1.
General Information
Santok Asset Management Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05152741
. The registered office is 505 Pinner Road, Harrow, Middlesex, HA2 6EH.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, including the provisions of Section 1A “Small Entities”, and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements have been prepared under the historical cost convention, unless otherwise stated, and are presented in pounds sterling, which is the company’s functional and presentational currency.
The company is exempt from the requirement to prepare group financial statements by virtue of section 399(2A) of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
2.2.
Turnover
Turnover represents interest, arrangement fees and commission income receivable in the ordinary course of the company’s financing activities, net of value added tax where applicable.
Interest income is recognised using the effective interest method over the period of the relevant loan. Fees that are integral to the effective yield of a loan are included in the calculation of the effective interest rate and recognised over the expected term of the loan. Other commission and fee income is recognised when the related service has been provided and the company’s entitlement to the income can be measured reliably.
2.3.
Financial Instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including loans receivable, trade and other debtors, cash at bank, borrowings, trade and other creditors and balances with group and connected companies.
Basic financial instruments are initially recognised at the transaction price, including transaction costs, unless the arrangement constitutes a financing transaction. Where an arrangement constitutes a financing transaction, the financial asset or liability is initially measured at the present value of the future payments discounted at a market rate of interest for a similar instrument.
Financial assets and liabilities are subsequently measured at amortised cost using the effective interest method, less impairment in the case of financial assets.
Financial assets are derecognised when the contractual rights to the cash flows expire or are settled, or when substantially all the risks and rewards of ownership are transferred. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires.
2.4.
Taxation
The taxation expense represents the aggregate of current and deferred tax recognised in the reporting period.
Current tax is recognised on taxable profit for the year using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except where otherwise required by FRS 102. 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 tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the timing differences reverse.
Santok Asset Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.5.
Interest and finance costs
Interest and other borrowing costs are recognised in the profit and loss account using the effective interest method over the period of the relevant borrowing. Fees and other costs that are directly attributable to obtaining finance are included in the calculation of the effective interest rate.
2.6.
Investments in subsidiary undertakings
Investments in subsidiary undertakings are stated at cost less provision for impairment. The carrying value of investments is reviewed for impairment where events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment loss is recognised immediately in the profit and loss account.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
4.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 January 2025 |
|
| As at 31 December 2025 |
|
| Provision | |
| As at 1 January 2025 |
|
| As at 31 December 2025 |
|
| Net Book Value | |
| As at 31 December 2025 |
|
| As at 1 January 2025 |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following:
|
% of Holdings
|
|
|
Santok Homes (1) Ltd
Country of incorporation: England and Wales
Nature of business: Property Development and Investment
Ordinary Shares of £1
|
100
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|
|
Santok Homes (3) Ltd
Country of incorporation: England and Wales
Nature of business: Dormant
Ordinary Shares of £1
|
100
|
|
Santok Homes (Monmouth) Ltd
Country of incorporation: England and Wales
Nature of business: Property Development and Investment
Ordinary Shares of £1 |
50
|
...CONTINUED
Santok Asset Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
Mobile Reborn Ltd
Country of incorporation: England and Wales
Nature of business: Purchase, refurbishment and resale of mobile phones
Ordinary Shares of £1
Ordinary "B" Shares of £1
|
80 80
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - |
|
|
| Loans receivables |
|
|
|
| Amounts due from connected companies |
|
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other loans |
|
|
|
| Corporation tax |
|
|
|
| Other creditors |
|
|
|
| Amounts due to connected companies |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
|
|
| Loan creditors |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade loan creditor |
|
|
|
8.
Secured Creditors
Included within the creditors are loan creditors of £8,910,000 (2024: £8,500,000) which are secured by a way of personal guarantees by the directors.
Santok Asset Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10.
Related Party Transactions
During the year, the company entered into financing and other transactions with companies under common control (connected companies) or in which the directors have a beneficial interest.
At 31 December 2025, amounts due from such companies totalled £418,000 (2024: £131,200), and amounts due to such companies totalled £2,836,200 (2024: £4,294,584). The balances are unsecured, interest-free and repayable on demand.
At 31 December 2025, amounts due to the directors totalled £60,000 (2024: £195,341). These balances are unsecured, interest-free and repayable on demand.
11.
Transition to FRS 102
These are the company’s first financial statements prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, including the provisions of Section 1A “Small Entities”.
The company’s previous financial statements were prepared in accordance with FRS 105, “The Financial Reporting Standard applicable to the Micro-entities Regime”. The date of transition to FRS 102 was 1 January 2024.
The accounting policies adopted under FRS 102 have been applied in preparing the financial statements for the year ended 31 December 2025, the comparative information for the year ended 31 December 2024 and the opening financial position at 1 January 2024.
The transition from FRS 105 to FRS 102 has not resulted in any adjustments to the company’s previously reported assets, liabilities, equity or profit. Accordingly, no transition adjustments were required.