Registered number
14831104
SFI Development and Investment Limited
Report and Audited Financial Statements
31 March 2025

SFI Development and Investment Limited
Report and accounts
Contents
Page
Company information | 1
Directors' report | 2
Statement of directors' responsibilities | 3
Independent auditor's report | 4
Income statement | 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Notes to the financial statements | 12

SFI Development and Investment Limited
Company Information
Directors
N Bakshi
A Sharma
Auditors
Taylors
Rosedean House
4 Argyle Road
Barnet
EN5 4DX
Registered office
Suite 15, 1st Floor
213 Kingsbury Road
Jubilee Business Centre
London
NW9 8AQ
Registered number
14831104

SFI Development and Investment Limited
Registered number: | 14831104
Directors' Report
The Directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The company's principal activity during the year continued to be that of the development of building projects, hotels and the letting and operating of own or leased real estate.
Directors
The following persons served as directors during the year:
| L Binge | Resigned 19/08/2025
| N Bakshi
| A Sharma | Appointed 18/07/2025
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 20 November 2025 and signed on its behalf.
N Bakshi
Director

SFI Development and Investment Limited
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
● | select suitable accounting policies and then apply them consistently;
● | make judgements and estimates that are reasonable and prudent;
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SFI Development and Investment Limited
Independent auditor's report
to the members of SFI Development and Investment Limited
Opinion

We have audited the financial statements of SFI Development and Investment Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
● | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
● | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
● | the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
● | the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
● | the financial statements are not in agreement with the accounting records and returns; or
● | certain disclosures of directors’ remuneration specified by law are not made; or
● | we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:
● | We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
● | We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety and employment law.
● | We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
● | Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
● | Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
● | Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
● | Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and impairment of fixed assets .
● | Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
● | Testing key revenue lines, in particular cut-off, for evidence of management bias.
● | Obtaining third-party confirmation of material bank balances.
● | Reviewing other documentation irregularities including fraud.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Rajesh Gulabivala
(Senior Statutory Auditor) | Rosedean House
for and on behalf of | 4 Argyle Road
Taylors | Barnet
Statutory Auditor | EN5 4DX
20 November 2025

SFI Development and Investment Limited
Income Statement
for the year ended 31 March 2025
Notes |  | 2025 |  | 2024
£ | £
Administrative expenses | (58,777) |  | (36,008)
Operating loss | 2 |  | (58,777) |  | (36,008)
Interest receivable | - |  | 1,145
Loss on ordinary activities before taxation | (58,777) |  | (34,863)
Tax on loss on ordinary activities | 4 |  | - |  | -
Loss for the financial year | (58,777) |  | (34,863)

SFI Development and Investment Limited
Statement of Comprehensive Income
for the year ended 31 March 2025
Notes |  | 2025 |  | 2024
£ | £
Loss for the financial year | (58,777) |  | (34,863)
Other comprehensive income | - |  | -
Total comprehensive income for the year | (58,777) |  | (34,863)

SFI Development and Investment Limited
Statement of Financial Position
as at 31 March 2025
Notes |  |  | 2025 |  |  | 2024
£ | £
Fixed assets
Investments | 5 |  |  | 479,529 |  |  | 479,529
Current assets
Debtors | 6 |  | 4,629 |  |  | 8,300
Cash at bank and in hand |  |  | 16,913 |  |  | 57,243
|  |  | 21,542 |  |  | 65,543
Creditors: amounts falling due within one year | 7 |  | (24,710) |  |  | (9,934)
Net current (liabilities)/assets |  |  |  | (3,168) |  |  | 55,609
Total assets less current liabilities |  |  |  | 476,361 |  |  | 535,138
Creditors: amounts falling due after more than one year | 8 |  |  | (550,000) |  |  | (550,000)
Net liabilities |  |  |  | (73,639) |  |  | (14,862)
Capital and reserves
Called up share capital | 9 |  |  | 20,001 |  |  | 20,001
Profit and loss account | 10 |  |  | (93,640) |  |  | (34,863)
Total equity |  |  |  | (73,639) |  |  | (14,862)
N Bakshi
Director
Approved by the board on 20 November 2025

SFI Development and Investment Limited
Statement of Changes in Equity
for the year ended 31 March 2025
Share | Profit | Total
capital | and loss
account
£ | £ | £
At 1 April 2023 | - |  |  | - |  | -
Loss for the financial year | - |  |  | (34,863) |  | (34,863)
Shares issued | 20,001 |  |  | - |  | 20,001
At 31 March 2024 | 20,001 |  |  | (34,863) |  | (14,862)
At 1 April 2024 | 20,001 |  |  | (34,863) |  | (14,862)
Loss for the financial year | - |  |  | (58,777) |  | (58,777)
At 31 March 2025 | 20,001 |  |  | (93,640) |  | (73,639)

