REGISTERED NUMBER: 00628277 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

SALAFT PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

13

Directors:

L F Small

R G Baum

A S Baum

S Ferreira

Secretary:

L F Small

Registered office:

3rd Floor

86-90 Paul Street

London

EC2A 4NE

Registered number:

00628277 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

24,789,672

29,436,752

Investments

5

14,546,145

12,852,722

39,335,817

42,289,474

Current assets

Debtors

6

13,574,326

10,078,554

Investments

7

2,434,309

3,447,136

Cash at bank

2,795,363

1,534,559

18,803,998

15,060,249

Creditors

Amounts falling due within one year

8

1,851,543

1,566,658

Net current assets

16,952,455

13,493,591

Total assets less current liabilities

56,288,272

55,783,065

Creditors

Amounts falling due after more than one year

9

(8,317,500

)

(6,150,000

)

Provisions for liabilities

11

(699,844

)

(1,024,078

)

Net assets

47,270,928

48,608,987

Capital and reserves

Called up share capital

12

93,000

93,000

Share premium

98,557

98,557

Listed investments fair value reserve

665,013

960,971

Investment property fair value

reserve

13

7,116,566

6,575,749

Retained earnings

39,297,792

40,880,710

Shareholders' funds

47,270,928

48,608,987

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 24 December 2025 and were signed on its behalf by:

L F Small - Director

R G Baum - Director

1.	Statutory information

Salaft Properties 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.

The directors have taken advantage of the exemption conferred by section 398 of the Companies Act 2006 from the requirement to prepare group financial statements, consequently the financial statements present information about the company as an individual undertaking and not about its group.

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 the matters considered by the directors.

Refinancing required over the coming 12 months

The company is financed by several bank loans via the company itself, subsidiary entities and an associate.

None of the loans are due for repayment within the next 12 months of the year-end date and there is sufficient cashflow to cover the loan and interest repayments as they fall due.

The directors are confident they can operate within the financial covenants of the loan facilities.

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 set 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 the following:

Rents receivable, excluding service charges and insurance matched with a specific disbursement recognised as they accrue;

Amounts receivable from property dealing and development via joint arrangements, and property dealing undertaken solely by the company are recognised on sale completion.

Property management fees receivable are recognised as they accrue.

Service charges and insurance which are in effect a disbursement are not included in turnover or cost of sales.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over the lease period

Plant and machinery

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 10 years

Computers and office equipment

-

Straight line over 4 years

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Income from investments

Investment income comprises dividends declared during the accounting period and interest receivable on listed investments.

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.

3.	Employees and directors

The average number of employees during the year was 9 (2024 - 8 ) .

4.	Tangible fixed assets

Freehold

Short

Long

property

leasehold

leasehold

£

£

£

Cost or valuation

At 1 April 2024

24,135,000

7,242

5,250,000

Additions

-

-

1,750,000

Disposals

(4,350,000

)

-

-

Revaluations

(700,000

)

-

(1,320,000

)

At 31 March 2025

19,085,000

7,242

5,680,000

Depreciation

At 1 April 2024

-

3,217

-

Charge for year

-

1,086

-

Eliminated on disposal

-

-

-

At 31 March 2025

-

4,303

-

Net book value

At 31 March 2025

19,085,000

2,939

5,680,000

At 31 March 2024

24,135,000

4,025

5,250,000

Fixtures

Computers

Plant and

and

and office

machinery

fittings

equipment

Totals

£

£

£

£

Cost or valuation

At 1 April 2024

21,276

109,836

18,004

29,541,358

Additions

-

8,583

3,886

1,762,469

Disposals

-

(28,925

)

(1,958

)

(4,380,883

)

Revaluations

-

-

-

(2,020,000

)

At 31 March 2025

21,276

89,494

19,932

24,902,944

Depreciation

At 1 April 2024

21,276

64,384

15,729

104,606

Charge for year

-

6,604

1,009

8,699

Eliminated on disposal

-

-

(33

)

(33

)

At 31 March 2025

21,276

70,988

16,705

113,272

Net book value

At 31 March 2025

-

18,506

3,227

24,789,672

At 31 March 2024

-

45,452

2,275

29,436,752

Cost or valuation at 31 March 2025 is represented by:

Freehold

Short

Long

property

leasehold

leasehold

£

£

£

Valuation in 2025

19,085,000

-

5,680,000

Cost

-

7,242

-

19,085,000

7,242

5,680,000

Fixtures

Computers

Plant and

and

and office

machinery

fittings

equipment

Totals

£

£

£

£

Valuation in 2025

-

-

-

24,765,000

Cost

21,276

89,494

19,932

137,944

21,276

89,494

19,932

24,902,944

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

2025

2024

as restated

£

£

Cost

23,728,526

27,327,904

Investment properties were valued on an open market value basis on 18 December 2025 by the third party valuers and the directors .

