REGISTERED NUMBER: 02776203 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

SALAFT PROPERTY INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

L F Small

R G Baum

Secretary:

L F Small

Registered office:

3rd Floor

86-90 Paul Street

London

EC2A 4NE

Registered number:

02776203 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

17,508,600

16,557,000

Current assets

Debtors

5

338,919

503,817

Cash at bank

1,124,837

1,092,033

1,463,756

1,595,850

Creditors

Amounts falling due within one year

6

4,112,008

1,376,184

Net current (liabilities)/assets

(2,648,252

)

219,666

Total assets less current liabilities

14,860,348

16,776,666

Creditors

Amounts falling due after more than one year

7

(12,800,000

)

(12,800,000

)

Provisions for liabilities

9

(74,602

)

(85,920

)

Net assets

1,985,746

3,890,746

Capital and reserves

Called up share capital

10

100

100

Investment property fair value

reserve

11

988,186

2,065,186

Retained earnings

997,460

1,825,460

Shareholders' funds

1,985,746

3,890,746

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R G Baum - Director

L F Small - Director

1.	Statutory information

Salaft Property Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

Financial statements are required to be prepared on a going concern basis, unless that basis is not appropriate.

An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative to do so.

If the going concern basis is not appropriate then the assets and liabilities would need to be stated on a break-up basis, which can entail reduced asset values and increased liabilities.

Below is a summary of areas of material uncertainty and matters considered by the directors.

Financing

The company is funded by a bank loan and the parent company in the form of retained earnings.

Third party loan finance:

The company pays interest only on a £12,800,000 bank loan which is repayable in full in October 2026, subject to compliance with the financial covenants and any agreed remedial action specified within the loan agreement.

The directors are confident they can operate within the terms of the loan facility.

Parent company:

The parent company has indicated its willingness to provide finance to the company, should it be required, to comply with the terms of the loan facility. The directors believe that the parent company will continue to have sufficient resources, in the event that the company requires additional funds.

Directors conclusion on going concern

Having taken into consideration the foregoing, the directors have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is inherent estimation uncertainty in arriving at a fair value of the investment properties. The investment properties accounting policy sets out the basis of valuation.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability in the event of asset disposals.

Turnover

Turnover is stated net of value added tax and comprises:

Rents receivable, excluding service charges and insurance matched with a specific disbursement;

Service charges and insurance which are in effect a rechargeable disbursement are not included in turnover or cost of sales unless they relate to a vacant period or vacant part of an investment property.

At the end of a tenancy, dilapidation contributions are due from tenants. These are legal and financial obligations that a tenant has for the repair of a property at the end of a lease. This revenue is recognised as other operating income.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Where an arrangement constitutes a financing transaction the debt instrument is initially recognised at the present value of future payments, discounted at a market rate of interest for a similar debt instrument. Such assets or liabilities are subsequently carried at amortised cost using the effective interest method.

The interest-free loan to the company from the parent has been deemed a financing transaction.

Taxation

Taxation for the year comprises current and deferred 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 or deferred 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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment properties

Investment properties are shown at fair value and not depreciated.

Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, therefore in practice the concept is similar to open market value.

The directors' opinion of market value is used to ascertain a fair value for each investment property, having regard to the last professional market valuation.

Gains and losses arising on changes in fair value are recognised in the income statement.

Deferred tax is provided on the unrealised gains at the rate expected to be applied when the property is sold.

Transactions with fellow group undertakings

The company has taken advantage of the exemption within the Financial Reporting Standard 102 (section 1A), in respect of disclosure of transactions with the parent company, on the grounds that the company is a wholly owned subsidiary.

Dilapidation settlements

Dilapidation settlements received from tenants in respect of lease-end obligations are recognised as income when the amount becomes receivable and can be measured reliably. Such receipts are included within other operating income in the profit and loss account.

Costs incurred in connection with dilapidations are recognised as an expense in the period in which they are incurred and are offset against dilapidation income within other operating income.

3.	Employees and directors

The average number of employees during the year was NIL (2024 - NIL).

4.	Tangible fixed assets

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

Cost or valuation

At 1 April 2024

11,587,000

4,970,000

-

16,557,000

Additions

4,563,260

-

30,416

4,593,676

Disposals

-

(1,750,000

)

-

(1,750,000

)

Revaluations

(1,668,675

)

(220,000

)

-

(1,888,675

)

At 31 March 2025

14,481,585

3,000,000

30,416

17,512,001

Depreciation

Charge for year

-

-

3,401

3,401

At 31 March 2025

-

-

3,401

3,401

Net book value

At 31 March 2025

14,481,585

3,000,000

27,015

17,508,600

At 31 March 2024

11,587,000

4,970,000

-

16,557,000

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

Valuation in 2025

(1,668,675

)

(220,000

)

-

(1,888,675

)

Cost

16,150,260

3,220,000

30,416

19,400,676

14,481,585

3,000,000

30,416

17,512,001

If the investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

18,836,889

16,940,525

The investment properties were valued on a fair value basis on 18 December 2025 by third party valuers and the directors .

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

25,133

-

Amounts owed by group undertakings

94,178

329,950

Other debtors

219,608

173,867

338,919

503,817

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

104,972

69,083

Amounts owed to group undertakings

2,992,150

-

Taxation and social security

76

-

Other creditors

1,014,810

1,307,101

4,112,008

1,376,184

7.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loan

12,800,000

12,800,000

8.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Bank loan

12,800,000

12,800,000

Secured debts consist of a £12,800,000 interest only bank loan facility, repayable 12 October 2026.

The bank loan is secured over all the assets of the company.

9.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

412,593

401,672

Tax losses

(337,991

)

(315,752

)

74,602

85,920

Deferred tax

£

Balance at 1 April 2024

85,920

To the income statement

(11,318

)

Balance at 31 March 2025

74,602

Deferred tax at 31 March 2025 has been provided at a tax rate of 25%, being the anticipated rate that would apply on a reversal of the timing differences, based on tax rates substantively enacted at the balance sheet date.

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

11.

Reserves

Investment

property

fair value

reserve

£

At 1 April 2024

2,065,186

Transfer for change in

unrealised gain on investment

properties

(1,077,000

)

At 31 March 2025

988,186

The investment property fair value reserve is derived from transfers out of the retained earnings reserve and represents the unrealised profit on the individual investment properties that are stated in the balance sheet above cost less the deferred tax provision relating to investment properties.

12.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

13.	Related party disclosures