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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SAMA PROPERTIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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SAMA PROPERTIES LIMITED |
SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SAMA PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Cavendish Suite |
Saxon Centre |
11 Bargates |
Christchurch |
Dorset |
BH23 1PZ |
SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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SAMA Properties Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Investment property |
Investment properties are revalued annually. Surpluses or deficits on individual properties are |
transferred to the investment revaluation reserve, except that a deficit which is expected to be |
permanent and which is in excess of any previously recognised surplus over cost relating to the |
same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss |
account. Depreciation is not provided in respect of freehold investment properties, or in respect |
of leasehold investment properties where the unexpired term of the lease is more than 20 years. |
The directors consider that this accounting policy, which represents a departure from the statutory |
accounting rules, is necessary to provide a true and fair view required under Statement of |
Standard Accounting Practice "Accounting for Investment". |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income |
or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent |
to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating |
to equity instruments are debited direct to equity. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - 2 ). |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2017 |
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Disposals | ( |
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Revaluations | 25,000 |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | INVESTMENT PROPERTY - continued |
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Fair value at 31 December 2017 is represented by: |
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Valuation in 2010 | 70,347 |
Valuation in 2012 | 10,000 |
Valuation in 2017 | 25,000 |
Cost | 44,653 |
150,000 |
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If the investment property had not been revalued it would have been included at the following |
historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 44,653 | 44,653 |
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The investment property was valued on an open market basis on 25 January 2016 by Cowling & West |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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SAMA PROPERTIES LIMITED (REGISTERED NUMBER: 02887585) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2017 |
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Tfr from revaluation reserve | (125,000 | ) |
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At 31 December 2017 |
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8. | ULTIMATE CONTROLLING PARTY |
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The controlling party is P & J Holdings Limited. |
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None of the directors had overall control
of
P & J Holdings Limited
during the current year.
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9. | COMPANY VALUATION |
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The directors would draw attention to the fact that included within other debtors is the sum of |
£803,093 (2016 - £802,685) owed to the parent company. If this amount was removed from the |
balance sheet of the company, with a corresponding reduction in share capital, the value of the |
company would be £244,515 (2016 - £272,642). |