Registered number
13525107
SADAKAT PROPERTIES LIMITED
Filleted Accounts
31 July 2023
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
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
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