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Registration number: 10824326

Saraad Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Saraad Ltd

Company Information

Director

Mr Hussein Hachem

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
Chartered Accountants9 Berners Place
London
W1T 3AD

 

Saraad Ltd

(Registration number: 10824326)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,757

4,152

Investment property

6

1,000,000

1,000,000

 

1,002,757

1,004,152

Current assets

 

Debtors

7

14,890

4,863

Creditors: Amounts falling due within one year

8

(13,938)

(11,101)

Net current assets/(liabilities)

 

952

(6,238)

Total assets less current liabilities

 

1,003,709

997,914

Creditors: Amounts falling due after more than one year

8

(944,640)

(963,640)

Provisions for liabilities

-

(1,056)

Net assets

 

59,069

33,218

Capital and reserves

 

Called up share capital

9

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 March 2025
 

.........................................
Mr Hussein Hachem
Director

 

Saraad Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

130

33,088

33,218

Profit for the year

-

25,851

25,851

At 30 June 2024

130

58,939

59,069

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

130

13,933

14,063

Profit for the year

-

19,155

19,155

At 30 June 2023

130

33,088

33,218

 

Saraad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 26 March 2025.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

5,982

4,971

UK corporation tax adjustment to prior periods

(687)

(48)

5,295

4,923

Deferred taxation

Arising from accelerated capital allowances

(1,057)

689

Tax expense in the income statement

4,238

5,612

 

Saraad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2023

9,295

9,295

At 30 June 2024

9,295

9,295

Depreciation

At 1 July 2023

5,143

5,143

Charge for the year

1,395

1,395

At 30 June 2024

6,538

6,538

Carrying amount

At 30 June 2024

2,757

2,757

At 30 June 2023

4,152

4,152

6

Investment properties

2024
£

At 1 July

1,000,000

At 30 June

1,000,000

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.

7

Debtors

Current

2024
£

2023
£

Prepayments

825

-

Funds held in designated clients account

14,065

4,535

Sundry debtors

-

328

 

14,890

4,863

 

Saraad Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Corporation tax

6,120

4,924

Accruals and deferred income

6,570

4,926

Directors current account

1,248

1,251

13,938

11,101

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

944,640

963,640

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

130

130

130

130

       

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Shareholders loans

944,640

963,640