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Registration number: 12526304

Sama Europe Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Sama Europe Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sama Europe Limited

Company Information

Directors

Myra Khanna

Adrian Lloyd

Zeenat Aisha Qureshi

Company secretary

Myra Khanna

Registered office

71-75 Shelton Street
London
WC2H 9JQ

 

Sama Europe Limited

(Registration number: 12526304)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,266

5,286

Current assets

 

Debtors

5

112,948

205,440

Cash at bank and in hand

 

817,640

802,335

 

930,588

1,007,775

Creditors: Amounts falling due within one year

6

(888,055)

(387,459)

Net current assets

 

42,533

620,316

Net assets

 

50,799

625,602

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

1,624,893

1,624,893

Other reserves

8,377

4,209

Retained earnings

(1,582,473)

(1,003,502)

Shareholders' funds

 

50,799

625,602

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 28 November 2024 and signed on its behalf by:
 

.........................................
Myra Khanna
Company secretary and director

 

Sama Europe Limited

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 England.

The address of its registered office is:
71-75 Shelton Street
London
WC2H 9JQ
United Kingdom

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. Whilst the Company has been loss making throughout the period, the Board is confident that the Company will be able to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Sama Europe Limited

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

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sama Europe Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

 

Sama Europe Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

8,657

8,657

Additions

6,709

6,709

Disposals

(1,032)

(1,032)

At 31 March 2024

14,334

14,334

Depreciation

At 1 April 2023

3,371

3,371

Charge for the year

3,095

3,095

Eliminated on disposal

(398)

(398)

At 31 March 2024

6,068

6,068

Carrying amount

At 31 March 2024

8,266

8,266

At 31 March 2023

5,286

5,286

5

Debtors

Current

2024
£

2023
£

Trade debtors

101,508

83,065

Prepayments

11,440

33,467

Other debtors

-

88,908

 

112,948

205,440

 

Sama Europe Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

31,401

9,265

Taxation and social security

 

132,499

47,737

Accruals and deferred income

 

534,461

148,722

Other creditors

 

62,568

53,654

Loans and borrowings

7

127,126

128,081

 

888,055

387,459

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

127,126

128,081

Other borrowings

Other borrowings of £127,126 (2023: £128,081) consists of a loan provided to the company by the director, Ms M Khanna. The loan is not accruing interest and is repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

VN shares of £0.000001 each

36,424

0.04

36,424

0.04

Seed shares of £0.000001 each

415,031

0.42

415,031

0.42

Ordinary shares of £0.000001 each

1,316,138

1.32

1,316,138

1.32

Deferred shares of £0.000001 each

3,311

-

3,311

-

 

1,770,904

1.77

1,770,904

1.77

 

9

Control

The controlling party is the Company Director, Myra Khanna.