Company Registration No. 11523222 (England and Wales)
SARACEN HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
SARACEN HOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SARACEN HOUSE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
Notes
£
£
Fixed assets
Investments
3
1,507,217
Current assets
Debtors
4
650,728
Creditors: amounts falling due within one year
5
(2,018,796)
Net current liabilities
(1,368,068)
Total assets less current liabilities
139,149
Creditors: amounts falling due after more than one year
6
(307,882)
Net liabilities
(168,733)
Capital and reserves
Called up share capital
7
2
Profit and loss reserves
(168,735)
Total equity
(168,733)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2020 and are signed on its behalf by:
K Pankhania
Director
Company Registration No. 11523222
SARACEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
- 2 -
1
Accounting policies
Company information
Saracen House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company is currently making losses pending the development of property held by its subsidiary, which is expected to generate income in the future. As stated in note 9, the directors consider that the Covid-19 outbreak is unlikely to significantly affect the overall value of the development. trueThe company is supported by loans from companies under common control who have confirmed that continuing support will be provided. The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and continue to adopt the going concern basis in preparing the financial statements.
1.3
Reporting period
These financial statements cover the period from date of incorporation, 17 August 2018 to 31 January 2020.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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 recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SARACEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including loans from companies under common control, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
The company had no employees during the current period.
3
Fixed asset investments
2020
£
Investments
1,507,217
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 17 August 2018
-
Additions
1,507,217
At 31 January 2020
1,507,217
Carrying amount
At 31 January 2020
1,507,217
Fixed asset investment represents investment in the share capital of the company’s 100% owned subsidiary. The investment is stated at cost. The directors do not consider that the value of its investment has been impaired.
SARACEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 4 -
4
Debtors
2020
Amounts falling due within one year:
£
Amounts owed by group undertakings
650,726
Other debtors
2
650,728
5
Creditors: amounts falling due within one year
2020
£
Other creditors
1,990,289
Accruals and deferred income
28,507
2,018,796
6
Creditors: amounts falling due after more than one year
2020
Notes
£
Bank loans
307,882
The bank loan is secured by :
- A debenture over all the assets from the company and its subsidiary.
- The directors and a close family member act as guarantors for the bank loan. Each guarantor jointly and severally guarantee the payment limited to £789,698 plus interest and cost overruns.
7
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
8
Financial commitments, guarantees and contingent liabilities
At the period end date, the company had total guarantees and commitments in relation to bank borrowings of a related company of £14,673,103.
SARACEN HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
- 5 -
9
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak, that has been spreading throughout the world in early 2020, on the value of the company’s investment in its subsidiary. The subsidiary owns property which is currently generating rental income pending further development. The effect of the outbreak is likely to be a delay in the commencement of the development but is not expected to significantly affect its overall value.
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