Registration number:
Saraad Ltd
for the
Year Ended 30 June 2024
Saraad Ltd
Company Information
Director |
Mr Hussein Hachem |
Registered office |
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Accountants |
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Saraad Ltd
(Registration number: 10824326)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
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Tangible assets |
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|
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Investment property |
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|
|
|
|
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Current assets |
|||
Debtors |
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
130 |
130 |
|
Retained earnings |
58,939 |
33,088 |
|
Shareholders' funds |
59,069 |
33,218 |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Saraad Ltd
Statement of Changes in Equity for the Year Ended 30 June 2024
Share capital |
Retained earnings |
Total |
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At 1 July 2023 |
|
|
|
Profit for the year |
- |
|
|
At 30 June 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
At 30 June 2023 |
130 |
33,088 |
33,218 |
Saraad Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the rental income received from residential properties in the ordinary course of the company’s activities.
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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.
Saraad Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
15% on cost |
Investment property
Cash and cash equivalents
The company`s bank account is is held in trust with Mehta & Tengra, Chartered Accountants, in a designated client account.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
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UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
( |
5,295 |
4,923 |
|
Deferred taxation |
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Arising from accelerated capital allowances |
( |
|
Tax expense in the income statement |
|
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Saraad Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Investment properties |
2024 |
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At 1 July |
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At 30 June |
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The fair value of the properties have been arrived at on the basis of the valuations provided by the director who is not a professionally qualified valuer.The valuation was arrived at by reference to the market evidence of transaction prices for similar properties in its location the properties are situated.
The cost of the properties were £1,047,595.
Debtors |
Current |
2024 |
2023 |
Prepayments |
|
- |
Funds held in designated clients account |
|
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Sundry debtors |
- |
328 |
|
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Saraad Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Corporation tax |
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Accruals and deferred income |
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Directors current account |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
130 |
|
130 |
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
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Shareholders loans |
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