Company Registration No. 10632459 (England and Wales)
Saajan Patel Property Investments Ltd
Unaudited accounts
for the year ended 28 February 2025
Saajan Patel Property Investments Ltd
Statement of financial position
as at 28 February 2025
Investment property
320,000
360,000
Cash at bank and in hand
9,373
1,183
Creditors: amounts falling due within one year
(149,660)
(126,171)
Net current liabilities
(139,787)
(124,488)
Total assets less current liabilities
180,213
235,512
Creditors: amounts falling due after more than one year
(276,695)
(272,606)
Net liabilities
(96,482)
(37,094)
Called up share capital
1
1
Fair value reserve
(63,520)
(23,520)
Profit and loss account
(32,963)
(13,575)
Shareholders' funds
(96,482)
(37,094)
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 September 2025 and were signed on its behalf by
Saajan Patel
Director
Company Registration No. 10632459
Saajan Patel Property Investments Ltd
Notes to the Accounts
for the year ended 28 February 2025
Saajan Patel Property Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 10632459. The registered office is Flat 177, 41 Chandlers Avenue, London, SE10 0NN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities as modified by the revaluation at fair value of investment properties.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements are prepared in UK sterling which is the functional currency of the company and amounts are rounded to the nearest £.
The financial statements have been prepared on a going concern basis, despite net current liabilities and net liabilities at the year end, which is dependent on the continuing support of its shareholder. In the opinion of the director, the company expects to receive or have sufficient funds available to meet obligations as and when they fall due. In forming this opinion the directors have assessed a period of at least twelve months from the date of approval of these financial statements
Turnover represents amounts receivable for rent and is recognised in the profit and loss account in the period that it relates to.
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 investment properties are measured at fair value. Gains and losses arising from changes in fair value of investment properties are included in the profit and loss account in the period in which they arise.
Fair value valuations are determined by the directors with the benefit of external professionals and available data on current market rents and rental yields for comparable local properties adjusted for any difference in nature, location or condition of the property
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 isa 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Saajan Patel Property Investments Ltd
Notes to the Accounts
for the year ended 28 February 2025
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 and bank loans, 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 payment 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.
Taxation for the year comprises current tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Fair value at 1 March 2024
360,000
Net loss from fair value adjustments
(40,000)
At 28 February 2025
320,000
The property has been provided as security for the bank loans and is valued in accordance with the accounting policy.
Amounts falling due within one year
Saajan Patel Property Investments Ltd
Notes to the Accounts
for the year ended 28 February 2025
6
Creditors: amounts falling due within one year
2025
2024
Loans from directors
141,456
125,421
7
Creditors: amounts falling due after more than one year
2025
2024
Bank loans
276,695
272,606
Bank loans are secured by a fixed charge over investment property valued at £320,000 (2024: £360,000) at the year end and a floating charge over the assets of the company.
These are interest only loans for a term of 25 years with interest rates fixed for three years.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Average number of employees
During the year the average number of employees was 1 (2024: 1).