Company registration number 01432147 (England and Wales)
BURSHA HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BURSHA HOLDINGS LIMITED
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3
Notes to the financial statements
4 - 16
BURSHA HOLDINGS LIMITED (REGISTERED NUMBER: 01432147)
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
461,564
454,348
Investment properties
8
20,655,378
21,263,962
Investments
9
2,407,585
2,407,585
23,524,527
24,125,895
Current assets
Debtors
11
19,833,358
6,693,564
Cash at bank and in hand
2,789,767
5,732,838
22,623,125
12,426,402
Creditors: amounts falling due within one year
12
(7,067,857)
(7,444,836)
Net current assets
15,555,268
4,981,566
Total assets less current liabilities
39,079,795
29,107,461
Creditors: amounts falling due after more than one year
13
(30,024,583)
(15,654,300)
Net assets
9,055,212
13,453,161
Capital and reserves
Called up share capital
535,000
535,000
Consolidation reserve
2,839,337
2,839,337
Non-distributable profits reserve
5,874,760
6,987,424
Distributable profit and loss reserves
234,491
3,562,981
Equity attributable to owners of the parent company
9,483,588
13,924,742
Non-controlling interests
(428,376)
(471,581)
9,055,212
13,453,161
The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
BURSHA HOLDINGS LIMITED (REGISTERED NUMBER: 01432147)
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
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:
24 June 2025
D Shamoon
Director
BURSHA HOLDINGS LIMITED (REGISTERED NUMBER: 01432147)
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
7
100,369
107,861
Investments
9
1,763,300
1,763,300
1,863,669
1,871,161
Current assets
Debtors
11
28,406,995
13,387,675
Cash at bank and in hand
2,536,654
5,424,116
30,943,649
18,811,791
Creditors: amounts falling due within one year
12
(3,410,862)
(7,077,202)
Net current assets
27,532,787
11,734,589
Total assets less current liabilities
29,396,456
13,605,750
Creditors: amounts falling due after more than one year
13
(26,548,371)
(7,165,815)
Net assets
2,848,085
6,439,935
Capital and reserves
Called up share capital
535,000
535,000
Non-distributable profits reserve
76,081
123,745
Distributable profit and loss reserves
2,237,004
5,781,190
Total equity
2,848,085
6,439,935
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:
2025-06-27
24 June 2025
D Shamoon
Director
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Bursha Holdings Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London WC2R OLT.
The group consists of Bursha Holdings Limited and all of its subsidiaries.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Bursha Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Rental income is accounted for during the period that the rent relates to.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the term of the lease
Fixtures, fittings & equipment
25% on cost and 25% reducing balance
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.12
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
Investment properties are held at fair value, based upon past independent valuations and the directors opinion of the fair value of the properties.
Depreciation is provided for at the rates noted above in note 1.5.
3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
725,336
5,422
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,900
14,230
Audit of the financial statements of the company's subsidiaries
36,073
34,385
50,973
48,615
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
7
8
7
8
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
6
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
324,868
330,090
7
Tangible fixed assets
Group
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2023
125,000
1,082,778
1,207,778
Additions
32,247
32,247
At 30 September 2024
125,000
1,115,025
1,240,025
Depreciation and impairment
At 1 October 2023
35,748
717,682
753,430
Depreciation charged in the year
11,916
13,115
25,031
At 30 September 2024
47,664
730,797
778,461
Carrying amount
At 30 September 2024
77,336
384,228
461,564
At 30 September 2023
89,252
365,096
454,348
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Tangible fixed assets
(Continued)
- 11 -
Company
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2023
125,000
573,794
698,794
Additions
12,102
12,102
At 30 September 2024
125,000
585,896
710,896
Depreciation and impairment
At 1 October 2023
35,748
555,185
590,933
Depreciation charged in the year
11,916
7,678
19,594
At 30 September 2024
47,664
562,863
610,527
Carrying amount
At 30 September 2024
77,336
23,033
100,369
At 30 September 2023
89,252
18,609
107,861
8
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
21,263,962
-
Additions
456,416
-
Revaluations
(1,065,000)
-
At 30 September 2024
20,655,378
-
Investment properties are included at fair value which is based on the following:
A property held by UGS MK Limited is at fair value which is based upon an independent valuation in June 2023.
A property held by Shelgate Property Co Limited is at fair value which is based on an independent valuation in April 2023 and subsequent improvements to the property.
A property held by UGS (Taunton) Limited is at fair value which is based on the opinion of the directors and market evidence of the fair value of the property.
