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Registration number: 12365380

Sakin Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Sakin Holdings Ltd

Company Information

Directors

Mr Fakhruddin Taherally Suterwalla

Mrs Sakina Fakhruddin Suterwalla

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Sakin Holdings Ltd

(Registration number: 12365380)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

140,958

117,786

Investments

6

772,400

772,400

Cash at bank and in hand

 

100,603

104,957

 

1,013,961

995,143

Creditors: Amounts falling due within one year

7

(6,748)

(9,279)

Net assets

 

1,007,213

985,864

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,007,113

985,764

Shareholders' funds

 

1,007,213

985,864

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Fakhruddin Taherally Suterwalla
Director

 

Sakin Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

985,764

985,864

Profit for the year

-

21,349

21,349

At 31 March 2024

100

1,007,113

1,007,213

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

4,961,041

4,961,141

Profit for the year

-

24,723

24,723

Dividends

-

(4,000,000)

(4,000,000)

At 31 March 2023

100

985,764

985,864

 

Sakin Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises of interest receivable in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Sakin Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

5,008

5,799

5

Debtors

Current

2024
£

2023
£

Other debtors

100

100

Accrued income

140,858

117,686

 

140,958

117,786

6

Current asset investments

2024
£

2023
£

Funds held by third party

772,400

772,400

 

Sakin Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Corporation tax

5,008

5,799

Accruals and deferred income

1,740

3,480

6,748

9,279

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £40,000.00) per ordinary share

4,000,000

 

 

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

The directors of this company are also directors of another company.
 

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Amounts receivable from related party

913,259

2023

Entities with joint control or significant influence
£

Amounts receivable from related party

890,087

 

Sakin Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

890,087

890,087

Interest transactions

23,172

23,172

At end of period

913,259

913,259

2023

Entities with joint control or significant influence
£

Total
£

At start of period

2,362,846

2,362,846

Repaid

(1,500,000)

(1,500,000)

Interest transactions

27,241

27,241

At end of period

890,087

890,087

Terms of loans to related parties

The interest on loan is payable at the rate of 3% per annum.