Company Registration No. 09927840 (England and Wales)
SAPPHIRE HOLDINGS LONDON LIMITED
Unaudited accounts
for the year ended 31 December 2023
SAPPHIRE HOLDINGS LONDON LIMITED
Unaudited accounts
Contents
SAPPHIRE HOLDINGS LONDON LIMITED
Company Information
for the year ended 31 December 2023
Director
WIJESINGHE Najiran
Company Number
09927840 (England and Wales)
Registered Office
116 OAKWAYS
LONDON
SE9 2PA
UNITED KINGDOM
SAPPHIRE HOLDINGS LONDON LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
12,132
13,916
Investment property
4,580,000
2,328,223
Cash at bank and in hand
(34,804)
5,041
Creditors: amounts falling due within one year
(433,933)
(384,608)
Net current liabilities
(443,856)
(354,786)
Total assets less current liabilities
4,148,276
1,987,353
Creditors: amounts falling due after more than one year
(2,721,283)
(1,531,205)
Provisions for liabilities
Deferred tax
(341,091)
(91,130)
Net assets
1,085,902
365,018
Called up share capital
1,000
1,000
Fair value reserve
1,023,272
388,504
Profit and loss account
61,630
(24,486)
Shareholders' funds
1,085,902
365,018
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 September 2024 and were signed on its behalf by
WIJESINGHE Najiran
Director
Company Registration No. 09927840
SAPPHIRE HOLDINGS LONDON LIMITED
Notes to the Accounts
for the year ended 31 December 2023
SAPPHIRE HOLDINGS LONDON LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09927840. The registered office is 116 OAKWAYS, LONDON, SE9 2PA, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
(a) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
The accounts are presented in £ sterling.
SAPPHIRE HOLDINGS LONDON LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve, Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years
Although this accounting policy is in accordance with the financial reporting standard for smaller entities (Effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortization is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Equipment - 20% on reducing balance method
Furniture - 20% on reducing balance method
Plant & machinery
25% on reducing balance method
Motor vehicles
25% on reducing balance method
Fixtures & fittings
25% on reducing balance method
Computer equipment
25% on reducing balance method
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
721
16,674
-
-
17,395
Additions
-
-
99
1,150
1,249
At 31 December 2023
721
16,674
99
1,150
18,644
At 1 January 2023
144
3,335
-
-
3,479
Charge for the year
115
2,668
20
230
3,033
At 31 December 2023
259
6,003
20
230
6,512
At 31 December 2023
462
10,671
79
920
12,132
At 31 December 2022
577
13,339
-
-
13,916
Fair value at 1 January 2023
2,328,223
Net gain from fair value adjustments
975,858
At 31 December 2023
4,580,000
SAPPHIRE HOLDINGS LONDON LIMITED
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
18,960
18,960
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
6,527
Taxes and social security
7,901
7,811
Loans from directors
425,782
369,722
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,721,283
1,531,205
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).