All other investment properties are at fair value which, in the opinion of the directors, is historic cost.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
9
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
2,407,585
2,407,585
1,763,300
1,763,300
Movements in fixed asset investments
Group
Interest in joint venture
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,407,585
Carrying amount
At 30 September 2024
2,407,585
At 30 September 2023
2,407,585
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,763,300
Carrying amount
At 30 September 2024
1,763,300
At 30 September 2023
1,763,300
10
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Subsidiaries
(Continued)
- 13 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bursha (30 CPS) Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
Bursha (515 SA) Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
Shelgate Property Company Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
UGS (Taunton) Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
UGS MK Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
85.00
UGS Northampton Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
80.00
UGS Investments Limited
4th Floor, 399-401 Strand, London, WC2R 0LT
Ordinary
100.00
11
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
495,667
104,922
405,024
36,760
Amounts owed by group undertakings
-
-
8,588,658
6,507,053
Other debtors
19,337,691
6,588,642
19,413,313
6,843,862
19,833,358
6,693,564
28,406,995
13,387,675
12
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,850,000
1,850,000
Trade creditors
273,087
140,652
161,020
82,886
Amounts owed to group undertakings
3,314,718
Taxation and social security
162,140
83,349
111,112
26,441
Other creditors
4,782,630
5,370,835
3,138,730
3,653,157
7,067,857
7,444,836
3,410,862
7,077,202
13
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
23,476,212
8,488,485
20,000,000
Other creditors
6,548,371
7,165,815
6,548,371
7,165,815
30,024,583
15,654,300
26,548,371
7,165,815
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
25,326,212
10,338,485
20,000,000
Other loans
6,548,371
7,165,815
6,548,371
7,165,815
31,874,583
17,504,300
26,548,371
7,165,815
Payable within one year
1,850,000
1,850,000
-
-
Payable after one year
30,024,583
15,654,300
26,548,371
7,165,815
Group bank loans are secured on investment properties owned by, Shelgate Property Company Limited (100% subsidiary company) and UGS MK Limited (85% undertaking). Bank loans are also secured over investment properties owned by UGS HC Limited and UGS EP Limited, companies related by way of common directors.
15
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.
The senior statutory auditor was Declan McCusker and the auditor was Perrys Audit Limited.
16
Financial commitments, guarantees and contingent liabilities
Included within creditors is a bank loan amounting to £20,000,000. The bank loan is secured over the investment property owned by a subsidiary of Bursha Holdings Limited and two other investment properties owned by two companies related by way of common directors.
Bursha Holdings has also entered into a cross guarantee whereby a charge is held over its shares in a subsidiary company. At 30 September 2024, the facility in the subsidiary company amounted to £5,350,000.
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
17
Related party transactions
Bursha Holdings 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.
515 Seventh Avenue Realty L.P
This is an American partnership, of which 50% is owned by a group subsidiary.
During the year, interest of £291,751 (2023: £338,880) was paid by BHL in respect of a loan which stood at £6,548,371 (2023: £7,165,815) at the year end.
UGS Belgravia Restaurants Limited
This is a company with common officers.
At the year end the amount due to UGS Belgravia Restaurants Limited totalled £65,000 (2023: £65,496).
UGS Eaton Place Limited
This is a company with common officers.
At the year end the amount due from UGS Eaton Place Limited totalled £13,376,476 (2023: £6,140,939).
During the year, the company charged interest amounting to £427,825 (2023: £Nil).
UGS Herbert Crescent Limited
This is a company with common officers.
At the year end the amount due to UGS Herbert Crescent Limited totalled £5,667,000 (2023: £959,384).
During the year, the company charged interest amounting to £290,629 (2023: £Nil).
Freesia International Limited
This is a company with common officers.
During the year, the company recharged costs totalling £28,861 (2023: £284,662).
At the year end the amount due from Freesia International Limited totalled £141,886 (2023: £558,640).
Freesia International N.V
This is a company with common officers.
At the year end the amount due to Freesia International N.V totalled £Nil (2023: £819,834).
Pinedell Finance LLC
This is a connected entity.
During the year, the company recharged costs totalling £311,953 (2023: £Nil).
At the year end the amount due to Pinedell Finance LLC totalled £1,021,812 (2023: £843,855).
BURSHA HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Related party transactions
(Continued)
- 16 -
18
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
131,654
59,340
-
-
19
Events after the reporting date
After the balance sheet date, the company sold its subsidiary UGS (Taunton) Limited.
20
Directors' transactions
Included within other creditors is £1,407,072 (2023: £1,453,561) owed to the directors as at 30 September 2024.
21
Controlling party
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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