|
Registered number: 03323184
SALAMIS TRADING LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184
BALANCE SHEET
AS AT 31 JANUARY 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALAMIS TRADING LIMITED
REGISTERED NUMBER: 03323184
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
P Christoforou
|
................................................
T Christoforou
|
|
|
|
|
|
|
|
|
|
The notes on pages 3 to 8 form part of these financial statements.
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The company is a private company limited by shares and is incorporated and domiciled in England and Wales, registration number 3323184. The registered office is Cuckmans Farm, 67 Ragged Hall Lane, St Albans AL2 3NP.
The company was engaged in Property Investment in the form of letting of high quality commercial and residential accomodation. As at the reporting date the company had transferred its investment properties to it parent undertaking as a dividend in specie along with the associated deferred tax liability. The directors have no current intention to wind the company up.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors in making their assessment have considered a period of at least 12 months from the date of the signing of the balance sheet. The directors have not identified any material concerns which cast doubts on the ability of the company to continue as a going concern for at least the next 12 months.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises rental income, service charges and other sums receivable from the investment properties. Other sums comprise insurance charges, supplies of utilities, premia associated with surrender of tenancies, commissions, fees and other sundry income.
All the properties are leased out under operating leases and are included in investment property in the balance sheet. Rental income from operating leases is recognised in profit or loss on a straight-line basis over the lease term. Rent received in advance is deferred in the balance sheet and recognised in the period to which it relates to. If the company provides incentives to its customers the incentives are recognised over the lease term on a straight-line basis.
Service charges and other sums receivable from tenants are recognised on an accruals basis by reference to the stage of completion of the relevant service or transactions at the reporting date. These services generally relate to a 12-month period.
Interest income is recognised in profit or loss using the effective interest method.
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
The company provides deferred tax on investment properties by reference to the tax that would be due on the ultimate sale of the properties. Recognition on this basis means that, where applicable, indexation allowance is taken into account in determining the tax base cost.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
15% - 25% reducing balance
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Investment property is carried at fair value. Gains and losses are recognised in profit or loss.
|
|
|
Other fixed asset investments
|
Other fixed asset investments consist of classic cars which are carried at fair value determined annually by the directors based on current publicly available selling prices for similar vehicles and adjusted if necessary for any difference in the nature, condition of the specific asset. Changes in fair value are recognised in profit or loss.
|
|
|
Investments in associates
|
Associates are held at cost less impairment.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
Significant assumptions regarding the Classic cars valuation
|
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The Company uses the valuation performed by its directors as the fair value of its Classic cars. The valuation is based upon the key assumptions of estimated selling price. In determining fair value the directors make reference to selling price for similar vehicles publicly available and adjusted for any difference in the nature, condition of the specific asset.
|
|
The average monthly number of employees, including directors, during the year was 3 (2024 - 2).
|
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in associates
|
|
Other fixed asset investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.Guarantees and other financial commitments
Guarantees:
There is a cross guarantee in place between the Company and its Parent Company Eurosalamis Enterprises Ltd for the loan raised by the Parent Company from the bank. The total guarantees at the balance sheet date is £2,000,000 (2024 - £4,500,000).
|
|
SALAMIS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
Post balance sheet events
|
After the year end, one of the Classic cars held for investment purposes was sold for £370,000.
The auditors' report on the financial statements for the year ended 31 January 2025 was unqualified.
The audit report was signed on 30 October 2025 by Demetrakis Zemenides (Senior Statutory Auditor) on behalf of Goodman Lawrence & Co.
|