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Company No: 14266142 (England and Wales)

SARGASSO INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial period ended 31 March 2024
Pages for filing with the registrar

SARGASSO INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial period ended 31 March 2024

Contents

SARGASSO INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial period ended 31 March 2024
SARGASSO INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial period ended 31 March 2024
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
SARGASSO INVESTMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
SARGASSO INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Investments 3 290,000 82,306
290,000 82,306
Current assets
Debtors 4 1 1
Cash at bank and in hand 5,079 16,923
5,080 16,924
Creditors: amounts falling due within one year 5 ( 313,263) ( 100,000)
Net current liabilities (308,183) (83,076)
Total assets less current liabilities (18,183) (770)
Net liabilities ( 18,183) ( 770)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 18,184 ) ( 771 )
Total shareholder's deficit ( 18,183) ( 770)

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 14266142) were approved and authorised for issue by the Director on 26 March 2025. They were signed on its behalf by:

David Mr. Stephen
Director
SARGASSO INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
SARGASSO INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Impairment of assets

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.

Fixed asset investments

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 instruments

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.

2. Employees

Year ended
31.03.2024
Period from
01.08.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 0 0

3. Fixed asset investments

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 82,306 0 82,306
Additions 71,451 140,000 211,451
At 31 March 2024 153,757 140,000 293,757
Provisions for impairment
At 01 April 2023 0 0 0
Impairment 3,757 0 3,757
At 31 March 2024 3,757 0 3,757
Carrying value at 31 March 2024 150,000 140,000 290,000
Carrying value at 31 March 2023 82,306 0 82,306

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%

4. Debtors

31.03.2024 31.03.2023
£ £
Other debtors 1 1

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 1,200 0
Amounts owed to associates 310,364 100,000
Other creditors 1,699 0
313,263 100,000

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Associates are repayable on demand and do not bear interest.

6. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Financial commitments

The Company had no material capital commitments at the period ended 31 March 2024.

8. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial period.