Registered number
01870481
Satnam Limited
Filleted Accounts
30 June 2024
Satnam Limited
Registered number: 01870481
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 16,400,000 10,000,000
Current assets
Debtors 5 303,000 203,541
Cash at bank and in hand 603,433 19,192
906,433 222,733
Creditors: amounts falling due within one year 6 (9,681,153) (6,488,380)
Net current liabilities (8,774,720) (6,265,647)
Total assets less current liabilities 7,625,280 3,734,353
Provisions for liabilities (2,546,142) (643,377)
Net assets 5,079,138 3,090,976
Capital and reserves
Called up share capital 2 2
Profit and loss account 5,079,136 3,090,974
Shareholder's funds 5,079,138 3,090,976
The directors are 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 directors acknowledge their 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.
The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and signed on its behalf by:
S S Dhillon
Director
The notes on pages 2 to 5 form part of these financial statements.
Satnam Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, except for investment property, 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).
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Going concern
The company’s directors have carefully considered the impact of “COVID-19” on the outlook for the next 12 months trading and longer-term impact on the business. There is uncertainty regarding the impact on the company’s tenants and uncertainty regarding the timing of receipts. The directors are satisfied that cash resources can be made available to the company ,if required, from group undertakings or related party companies, to enable it to meet its financial obligations during the next 12 months. The directors are therefore confident the company will continue in operational existence notwithstanding the uncertainties noted above and have prepared the accounts on a going concern basis.
Turnover
Turnover represents rents received on properties and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Rental income from property is charged to profit or loss on a straight-line basis over the term of the lease.
Investment properties at fair value
Investment property is carried at fair value determined annually by the directors and derived from sales or current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
1 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 Taxation on profit 2024 2023
£ £
Current tax
UK corporation tax on profits of the year - -
Adjustment in respect of previous years - -
Total current tax - -
Movement in deferred tax liability 1,902,765 -
Taxation on profit 1,902,765 -
The tax assessed for the year differs from the standard rate of corporation tax in the UK. The differences are explained below:
2024 2023
£ £
Profit before tax 7,140,927 645,564
Profit at the standard rate of corporation tax in the UK 1,785,232 132,314
Effects of:
Expenses/(income) not taxable (1,600,000) -
Group relief (185,232) (132,314)
Movement in deferred tax liability on fair value adjustments 1,902,765 -
Taxation on profit for the year 1,902,765 -
3 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
4 Tangible fixed assets
Investment properties
£
Cost of valuation
At 1 July 2023 10,000,000
Surplus on revaluation 6,400,000
At 30 June 2024 16,400,000
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 16,400,000
At 30 June 2023 10,000,000
The historical cost of investment properties is £3,894,381 (2023: £3,894,381).
Investment properties have been revalued by the directors for the year ended 30 June 2024 and are stated at open market value.
5 Debtors 2024 2023
£ £
Amounts falling due within one year:
Trade debtors - 100,500
Amounts owed by group undertakings 202,000 100,000
Other debtors 101,000 3,041
303,000 203,541
Amounts owed by group undertakings are interest free and due on demand.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings 9,477,064 6,314,182
Taxation and social security costs 29,892 -
Other creditors 174,197 174,198
9,681,153 6,488,380
Amounts owed to group undertakings are interest free and are unsecured.
7 Controlling party
The company is a wholly owned subsidiary of Satnam Investments Limited, whose registered office address is 17 Imperial Square, Cheltenham, GL50 1QZ. The ultimate controlling party of the company is S S Dhillon, a director of the company.
8 Other information
Satnam Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ
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