Sirer Investments Limited 03128985 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is letting real estate Digita Accounts Production Advanced 6.30.9574.0 true true 03128985 2023-06-01 2024-05-31 03128985 2024-05-31 03128985 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-05-31 03128985 core:CurrentFinancialInstruments 2024-05-31 03128985 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 03128985 core:Non-currentFinancialInstruments 2024-05-31 03128985 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 03128985 core:FurnitureFittingsToolsEquipment 2024-05-31 03128985 bus:SmallEntities 2023-06-01 2024-05-31 03128985 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03128985 bus:FilletedAccounts 2023-06-01 2024-05-31 03128985 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03128985 bus:RegisteredOffice 2023-06-01 2024-05-31 03128985 bus:Director1 2023-06-01 2024-05-31 03128985 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03128985 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 03128985 core:OfficeEquipment 2023-06-01 2024-05-31 03128985 countries:EnglandWales 2023-06-01 2024-05-31 03128985 2023-05-31 03128985 core:FurnitureFittingsToolsEquipment 2023-05-31 03128985 2022-06-01 2023-05-31 03128985 2023-05-31 03128985 core:CurrentFinancialInstruments 2023-05-31 03128985 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 03128985 core:Non-currentFinancialInstruments 2023-05-31 03128985 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 03128985 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 03128985

Sirer Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Sirer Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

 

Sirer Investments Limited

Company Information

Director

Mr Ersin Sirer

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Kajaine Kafton LLP
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Sirer Investments Limited

(Registration number: 03128985)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,265

1,111

Investment property

5

1,200,000

1,200,000

Other financial assets

6

200,000

200,000

 

1,402,265

1,401,111

Current assets

 

Debtors

7

41,182

126,555

Cash at bank and in hand

 

297,185

293,864

 

338,367

420,419

Creditors: Amounts falling due within one year

8

(187,809)

(225,430)

Net current assets

 

150,558

194,989

Total assets less current liabilities

 

1,552,823

1,596,100

Creditors: Amounts falling due after more than one year

8

(495,547)

(504,838)

Provisions for liabilities

(157,955)

(157,955)

Net assets

 

899,321

933,307

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

673,385

673,385

Retained earnings

225,934

259,920

Shareholders' funds

 

899,321

933,307

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

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Sirer Investments Limited

(Registration number: 03128985)
Balance Sheet as at 31 May 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 January 2025
 

.........................................
Mr Ersin Sirer
Director

 

Sirer Investments Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the director on 21 January 2025.

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 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.

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:

 

Sirer Investments Limited

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

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

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.

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.

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 the director) during the year, was 2 (2023 - 2).

 

Sirer Investments Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

1,482

1,482

Additions

1,909

1,909

At 31 May 2024

3,391

3,391

Depreciation

At 1 June 2023

371

371

Charge for the year

755

755

At 31 May 2024

1,126

1,126

Carrying amount

At 31 May 2024

2,265

2,265

At 31 May 2023

1,111

1,111

5

Investment properties

2024
£

At 1 June

1,200,000

At 31 May

1,200,000

There has been no valuation of investment property by an independent valuer.

 

Sirer Investments Limited

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

200,000

200,000

At 31 May 2024

200,000

200,000

Impairment

Carrying amount

At 31 May 2024

200,000

200,000

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

57

100,450

Other debtors

 

41,125

26,105

   

41,182

126,555

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

45,333

42,254

Trade creditors

 

1,182

-

Taxation and social security

 

1,849

846

Other creditors

 

138,140

140,652

Accrued expenses

 

1,242

1,182

Directors current account

 

63

40,496

 

187,809

225,430

Due after one year

 

Loans and borrowings

9

495,547

504,838

Creditors: amounts falling due after more than one year

 

Sirer Investments Limited

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

495,547

504,838

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

495,547

504,838

Current loans and borrowings

2024
£

2023
£

Bank borrowings

35,999

35,999

Bank overdrafts

9,334

6,255

45,333

42,254

10

Related party transactions

 

Sirer Investments Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,000

15,000