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REGISTERED NUMBER: 04652244 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SAMCO PROPERTIES LIMITED

SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SAMCO PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: S. Loomba





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 04652244 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

STATEMENT OF FINANCIAL POSITION
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 139 186
Investment property 5 2,871,000 2,850,000
2,871,139 2,850,186

CURRENT ASSETS
Debtors 6 53,810 44,213
Cash at bank 425,542 431,784
479,352 475,997
CREDITORS
Amounts falling due within one year 7 34,861 14,945
NET CURRENT ASSETS 444,491 461,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,315,630

3,311,238

CREDITORS
Amounts falling due after more than one
year

8

(1,807,731

)

(1,807,731

)

PROVISIONS FOR LIABILITIES (149,021 ) (113,256 )
NET ASSETS 1,358,878 1,390,251

CAPITAL AND RESERVES
Called up share capital 151,000 151,000
Undistributable reserve 10 1,213,878 1,249,643
Retained earnings 10 (6,000 ) (10,392 )
SHAREHOLDERS' FUNDS 1,358,878 1,390,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

STATEMENT OF FINANCIAL POSITION - continued
31 March 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 director and authorised for issue on 31 January 2025 and were signed by:





S. Loomba - Director


SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Samco 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 represents net rental income receivable excluding value added tax. Rents were recorded in the period for which they were due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 25% reducing balance method
Fixtures and fittings - 25% reducing balance method

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

This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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.


SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 35,811
DEPRECIATION
At 1 April 2023 35,625
Charge for year 47
At 31 March 2024 35,672
NET BOOK VALUE
At 31 March 2024 139
At 31 March 2023 186

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,850,000
Additions 21,000
At 31 March 2024 2,871,000
NET BOOK VALUE
At 31 March 2024 2,871,000
At 31 March 2023 2,850,000

Investment property is included in the Financial Statements at its fair value as per the director's valuation.

SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2004 225,608
Valuation in 2005 69,750
Valuation in 2006 85,000
Valuation in 2008 40,061
Valuation in 2014 192,500
Valuation in 2016 400,000
Valuation in 2020 350,000
Cost 1,508,081
2,871,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 53,810 44,213

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 22,632 4,976
Trade creditors 5,760 2,760
Taxation and social security 3,707 4,448
Other creditors 2,762 2,761
34,861 14,945

Included within other creditors is accrued expenses of £2,762 (2023: £2,761)

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 1,807,731 1,807,731

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,792,584 1,792,542

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loan 1,792,584 1,792,542

The bank loans are secured by way of a fixed charge over all rental income and the proceeds of sales of any lease of the property, and a floating charge over the undertakings of the company.

SAMCO PROPERTIES LIMITED (REGISTERED NUMBER: 04652244)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. RESERVES
Retained Undistributable
earnings reserve Totals
£    £    £   

At 1 April 2023 (10,392 ) 1,249,643 1,239,251
Deficit for the year (31,373 ) (31,373 )
transfer of reserves 35,765 (35,765 ) -
At 31 March 2024 (6,000 ) 1,213,878 1,207,878

Within the reserves is an amount of £1,213,878. This represents the fair value adjustment of the investment properties and the deferred tax. FRS 102 requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend.

Deferred tax of £146,021 has been provided on the investment property in accordance with the requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be disposed of at a fair value.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
S. Loomba
Balance outstanding at start of year 42,168 137,037
Amounts advanced 11,642 24,131
Amounts repaid - (119,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,810 42,168

Included within the amount advanced is interest of £1,184 (2023: £928) charged at HMRC prescribed rate on the outstanding loan balance. The overdrawn loan balance is repayable on demand and personally guaranteed by the director and is disclosed in debtors due within one year.