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Registered number: 02056793 SAFEGOLD PROPERTIES LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
SAFEGOLD PROPERTIES LIMITED REGISTERED NUMBER: 02056793 BALANCE SHEET AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 10,427 |  | 10,814
Investment property | 5 |  | 16,954,543 |  | 16,897,656
|  |  | 16,964,970 |  | 16,908,470
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 11,853,333 |  | 12,969,649 |
Current asset investments | 7 | - |  | 117,656 |
Cash at bank and in hand | 8 | 987,160 |  | 23,511 |
|  | 12,840,493 |  | 13,110,816 |
Creditors: amounts falling due within one year | 9 | (766,415) |  | (1,278,865) |
Net current assets |  |  | 12,074,078 |  | 11,831,951
Total assets less current liabilities |  |  | 29,039,048 |  | 28,740,421
Creditors: amounts falling due after more than one year | 10 |  | - |  | (933,527)
Net assets |  |  | 29,039,048 |  | 27,806,894
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 101 |  | 100
Revaluation reserve |  |  | 5,491,910 |  | 5,491,909
Profit and loss account |  |  | 23,547,037 |  | 22,314,885
Total equity |  |  | 29,039,048 |  | 27,806,894
Page 1
SAFEGOLD PROPERTIES LIMITED REGISTERED NUMBER: 02056793 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 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:
................................................ K Dalia | ................................................ R Dalia
Director | Director
Date: 19 November 2025 |
The notes on pages 3 to 9 form part of these financial statements. Page 2
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Safegold Limited is a private company, limited by shares. The company is incorporated in England and Wales and its registered address office is 5 Chartwell Place, Middle Road, Harrow on the Hill, Middlesex, HA2 0HE. 2.Accounting policies
| 2.1 | 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.3 | Revenue
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. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Taxation
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.
| 2.8 | Tangible fixed assets
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:
|  |  |  | Long-term leasehold property | - |  | over term of lease
|  |  |  | Fixtures and fittings | - | 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. Page 4
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.10 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is Page 5
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | Employees
| The average monthly number of employees, including directors, during the year was 5 (2023 - 4).
Page 6
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 207,534 | 225,564 | 433,098
| Additions | - | 3,089 | 3,089
| At 31 December 2024 | 207,534 | 228,653 | 436,187
| Depreciation |  |  |
| At 1 January 2024 | 207,534 | 214,750 | 422,284
| Charge for the year on owned assets | - | 3,476 | 3,476
| At 31 December 2024 | 207,534 | 218,226 | 425,760
| Net book value |  |  |
| At 31 December 2024 | - | 10,427 | 10,427
| At 31 December 2023 | - | 10,814 | 10,814
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2024 | 16,897,656
| Additions at cost | 56,887
| At 31 December 2024 | 16,954,543
The 2024 valuations were made by the directors, on an open market value for existing use basis.
Page 7
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 181,215 | 260,603
| Other debtors | 11,672,118 | 12,702,821
| Prepayments and accrued income | - | 6,225
|  | 11,853,333 | 12,969,649
7. | Current asset investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Listed investments | - | 117,656
8. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 987,160 | 23,511
| Less: bank overdrafts | - | (438,447)
|  | 987,160 | (414,936)
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 438,447
| Corporation tax | 253,267 | 413,145
| Other taxation and social security | 63,490 | 59,441
| Other creditors | 351,119 | 236,047
| Accruals and deferred income | 98,539 | 131,785
|  | 766,415 | 1,278,865
Page 8
SAFEGOLD PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | - | 933,527
| Secured loans: Bank loans are secured against the company's properties and personal guarantees provided by the directors and an unlimited guarantee by Vinayak Properties Limited. The company has also provided an unlimited guarantee on behalf of Vinayak Properties Limited, a company owned by some of the shareholders.
11. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due after more than one year |  |
| Bank loans | - | 933,527
12. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 101 (2023 - 100) Ordinary shares of £1.00 each | 101 | 100
During the period, the company issued 1 Ordinary share of £1.
Page 9