01No description of principal activity2truetrue 03323184 2023-02-01 2024-01-31 03323184 2022-02-01 2023-01-31 03323184 2024-01-31 03323184 2023-01-31 03323184 c:Director1 2023-02-01 2024-01-31 03323184 c:Director2 2023-02-01 2024-01-31 03323184 d:PlantMachinery 2023-02-01 2024-01-31 03323184 d:PlantMachinery 2024-01-31 03323184 d:PlantMachinery 2023-01-31 03323184 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03323184 d:FreeholdInvestmentProperty 2024-01-31 03323184 d:FreeholdInvestmentProperty 2023-01-31 03323184 d:CurrentFinancialInstruments 2024-01-31 03323184 d:CurrentFinancialInstruments 2023-01-31 03323184 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 03323184 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03323184 d:ShareCapital 2024-01-31 03323184 d:ShareCapital 2023-01-31 03323184 d:RetainedEarningsAccumulatedLosses 2024-01-31 03323184 d:RetainedEarningsAccumulatedLosses 2023-01-31 03323184 c:FRS102 2023-02-01 2024-01-31 03323184 c:Audited 2023-02-01 2024-01-31 03323184 c:FullAccounts 2023-02-01 2024-01-31 03323184 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03323184 c:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03323184 2 2023-02-01 2024-01-31 03323184 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 03323184









SALAMIS TRADING LIMITED









DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,308
18,576

Investments
 6 
395,381
395,381

Investment property
 7 
9,203,000
9,203,000

  
9,612,689
9,616,957

Current assets
  

Debtors: amounts falling due within one year
 8 
26,311
843,109

Cash at bank and in hand
  
213,164
139,447

  
239,475
982,556

Creditors: amounts falling due within one year
 9 
(320,154)
(924,578)

Net current (liabilities)/assets
  
 
 
(80,679)
 
 
57,978

Total assets less current liabilities
  
9,532,010
9,674,935

Provisions for liabilities
  

Deferred tax
  
(194,994)
(194,994)

  
 
 
(194,994)
 
 
(194,994)

Net assets
  
9,337,016
9,479,941


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
9,336,016
9,478,941

  
9,337,016
9,479,941


Page 1

 
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P Christoforou
................................................
T Christoforou
Director
Director


Date: 29 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a private company limited by shares and is incorporated and domiciled in England and Wales, registration number 3323184. The registered office is Cuckmans Farm, 67 Ragged Hall Lane, St Albans AL2 3NP.
The company is engaged in Property Investment in the form of letting of high quality commercial and residential accomodation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors in making their assessment have considered a period of at least 12 months from the date of the signing of the balance sheet. The directors have not identified any material concerns which cast doubts on the ability of the company to continue as a going concern for at least the next 12 months.
 

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue comprises rental income, service charges and other sums receivable from the investment properties. Other sums comprise insurance charges, supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income.
All the properties are leased out under operating leases and are included in investment property in the balance sheet. Rental income from operating leases is recognised in the profit or loss on a straight-line basis over the lease term. Rent received in advance is deferred in the balance sheet and recognised in the period to which it relates to. If the company provides incentives to its customers the incentives are recognised over the lease term on a straight-line basis.
Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period.
 

 
2.4

Interest income

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

Page 3

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

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

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 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.

The company provides deferred tax on investment properties by reference to the tax that would be due on the ultimate sale of the properties. Recognition on this basis means that, where applicable, indexation allowance is taken into account in determining the tax base cost. 
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.

 
2.7

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.

Page 4

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% - 25% reducing balance

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.

 
2.8

Investment property

Investment property is carried at fair value. Gains and losses are recognised in profit or loss.

  
2.9

Other fixed asset investments

Other fixed asset investments consist of classic cars which are carried at fair value determined annually by the directors based on current publicly available selling prices for similar vehicles and adjusted if necessary for any difference in the nature, condition of the specific asset. Changes in fair value are recognised in the profit or loss.

 
2.10

Investments in associates

Associates are held at cost less impairment.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.
 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, 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 debtors and creditors, 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 or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.

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 is recognised in the profit or loss.
Page 5

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


For financial assets measured at 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 discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Significant assumptions regarding the Investment property and Classic cars valuation

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The Company uses the valuation performed by its directors as the fair value of its investment properties. The valuation is based upon the key assumptions of estimated rental values and market based yields. In determining fair value the directors make reference to market evidence and recent transaction prices for similar properties. Management considers the significant assumptions to the valuation of investment properties to be estimated rental values and market based yields.
The Company uses the valuation performed by its directors as the fair value of its Classic cars. The valuation is based upon the key assumptions of estimated selling price. In determining fair value the directors make reference to selling price for similar vehicles publicly available and adjusted for any difference in the nature, condition of the specific asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 February 2023
175,523



At 31 January 2024

175,523



Depreciation


At 1 February 2023
156,947


Charge for the year on owned assets
4,268



At 31 January 2024

161,215



Net book value



At 31 January 2024
14,308



At 31 January 2023
18,576


6.


Fixed asset investments





Investments in associates
Loans to associates
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 February 2023
1
30,000
365,380
395,381



At 31 January 2024
1
30,000
365,380
395,381




Page 7

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
9,203,000



At 31 January 2024
9,203,000

The 2024 valuations were made by the directors, at fair value. Investment property is carried at fair value determined annually by the directors and 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. Changes in fair value are recognised in profit or loss.





8.


Debtors

2024
2023
£
£


Trade debtors
9,114
6,155

Amounts owed by group undertakings
12,694
832,594

Other debtors
4,503
4,360

26,311
843,109



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,909
5

Other taxation and social security
178,920
782,712

Other creditors
139,325
141,861

320,154
924,578


Page 8

 
SALAMIS TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.Guarantees and other financial commitments

Guarantees:
There is a cross guarantee in place between the Company and its Parent Company  Eurosalamis Enterprises Ltd for the loan raised by the Parent Company from the bank. The total guarantees at the balance sheet date is £4,500,000 (2023 - £4,872,072). 
 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 30 October 2024 by Demetrakis Zemenides (Senior Statutory Auditor) on behalf of Goodman Lawrence & Co.

 
Page 9