Company No:
Contents
DIRECTOR | David Mr. Stephen |
SECRETARY | Caroline Anne Ms. Keppel-Palmer |
REGISTERED OFFICE | 64 Kimber Road |
London | |
SW18 4PP | |
United Kingdom |
COMPANY NUMBER | 14266142 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 31.03.2024 | 31.03.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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290,000 | 82,306 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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5,080 | 16,924 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (308,183) | (83,076) | ||
Total assets less current liabilities | (18,183) | (770) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sargasso Investments Limited (registered number:
David Mr. Stephen
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Sargasso Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 64 Kimber Road, London, SW18 4PP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £18,183. The Company is supported through loans from Associated Companies. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Associated Companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Year ended 31.03.2024 |
Period from 01.08.2022 to 31.03.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Investments in associates | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Provisions for impairment | |||||
At 01 April 2023 |
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Impairment |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in shares
The investment held in MHKM Sarl represents the development of property in Marrakech. Following an earthquake in September 2023, significant damage was made to the development site. The Director, following discussions with property developers in Marrakech, has determined that a fair value of the investment at 31 March 2024 is £150,000 and, as such, an impairment on the asset has been recognised.
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
MHKM Sarl | Lieudit Marigha, Province El Haouz, Circle Asni, Commune Ouirgane, Marrakech | Property development | Ordinary | 7.00% |
31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Other debtors |
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31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to associates |
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Other creditors |
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Amounts owed to Associates are repayable on demand and do not bear interest.
31.03.2024 | 31.03.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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The Company had no material capital commitments at the period ended 31 March 2024.