5.	Fixed asset investments

2025

2024

as restated

£

£

Shares in group undertakings

200

200

Imputed capital contribution

on loan to subsidiary

1,664,651

1,664,651

Participating interests

75

35

Loans & capital contributions

to participating interests

9,703,149

8,009,766

Other investments not loans

3,178,070

3,178,070

14,546,145

12,852,722

Additional information is as follows:

Shares in

group

Interest in

Unlisted

undertakings

associate

investments

Totals

£

£

£

£

Cost

At 1 April 2024

200

35

3,241,756

3,241,991

Additions

-

40

-

40

At 31 March 2025

200

75

3,241,756

3,242,031

Provisions

At 1 April 2024

and 31 March 2025

-

-

63,686

63,686

Net book value

At 31 March 2025

200

75

3,178,070

3,178,345

At 31 March 2024

200

35

3,178,070

3,178,305

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Salaft Property Investments Limited

Registered office: 3rd Floor 86-90 Paul Street, London, EC2A 4NE

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

1,985,746

3,890,746

Loss for the year

(1,905,000

)

(3,961,387

)

Salaft Serviced Offices Limited

Registered office: 22a Perrins Walk, London, NW3 6TH

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

(896,084

)

208,260

(Loss)/profit for the year

(1,104,344

)

202,660

Joint venture

Titan Property Group

Registered office: 22a Perrins Walk, London, NW3 6TH

Nature of business: Property dealing and investment

%

Class of shares:

holding

Partnership voting rights held

35.00

2025

2024

£

£

Profit for the year

45,651

19,001

The company is a partner in the Titan Property Group Partnership. The companies contributions are deemed a long term investment by the company. It is categorised as a joint venture, with all partners required to provide mutual consent on key decisions. The partnership has no fixed capital accounts but operates flexible partners' capital accounts. When the company makes contributions it is credited to its capital account with the partnership. The balance with Titan Property Group at 31 March 2025 was £8,390,893 (2024 - £6,813,854). The accounting reference date for the partnership is 5 April. The net assets of the partnership at 5 April 2025, including amounts owed by partners to the partnership amounted to £7,322,445 (2024 - £5,348,066).

Associated company

SSBB LLP

Registered office: 3rd Floor 86-90 Paul Street, London, EC2A 4NE

Nature of business: Property investment

%

Class of shares:

holding

Capital account

35.00

2025

2024

£

£

Aggregate capital and reserves

100

100

Profit/(loss) for the year

243,839

(401,571

)

The investment in SSBB LLP comprises the company's fixed capital account of £35, the remainder is invested via members contributions credited to the company's member's account in SSBB LLP. The total invested at the year end by the company in SSBB LLP, including the fixed capital amounted to £1,312,256.

Imputed

capital

Joint

contribution

Contributions

venture

on loan to

to

capital

subsidiary

associate

contributions

Totals

£

£

£

£

At 1 April 2024

1,664,651

1,195,912

6,813,854

9,674,417

New in year

-

164,844

2,362,214

2,527,058

Repayment in year

-

(48,500

)

(785,175

)

(833,675

)

At 31 March 2025

1,664,651

1,312,256

8,390,893

11,367,800

6.

Debtors

2025

2024

as restated

£

£

Amounts falling due within one year:

Trade debtors

118,463

214,765

Amounts owed by group undertakings

8,658,397

5,820,689

Other debtors

4,368,710

3,627,520

13,145,570

9,662,974

Amounts falling due after more than one year:

Other debtors

428,756

415,580

Aggregate amounts

13,574,326

10,078,554

7.	Current asset investments

2025

2024

as restated

£

£

Listed investments

2,434,309

3,447,136

Market value of listed investments at 31 March 2025 - £ 2,434,309 (2024 - £ 3,447,136 ).

8.

Creditors: amounts falling due within one year

2025

2024

as restated

£

£

Trade creditors

166,895

78,353

Amounts owed to group undertakings

-

199,950

Taxation and social security

26,967

148,752

Other creditors

1,657,681

1,139,603

1,851,543

1,566,658

9.

Creditors: amounts falling due after more than one year

2025

2024

as restated

£

£

Bank loans

8,317,500

6,150,000

10.	Secured debts

The following secured debts are included within creditors:

2025

2024

as restated

£

£

Bank loans

8,317,500

6,150,000

The bank loans have been secured by first legal charge on some of the leasehold and freehold property of the company.

11.	Provisions for liabilities

2025

2024

as restated

£

£

Deferred tax

Accelerated capital allowances

1,128,611

1,420,000

Tax losses

(537,845

)

(710,000

)

Unlisted investment impairment

(15,922

)

(15,922

)

Listed investments stated at

valuation

125,000

170,000

Property stated at fair value

-

160,000

699,844

1,024,078

Deferred tax

£

Balance at 1 April 2024

1,024,078

To the Income Statement

(324,234

)

Balance at 31 March 2025

699,844

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

Value:

£

£

38,000

Ordinary

£1

38,000

38,000

15,000

Ordinary B

£1

15,000

15,000

40,000

Ordinary C

£1

40,000

40,000

93,000

93,000

13.

Reserves

Investment

property

fair value

reserve

£

At 1 April 2024

6,575,749

Transfer between reserves

for change in unrealised gain

on investment properties

380,817

Transfer for change in

deferred tax on unrealised

gain on investment properties

160,000

At 31 March 2025

7,116,566

The listed investments fair value reserve and the investment property fair value reserve are derived from transfers out of the retained earnings reserve and represent the unrealised profit on the individual listed investments and investment properties that are stated in the balance sheet above cost, less deferred tax on listed investments and investment property.

14.	Related party disclosures