| Sirai Management Ltd |
| Registered number: 06116831 |
| Balance Sheet |
| As at 31 March 2025 |
|
|
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Non-current assets |
| Tangible assets |
4 |
|
|
3,238,008 |
|
|
3,318,513 |
| Investments |
5 |
|
|
1,102,967 |
|
|
1,102,967 |
| Livestock |
6 |
|
|
136,238 |
|
|
136,615 |
|
|
|
|
4,477,213 |
|
|
4,558,095 |
| Current assets |
| Stocks |
|
|
255,707 |
|
|
250,738 |
| Debtors |
7 |
|
6,317,552 |
|
|
5,011,179 |
| Cash at bank |
|
|
207,804 |
|
|
202,785 |
|
|
|
6,781,063 |
|
|
5,464,702 |
| Creditors: amounts falling due within one year |
8 |
|
(6,014,436) |
|
|
(5,726,169) |
|
|
|
|
|
|
|
| Net current assets/(liabilities) |
|
|
|
766,627 |
|
|
(261,467) |
|
| Net assets |
|
|
|
5,243,840 |
|
|
4,296,628 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Share capital |
9 |
|
|
2 |
|
|
2 |
| Merger reserve |
|
|
|
19,511,653 |
|
|
19,511,653 |
| FX revaluation reserve |
|
|
|
824,022 |
|
|
806,578 |
| Accumulated losses |
|
|
|
(15,091,837) |
|
|
(16,021,605) |
|
| Shareholder's funds |
|
|
|
5,243,840 |
|
|
4,296,628 |
|
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies. |
|
|
|
|
|
| M A Spencer |
| Director |
| Approved by the board on 7 May 2026 |
|
| Sirai Management Ltd |
| Notes to the Accounts |
| For the year ended 31 March 2025 |
|
|
| 1 |
Company Information |
|
|
The company is a private company limited by shares, incorporated in England and registered at 3rd Floor, 39 Sloane Street, Knightsbridge, London SW1X 9LP. |
|
|
| 2 |
Accounting policies |
|
|
2.1 Basis of preparation |
|
The accounts 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 (as applied to small entities by section 1A of the standard). |
|
|
2.2 Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised at the point of sale. Turnover from the rendering of services is recognised on completion of the service. |
|
|
2.3 Tangible assets |
|
Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows: |
|
Leasehold property |
over 30 years |
|
Fixtures and equipment |
over 3-22 years |
|
Artwork and ornaments |
not depreciated |
|
|
2.4 Investments |
|
Unlisted investments held as non-current assets are measured at cost less accumulated impairment losses. Investments are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account. Where the carrying amount is less than its recoverable amount, an impairment gain is restored up to the original cost. |
|
|
2.5 Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
2.6 Debtors |
|
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
2.7 Creditors |
|
Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
2.8 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 accounts 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
2.10 Foreign currency translation |
|
The company's functional and presentation currency is Pound sterling ("£"). 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. |
|
|
| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
42 |
|
39 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible assets |
|
|
Leasehold property |
|
Fixtures & equipment |
|
Artwork & ornaments |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
2,927,627 |
|
2,030,956 |
|
1,033,864 |
|
5,992,447 |
|
Additions |
31,310 |
|
131,750 |
|
- |
|
163,060 |
|
FX revaluation |
(7,467) |
|
(5,559) |
|
(1,977) |
|
(15,003) |
|
Disposals |
- |
|
(266,831) |
|
- |
|
(266,831) |
|
At 31 March 2025 |
2,951,470 |
|
1,890,316 |
|
1,031,887 |
|
5,873,673 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
979,547 |
|
1,694,387 |
|
- |
|
2,673,934 |
|
Charge for the year |
98,487 |
|
114,134 |
|
- |
|
212,621 |
|
FX revaluation |
(3,083) |
|
(5,416) |
|
- |
|
(8,499) |
|
On disposals |
(3,296) |
|
(239,095) |
|
- |
|
(242,391) |
|
At 31 March 2025 |
1,071,655 |
|
1,564,010 |
|
- |
|
2,635,665 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
1,879,815 |
|
326,306 |
|
1,031,887 |
|
3,238,008 |
|
At 31 March 2024 |
1,948,080 |
|
336,569 |
|
1,033,864 |
|
3,318,513 |
|
|
| 5 |
Investments |
2025 |
| £ |
|
Unlisted investment at cost |
|
At 1 April 2024 and 31 March 2025 |
2,157,974 |
|
|
|
|
|
|
|
|
|
|
Impairment |
|
At 1 April 2024 and 31 March 2025 |
1,055,007 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 1 April 2024 and 31 March 2025 |
1,102,967 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Livestock |
2025 |
| £ |
|
Horses at cost |
|
At 1 April 2024 |
136,615 |
|
Disposals |
(377) |
|
At 31 March 2025 |
136,238 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
641,918 |
|
37,202 |
|
Amounts owed by parent company |
|
79,127 |
|
77,760 |
|
Prepayments and accrued income |
|
1,096,331 |
|
642,365 |
|
Other debtors |
4,500,176 |
|
4,253,852 |
|
|
|
|
|
|
6,317,552 |
|
5,011,179 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
28,245 |
|
659,713 |
|
Taxation and social security costs |
21,036 |
|
27,448 |
|
Accruals and deferred income |
381,005 |
|
179,058 |
|
Other creditors |
5,584,150 |
|
4,859,950 |
|
|
|
|
|
|
6,014,436 |
|
5,726,169 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Share capital |
2025 |
|
2024 |
| £ |
£ |
|
|
Allotted, called up and fully paid: |
|
20,000 Ordinary shares of £0.0001 each |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Related party transactions |
|
|
Other debtors in Note 7 include £4,208,246 (2024: £3,482,941) owed by entities under the control of the ultimate controlling party. They are unsecured, interest-free and recoverable on demand.
Other creditors in Note 8 include £3,858,509 (2024: £3,173,220) owed to the ultimate controlling party and £1,725,641 (2024: £1,621,411) owed to entities under the control of the ultimate controlling party. They are unsecured, payable on demand, and the latter category is subject to interest at 4% up to 31 October 2024 and 5.5% from 1 November 2024.
|
|
|
| 11 |
Controlling party |
|
|
The immediate controlling party is the parent company Sirai House Ltd and the ultimate controlling party is M A Spencer. |