Registered number
11388686
Salfe Limited
Unaudited Filleted Accounts
for the year ended
31 May 2024
Salfe Limited
Report and accounts
Contents
Page
Accountants' report 1
Statement of financial position 2
Notes to the financial statements 3
Salfe Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Salfe Limited for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salfe Limited for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Salfe Limited, as a body, in accordance with the terms of our engagement letter dated 13 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of Salfe Limited and state those matters that we have agreed to state to the Board of Directors of Salfe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salfe Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Salfe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Salfe Limited. You consider that Salfe Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Salfe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
MAH, Chartered Accountants
2nd Floor
154 Bishopsgate
London
EC2M 4LN
26 February 2025
Salfe Limited
Registered number: 11388686
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 491,682 501,319
Current assets
Debtors 4 4,355 17,700
Cash at bank and in hand 67,560 2,275
71,915 19,975
Creditors: amounts falling due within one year 5 (36,196) (42,326)
Net current assets/(liabilities) 35,719 (22,351)
Net assets 527,401 478,968
Capital and reserves
Called up share capital 6 100 100
Profit and loss account 7 527,301 478,868
Shareholder's funds 527,401 478,968
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Md Ataur Rahman
Director
Approved by the board on 26 February 2025
Salfe Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property over 40 years
Property improvements over 40 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Plant and machinery etc
£ £
Cost
At 1 June 2023 559,773 559,773
At 31 May 2024 559,773 559,773
Depreciation
At 1 June 2023 58,454 58,454
Charge for the year 9,637 9,637
At 31 May 2024 68,091 68,091
Net book value
At 31 May 2024 491,682 491,682
At 31 May 2023 501,319 501,319
4 Debtors 2024 2023
£ £
Trade debtors - 17,300
Accrued income 4,255 -
Other debtors 100 400
4,355 17,700
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accrued expense 1,500 3,600
Trade creditors 522 3,693
Deferred tax 1,629 1,629
Amounts owed to group undertakings and undertakings in which the company has a participating interest 13,048 13,048
Taxation and social security costs 19,051 19,612
Other creditors 446 744
36,196 42,326
6 Share capital Nominal 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
100 100
7 Profit and loss account 2024 2023
£ £
At 1 June 478,868 439,106
(Loss)/profit for the financial year 48,433 70,262
Dividends - (30,500)
At 31 May 527,301 478,868
8 Controlling party
Mr Federico Seghizzi is the 100% shareholder and controls the company.
9 Other information
Salfe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 11, Sussex Court
31 Spring Street
London
W2 1JF
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