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Registration number: 10814249

Sital Holdings (Sale) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Sital Holdings (Sale) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Sital Holdings (Sale) Limited

(Registration number: 10814249)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,069,161

2,090,031

Current assets

 

Debtors

5

938,958

938,958

Cash at bank and in hand

 

53,790

98,722

 

992,748

1,037,680

Creditors: Amounts falling due within one year

6

(861,518)

(900,923)

Net current assets

 

131,230

136,757

Total assets less current liabilities

 

2,200,391

2,226,788

Creditors: Amounts falling due after more than one year

6

(1,377,251)

(1,383,636)

Provisions for liabilities

(216,691)

(216,691)

Net assets

 

606,449

626,461

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

650,074

650,074

Retained earnings

(43,725)

(23,713)

Shareholders' funds

 

606,449

626,461

 

Sital Holdings (Sale) Limited

(Registration number: 10814249)
Balance Sheet as at 30 June 2024

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 8 April 2025
 

.........................................
Mr K Singh
Director

 

Sital Holdings (Sale) Limited

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 England and Wales.

The address of its registered office is:
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the director on 8 April 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 fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 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.

 

Sital Holdings (Sale) Limited

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

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.

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

Freehold property

Not depreciated

Furniture and fittings

15% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices determined annually by the director. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

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

 

Sital Holdings (Sale) Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

1,992,640

139,130

2,131,770

At 30 June 2024

1,992,640

139,130

2,131,770

Depreciation

At 1 July 2023

-

41,739

41,739

Charge for the year

-

20,870

20,870

At 30 June 2024

-

62,609

62,609

Carrying amount

At 30 June 2024

1,992,640

76,521

2,069,161

At 30 June 2023

1,992,640

97,391

2,090,031

Included within the net book value of land and buildings above is £1,992,640 (2023 - £1,992,640) in respect of investment property.

The investment properties held at fair value during the year, the director has assesed that the property values remain appropriate and deems no movement in fair value. The properties have not been assessed by an independen valuer.

5

Debtors

Current

2024
£

2023
£

Other debtors

938,958

938,958

 

938,958

938,958

 

Sital Holdings (Sale) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

5,970

5,555

Taxation and social security

 

200

200

Accruals and deferred income

 

1,200

2,340

Other creditors

 

854,148

892,828

 

861,518

900,923

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

1,377,251

1,383,636

Creditors include bank loans and overdrafts which are secured of £1,347,017 (2023 - £1,347,017).

Creditors include bank loans repayable by instalments of £6,351.21 (2023 - £14,397.63) due after more than five years.

Creditors include bank loans not repayable by instalments of £1,347,017 (2023 - £1,347,017) due after more than five years.

 

Sital Holdings (Sale) Limited

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

A charge has been lodged at Companies House on 22nd March 2019 in favour of Paragon Bank PLC, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 22nd March 2019 in favour of Paragon Bank PLC, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 17th May 2019 in favour of Paratus AMC Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 23rd August 2019 in favour of Together Commercial Finance Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 14th October 2021 in favour of Together Commercial Finance Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 11th November 2021 in favour of Kanwarpreet Singh, Naina Puneet Kaur & MJF SSAS Trustees Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 1st February 2022 in favour of Together Commercial Finance Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 1st February 2022 in favour of Together Commercial Finance Limited, which is a floating charge over all of the company assets.

A charge has been lodged at Companies House on 30th June 2022 in favour of Landbay Partners Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 30th June 2022 in favour of Landbay Partners Limited, which is a secured against investment property held in the accounts.

A charge has been lodged at Companies House on 7th October 2022 in favour of Together Commercial Finance Limited, which is a secured against investment property held in the accounts.