IRIS Accounts Production v24.3.0.553 10019138 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh100191382023-02-28100191382024-02-29100191382023-03-012024-02-29100191382022-02-28100191382022-03-012023-02-28100191382023-02-2810019138ns15:EnglandWales2023-03-012024-02-2910019138ns14:PoundSterling2023-03-012024-02-2910019138ns10:Director12023-03-012024-02-2910019138ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2910019138ns10:SmallEntities2023-03-012024-02-2910019138ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2910019138ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2910019138ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2910019138ns10:FullAccounts2023-03-012024-02-2910019138ns10:OrdinaryShareClass12023-03-012024-02-2910019138ns10:Director22023-03-012024-02-2910019138ns10:RegisteredOffice2023-03-012024-02-2910019138ns5:CurrentFinancialInstruments2024-02-2910019138ns5:CurrentFinancialInstruments2023-02-2810019138ns5:Non-currentFinancialInstruments2024-02-2910019138ns5:Non-currentFinancialInstruments2023-02-2810019138ns5:ShareCapital2024-02-2910019138ns5:ShareCapital2023-02-2810019138ns5:RevaluationReserve2024-02-2910019138ns5:RevaluationReserve2023-02-2810019138ns5:RetainedEarningsAccumulatedLosses2024-02-2910019138ns5:RetainedEarningsAccumulatedLosses2023-02-2810019138ns5:PlantMachinery2023-03-012024-02-2910019138ns5:PlantMachinery2023-02-2810019138ns5:PlantMachinery2024-02-2910019138ns5:PlantMachinery2023-02-2810019138ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-02-2910019138ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-2810019138ns5:Secured2024-02-2910019138ns5:Secured2023-02-2810019138ns10:OrdinaryShareClass12024-02-2910019138ns5:RevaluationReserve2023-02-28
REGISTERED NUMBER: 10019138 (England and Wales)

















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Samay Properties Limited

Samay Properties Limited (Registered number: 10019138)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Samay Properties Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr S Jha
Dr S Vohra





REGISTERED OFFICE: 1 Stowe Avenue
Sheffield
S7 2GP





REGISTERED NUMBER: 10019138 (England and Wales)





ACCOUNTANTS: Sutton McGrath Hartley Limited
5 Westbrook Court
Sharrowvale Road
Sheffield
S11 8YZ

Samay Properties Limited (Registered number: 10019138)

Statement of Financial Position
29 February 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 152,161 190,202
Investment property 5 2,620,000 1,941,528
2,772,161 2,131,730

CURRENT ASSETS
Debtors 6 13 13
Cash at bank 23,643 10,089
23,656 10,102
CREDITORS
Amounts falling due within one year 7 383,819 427,024
NET CURRENT LIABILITIES (360,163 ) (416,922 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,411,998 1,714,808

CREDITORS
Amounts falling due after more than one
year

8

(1,583,783

)

(1,538,783

)

PROVISIONS FOR LIABILITIES (168,233 ) (39,323 )
NET ASSETS 659,982 136,702

CAPITAL AND RESERVES
Called up share capital 11 35,000 35,000
Revaluation reserve 12 (635,176 ) 172,206
Retained earnings 1,260,158 (70,504 )
SHAREHOLDERS' FUNDS 659,982 136,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Samay Properties Limited (Registered number: 10019138)

Statement of Financial Position - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





Mr S Jha - Director


Samay Properties Limited (Registered number: 10019138)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Samay Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors believes that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the directors, who are also shareholders.

Samay Properties Limited (Registered number: 10019138)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 March 2023
and 29 February 2024 215,895
DEPRECIATION
At 1 March 2023 25,693
Charge for year 38,041
At 29 February 2024 63,734
NET BOOK VALUE
At 29 February 2024 152,161
At 28 February 2023 190,202

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2023 1,941,528
Revaluations 678,472
At 29 February 2024 2,620,000
NET BOOK VALUE
At 29 February 2024 2,620,000
At 28 February 2023 1,941,528

Fair value at 29 February 2024 is represented by:
£
Valuation in 2021 116,529
Valuation in 2022 15,000
Valuation in 2023 80,000
Valuation in 2024 678,472
Cost 1,729,999
2,620,000

Samay Properties Limited (Registered number: 10019138)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 1,729,999 1,729,999
Aggregate depreciation (70,020 ) (52,720 )

Investment property was valued on an open market basis on 28 February 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Prepayments 13 13

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Tax 40 -
Other creditors 950 950
Directors' current accounts 381,329 424,574
Accrued expenses 1,500 1,500
383,819 427,024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 9) 1,583,783 1,538,783

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,583,783 1,538,783

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,583,783 1,538,783

Samay Properties Limited (Registered number: 10019138)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,583,783 1,538,783

The bank loans are mortgages secured on the investment properties held by the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
35,000 Ordinary £1 35,000 35,000

12. RESERVES
Revaluation
reserve
£
At 1 March 2023 172,206
Other movements (807,382 )

At 29 February 2024 (635,176 )