Company registration number 03836075 (England and Wales)
BURSHA (515 SA) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BURSHA (515 SA) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BURSHA (515 SA) LTD (REGISTERED NUMBER: 03836075)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
1,058,379
1,058,379
Current assets
Debtors
6
-
0
751,642
Creditors: amounts falling due within one year
7
(791,692)
(939,922)
Net current liabilities
(791,692)
(188,280)
Net assets
266,687
870,099
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
265,687
869,099
Total equity
266,687
870,099

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
D Shamoon
Director
BURSHA (515 SA) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Bursha (515 SA) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, United Kingdom, WC2R 0LT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the company's share of the partnership income arising in the USA.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

BURSHA (515 SA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
BURSHA (515 SA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
232,290
242,958
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,058,379
1,058,379

The company's investments at the balance sheet date in the share capital of companies include the following:

 

Joint Venture

 

The company has a 50% interest in 515 Seventh Associates L.P in New York, USA. The principal activity of the US company is that of property investment.

 

At 31 December 2024, the aggregate capital and reserves amounted to $91,125 (2023: $3,626). The profit for the year before distributions amounted to $1,101,572 (2023: $1.472.419).

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
751,642
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
226
Amounts owed to group undertakings
103,246
-
0
Other creditors
688,446
939,696
791,692
939,922
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
BURSHA (515 SA) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Declan McCusker
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
26 June 2025
10
Related party transactions

Bursha (515 SA) Limited accounts are included as part of the group company financial statements and therefore this company has taken advantage of the exemptions conferred by section 33.1(a) of FRS 102 from the requirement to make disclosures concerning transactions with fellow group undertakings, as these are included as part of the consolidated financial statements.

 

 

11
Parent company

The immediate parent company is Bursha Holdings Limited, a company incorporated in England and Wales.

 

The ultimate parent company is Chrisalis Holdings Limited. Chrisalis Holdings Limited is jointly owned by the Yucca Discretionary Settlement and Daniel Shamoon.

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