SFI Development and Investment Limited
Statement of Cash Flows
for the year ended 31 March 2025
Notes |  | 2025 |  | 2024
£ | £
Operating activities
Loss for the financial year | (58,777) |  | (34,863)
Adjustments for:
Interest receivable | - |  | (1,145)
Decrease/(increase) in debtors | 3,671 |  | (8,300)
Increase in creditors | 14,776 |  | 9,934
|  |  | (40,330) |  | (34,374)
Interest received | - |  | 1,145
Cash used in operating activities | (40,330) |  | (33,229)
Investing activities
Payments to acquire investments | - |  | (479,529)
Cash used in investing activities | - |  | (479,529)
Financing activities
Proceeds from the issue of ordinary shares | - |  | 20,001
Proceeds from preference shares | - |  | 550,000
Cash generated by financing activities | - |  | 570,001
Net cash (used)/generated
Cash used in operating activities | (40,330) |  | (33,229)
Cash used in investing activities | - |  | (479,529)
Cash generated by financing activities | - |  | 570,001
Net cash (used)/generated | (40,330) |  | 57,243
Cash and cash equivalents at 1 April | 57,243 |  | -
Cash and cash equivalents at 31 March | 16,913 |  | 57,243
Cash and cash equivalents comprise:
Cash at bank | 16,913 |  | 57,243

SFI Development and Investment Limited
Notes to the Accounts
for the year ended 31 March 2025
1 | Summary of significant accounting policies
| Basis of preparation
| The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
| Going concern
| At the balance sheet date the company had net current liabilities of £2,168 and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors also expect the financial support of the company's parent undertaking, which has confirmed it will support the company for all third party liabilities arising for a period of at least twelve months form the date of signing of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| Turnover
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
| Investments
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
| 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 classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 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. Financial assets classified as receivable within one year are not amortised. Cash and cash equivalents are basic financial assets and include cash in hand.
| Basic financial liabilities
| Basic financial liabilities, including creditors and preference shares that are classified as debt, are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised. 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.
| Taxation
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
| Provisions
| Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
| Foreign currency translation
| Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
| Pensions
| Contributions to defined contribution plans are expensed in the period to which they relate.
2 | Operating profit | 2025 |  | 2024
£ | £
| This is stated after charging:
| Auditors' remuneration for audit services | 6,000 |  | 6,000
3 | Staff costs | 2025 |  | 2024
£ | £
| Wages and salaries | 32,636 |  | -
| Social security costs | - |  | -
| Other pension costs | 550 |  | -
|  |  |  |  |  | 33,186 |  | -
| Average number of employees during the year | Number | Number
| Administration | 1 |  | -
|  |  |  |  |  | 1 |  | -
4 | Taxation | 2025 |  | 2024
£ | £
| Analysis of charge in period
| Tax on profit on ordinary activities | - |  | -
| Factors affecting tax charge for period
| The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
|  |  |  |  |  | 2025 |  | 2024
£ | £
| Loss on ordinary activities before tax | (58,777) |  | (34,863)
| Standard rate of corporation tax in the UK | 19% |  | 19%
£ | £
| Profit on ordinary activities multiplied by the standard rate of corporation tax |  | (11,168) |  | (6,624)
| Effects of:
| Expenses not deductible for tax purposes | 190 |  | -
| Tax losses | 10,978 |  | 6,624
| Current tax charge for period | - |  | -
5 | Investments
Investments in
subsidiary
undertakings
£
| Cost
| At 1 April 2024 | 479,529
| At 31 March 2025 | 479,529
| Historical cost
| At 1 April 2024 | 479,529
| At 31 March 2025 | 479,529
6 | Debtors | 2025 |  | 2024
£ | £
| Other debtors | 4,629 |  | 8,300
7 | Creditors: amounts falling due within one year | 2025 |  | 2024
£ | £
| Trade creditors | 18,453 |  | 334
| Other taxes and social security costs | 257 |  | -
| Other creditors | 6,000 |  | 9,600
|  |  |  |  |  | 24,710 |  | 9,934
8 | Creditors: amounts falling due after one year | 2025 |  | 2024
£ | £
| Preference shares classified as debt | 550,000 |  | 550,000
9 | Share capital | Nominal |  | 2025 |  | 2025 |  | 2024
value | Number | £ | £
| Allotted, called up and fully paid:
| Ordinary shares | £1 each |  | 20,001 |  | 20,001 |  | 20,001
10 | Profit and loss account | 2025 |  | 2024
£ | £
| At 1 April | (34,863) |  | -
| Loss for the financial year | (58,777) |  | (34,863)
| At 31 March | (93,640) |  | (34,863)
11 | Controlling party and parent company
| The company's immediate parent undertaking is Oriental Structural Engineers Private Limited, incorporated in India with registered office at OSE Commercial Block, Hotel Aloft, Asset 58, Aerocity, Hospitality District, IGI Airport, New Delhi, 110037. It is also the parent of the smallest group for which consolidated accounts including SFI Development and Investment Limited are drawn up, and copies of these accounts can be obtained from its registered office. The largest shareholder of the parent company, Mr K. Singh Bakshi, holds 26.43 % of its issued share capital. There is no single ultimate controlling
12 | Presentation currency
| The financial statements are presented in Sterling and rounded to the nearest £.
13 | Legal form of entity and country of incorporation
| SFI Development and Investment Limited is a private company limited by shares and incorporated in England.
14 | Principal place of business
| The address of the company's principal place of business and registered office is:
| Suite 15, 1st Floor
| 213 Kingsbury Road
| Jubilee Business Centre
| London
| NW9 8AQ

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