Company registration number 05500262 (England and Wales)
SAREEN PORTFOLIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
SAREEN PORTFOLIO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SAREEN PORTFOLIO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAREEN PORTFOLIO LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sareen Portfolio Limited for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Sareen Portfolio Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Sareen Portfolio Limited and state those matters that we have agreed to state to the Board of Directors of Sareen Portfolio Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sareen Portfolio Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Sareen Portfolio Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sareen Portfolio Limited. You consider that Sareen Portfolio Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sareen Portfolio Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
28 July 2025
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
SAREEN PORTFOLIO LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
3,236,400
3,236,400
Investments
5
69,100
-
0
3,305,500
3,236,400
Current assets
Debtors
6
155,098
128,373
Cash at bank and in hand
12,999
-
0
168,097
128,373
Creditors: amounts falling due within one year
7
(305,826)
(369,984)
Net current liabilities
(137,729)
(241,611)
Total assets less current liabilities
3,167,771
2,994,789
Creditors: amounts falling due after more than one year
8
(2,602,317)
(2,611,059)
Provisions for liabilities
(54,606)
(54,606)
Net assets
510,848
329,124
Capital and reserves
Called up share capital
9
100
100
Other reserves
218,424
218,424
Profit and loss reserves
292,324
110,600
Total equity
510,848
329,124

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

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SAREEN PORTFOLIO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2025 and are signed on its behalf by:
Mr D Sareen
Director
Company registration number 05500262 (England and Wales)
SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Sareen Portfolio Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

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 and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover relates to rental income from investment properties and consultancy services provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of these services.

1.3
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.

1.4
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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.

SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

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.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

1.8
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.

SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
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.

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
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
3,236,400

The investment properties were valued on an open market basis on 31 July 2024 by the director, Mr D Sareen, who does not believe that the value has materially changed this year.

 

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
69,100
-
0
SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2023
-
Additions
69,100
At 31 July 2024
69,100
Carrying amount
At 31 July 2024
69,100
At 31 July 2023
-
6
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Other debtors
155,098
128,373
7
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Bank loans and overdrafts
6,610
4,385
Trade creditors
556
3,785
Taxation and social security
195,024
147,699
Other creditors
103,636
214,115
305,826
369,984
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,602,317
2,611,059

Bank loans falling due in more than five years are made up of an interest only mortgage that is secured on the assets of the company. The capital borrowing is repayable at the end of the mortgage period in full.

SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
2,587,710
2,611,059
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Prior period adjustment

During the year, the directors identified that historic deposits that were paid personally in respect of the investment property portfolio were not recognised in the accounts in error. These deposits amounted to £437,994 based on their personal records. The accounts have been restated to reflect this adjustment and uplift the investment property portfolio value. Historically the properties have been revalued and the directors believe that the valuation remains materially consistent with the prior year and therefore the additional cost uplift has been set against the revaluation reserve to correct an overvaluation of the prior year. There is no impact on the profit or loss reserves or any tax implications for the movement.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Jul 2023
£
£
£
Current assets
Debtors due within one year
356,368
(227,995)
128,373
Creditors due within one year
Other creditors
(7,901)
(209,999)
(217,900)
Provisions for liabilities
Deferred tax
(164,105)
109,499
(54,606)
Net assets
657,619
(328,495)
329,124
Capital and reserves
Other reserves
656,418
(437,994)
218,424
Profit and loss reserves
1,101
109,499
110,600
Total equity
657,619
(328,495)
329,124
Notes to reconciliation
Investment property

The carrying value of the investment properties has remained unchanged, as the directors consider the current valuation to be materially consistent with the prior year. Accordingly, the additional cost has been offset against the revaluation reserve to correct an overstatement in the prior year's valuation.

SAREEN PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Prior period adjustment
(Continued)
- 9 -
Directors' loan accounts

The directors' loan accounts have been credited by £437,994 to reflect historical deposits made personally by the directors on behalf of the company. As a result of this adjustment, the previously overdrawn loan accounts are no longer in a deficit position.

Deferred tax

Following the adjustment to the revaluation reserve, the associated deferred tax liability has been reduced by £109,499 to reflect the revised valuation.

Capital and reserves

The profit and loss reserves as at 31 July 2023 have been increased by £109,499, reflecting the reduction in the deferred tax liability arising from the adjustment to the revaluation reserve.

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