Company Registration No. 09985337 (England and Wales)
Salemia Property Management Ltd
Unaudited accounts
for the year ended 29 February 2024
Salemia Property Management Ltd
Unaudited accounts
Contents
Salemia Property Management Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
1,620,026
1,620,664
Cash at bank and in hand
69,995
47,518
Creditors: amounts falling due within one year
(146,124)
(167,597)
Net current assets
105,916
61,966
Total assets less current liabilities
1,725,942
1,682,630
Creditors: amounts falling due after more than one year
(1,889,595)
(1,847,035)
Net liabilities
(163,653)
(164,405)
Called up share capital
100
100
Profit and loss account
(163,753)
(164,505)
Shareholders' funds
(163,653)
(164,405)
For the year ending 29 February 2024 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 25 November 2024 and were signed on its behalf by
Hakim Omar Al-Mohamadi
Director
Company Registration No. 09985337
Salemia Property Management Ltd
Notes to the Accounts
for the year ended 29 February 2024
Salemia Property Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 09985337. The registered office is C/O Accounts & Tax Advisor Ltd, 27 Mayesbrook Road, Dagenham, United Kingdom, RM8 2EA.
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 accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
The accounts are presented in £ sterling.
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:
Land & buildings
over 50 years
Plant & machinery
10% on straight line
Fixtures & fittings
20% on straight line
Computer equipment
20% on straight line
Investments in subsidiaries, associates and joint ventures are measured at cost less any
accumulated impairment losses. Listed investments are measured at fair value. Unlisted
investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company is a going concern. The company is funded and supported by long-term shareholders.
Salemia Property Management Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2023
1,618,614
47,484
172,121
5,325
1,843,544
At 29 February 2024
1,618,614
47,484
172,121
5,325
1,843,544
At 1 March 2023
-
45,899
171,963
5,018
222,880
Charge for the year
-
250
158
230
638
At 29 February 2024
-
46,149
172,121
5,248
223,518
At 29 February 2024
1,618,614
1,335
-
77
1,620,026
At 28 February 2023
1,618,614
1,585
158
307
1,620,664
Amounts falling due within one year
Trade debtors
49,729
49,729
Amounts due from group undertakings etc.
132,316
132,316
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,280
2,320
Amounts owed to group undertakings and other participating interests
144,844
144,844
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
1,889,595
1,847,035
The company obtained an unsecured, interest free loan from the beneficial owner of the property to finance the building improvement and refurbishments.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Salemia Property Management Ltd
Notes to the Accounts
for the year ended 29 February 2024
9
Transactions with related parties
The parent company is Homesdale Investments Limited, a company incorporated in British Virgin Islands. The ultimate controlling parties of Salemia Property Management Ltd is Ahmed Salem Bugshan who is the joint 100% owner of Homesdale Investments Limited.
At the end of the year the company owed £99,678 (2023: £99,678) from Silver Bells Administration Ltd and £32,638 (2023: 32,638) from JS London Leisure Ltd. The company also owed £144,844 (2023: £144,844) to Homesdale Investments Ltd where the director Mr Ahmed Salem Bugshan has participating interest.
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).