SADAKAT PROPERTIES LIMITED |
Registered number: |
13525107 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
18,510,026 |
|
|
18,510,026 |
|
Current assets |
Debtors |
4 |
|
171,511 |
|
|
1,451,457 |
Cash at bank and in hand |
|
|
100 |
|
|
100 |
|
|
|
171,611 |
|
|
1,451,557 |
|
Creditors: amounts falling due within one year |
5 |
|
(9,979,057) |
|
|
(10,933,695) |
|
Net current liabilities |
|
|
|
(9,807,446) |
|
|
(9,482,138) |
|
Total assets less current liabilities |
|
|
|
8,702,580 |
|
|
9,027,888 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(9,500,000) |
|
|
(9,500,000) |
|
|
|
Net liabilities |
|
|
|
(797,420) |
|
|
(472,112) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(797,520) |
|
|
(472,212) |
|
Shareholders' funds |
|
|
|
(797,420) |
|
|
(472,112) |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Saifuzzaman Chowdhury |
Director |
Approved by the board on 14 November 2024 |
|
SADAKAT PROPERTIES LIMITED |
Notes to the Accounts |
for the year ended 31 July 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Investment properties |
0% |
|
|
|
Investments |
|
Investment properties are properties held to earn rentals and/or for capital appreciation.Investment properties were recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
|
|
|
|
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Going concern |
|
The financial statements are prepared on a going concern basis, notwithstanding the company having made a loss for the year of £325,308 (2022: £472,212).In considering the appropriateness of the basis of preparation of these financial statements the directors have indicated that for a period of at least twelve months from the signing of these financial statements they will continue to provide working capital arrangements and cash flow as needed by the company in order to support its continued operations and meet its liabilities. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
£ |
|
Cost |
|
At 1 August 2022 |
18,510,026 |
|
At 31 July 2023 |
18,510,026 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 July 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
18,510,026 |
|
At 31 July 2022 |
18,510,026 |
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
37,951 |
|
8,957 |
|
Prepayments |
|
|
|
|
133,560 |
|
661,017 |
|
Other debtors |
- |
|
781,483 |
|
|
|
|
|
|
171,511 |
|
1,451,457 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bridging Loan |
578,289 |
|
2,850,800 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
8,092,895 |
|
8,082,895 |
|
Director's loan accounts |
1,301,873 |
|
- |
|
Other creditors |
6,000 |
|
- |
|
|
|
|
|
|
9,979,057 |
|
10,933,695 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
9,500,000 |
|
9,500,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
During the year there were no new transactions between the company and its parent company Aramit Properties Limited where Mr Saifuzzaman Chowdhury has a participating interest and at the end of the year the company owed to its parent company £8,092,895 (2022: £8,082,895) in respect of prior years. |
|
During the year there were transactions between the company and its directors Mr Saifuzzaman Chowdhury and at the end of the year the company owed to the director £1,301,873 (2022: nil ). |
|
8 |
Other information |
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|
SADAKAT PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 02-121 |
|
8 Devonshire Square |
|
London |
|
EC2M 4YJ |