REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 August 2022 |
for |
Sava Estates Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 August 2022 |
for |
Sava Estates Limited |
Sava Estates Limited (Registered number: SC383078) |
Contents of the Financial Statements |
for the Year Ended 30 August 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Sava Estates Limited |
Company Information |
for the Year Ended 30 August 2022 |
DIRECTORS: |
Mrs S R Lal |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Ground Floor (part) |
8000 Academy Business Park |
51 Gower Street |
GLASGOW |
G51 1PR |
Sava Estates Limited (Registered number: SC383078) |
Strategic Report |
for the Year Ended 30 August 2022 |
The directors present their strategic report for the year ended 30 August 2022. |
REVIEW OF BUSINESS |
The company operates a property development company across Scotland. |
The company has continued to expanded it's investment portfolio during the year. |
Business Model, Market and Trends |
The company invests in both commercial and residential properties. |
The directors closely monitor the property market as part of its every day management and regularly review rental property returns. |
Objectives |
The directors continued to strengthen the balance sheet by improving the quality of assets within the stock and investment portfolio. This has resulted in the value of the company's stock and investment portfolio increasing by £6,064,913 to £41,607,353. This was achieved despite the worldwide pandemic. |
Since the year end the directors have continued to strengthen the balance sheet by selling selected properties. This has resulted in the company being in a strong position to exploit favourable market conditions in future. |
Key performance indicators |
As noted above, the key performance indicator is the continued growth of the company's investment portfolio. |
As shown on the Income Statement on page 8, the turnover relating to disposal of non investment property and rental remains health at £12,544,666 this year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Board believes the main risk is the impact of COVID 19 on the property market. Post year end the impact on our business results has been limited. The directors will continue to closely monitor the property market as part of its every day management and will regularly review rental property returns. |
ON BEHALF OF THE BOARD: |
Sava Estates Limited (Registered number: SC383078) |
Report of the Directors |
for the Year Ended 30 August 2022 |
The directors present their report with the financial statements of the company for the year ended 30 August 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property development company. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 August 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 31 August 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
Mrs S R Lal was appointed as a director after 30 August 2022 but prior to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Sava Estates Limited (Registered number: SC383078) |
Report of the Directors |
for the Year Ended 30 August 2022 |
AUDITORS |
The auditors, TB Dunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Sava Estates Limited |
Opinion |
We have audited the financial statements of Sava Estates Limited (the 'company') for the year ended 30 August 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 August 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Sava Estates Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Sava Estates Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which the audit is considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following: |
- the nature of the industry and sector, control environment and business performance including the key drivers for Directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks irregularities; |
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we consider the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the cut-off of revenue recognition. In common with all audits under ISAs(UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosure in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and Health and Safety legislation. |
In addition to the above, our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meeting of those charged with governance; |
- in addressing the fraud risk in revenue cut-off, we have tested a sample of revenue/stock recorded pre year end and post year end and agreed to invoice, and stock records to assess timing or cut-off and ensure that revenue is only recognised when property titles have been transferred; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations through the audit. |
Report of the Independent Auditors to the Members of |
Sava Estates Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Ground Floor (part) |
8000 Academy Business Park |
51 Gower Street |
GLASGOW |
G51 1PR |
Sava Estates Limited (Registered number: SC383078) |
Income Statement |
for the Year Ended 30 August 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,491,382 | 4,399,130 |
Other operating income |
Gain on disposal of investment property | 2,514,236 | 1,035,504 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Sava Estates Limited (Registered number: SC383078) |
Other Comprehensive Income |
for the Year Ended 30 August 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Revaluation of investment property | ( |
) |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Sava Estates Limited (Registered number: SC383078) |
Balance Sheet |
30 August 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sava Estates Limited (Registered number: SC383078) |
Statement of Changes in Equity |
for the Year Ended 30 August 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 August 2020 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 August 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 August 2022 |
Sava Estates Limited (Registered number: SC383078) |
Cash Flow Statement |
for the Year Ended 30 August 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of investment property | ( |
) | ( |
) |
Sale of investment property |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 301,262 |
Amount withdrawn by directors | (50,702 | ) | (309,406 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,878,035 |
Cash and cash equivalents at end of year | 2 | 50,073 | 1,140,327 |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Cash Flow Statement |
for the Year Ended 30 August 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
Depreciation charges |
Gain on revaluation of fixed assets | (2,514,236 | ) | (1,035,504 | ) |
3,808,740 | 4,723,903 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 August 2022 |
30.8.22 | 31.8.21 |
£ | £ |
Cash and cash equivalents | 50,073 | 1,140,327 |
Year ended 30 August 2021 |
30.8.21 | 31.8.20 |
£ | £ |
Cash and cash equivalents | 1,140,327 | 1,878,035 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.8.21 | Cash flow | At 30.8.22 |
£ | £ | £ |
Net cash |
Cash at bank | 1,140,327 | (1,090,254 | ) | 50,073 |
1,140,327 | ( |
) | 50,073 |
Total | 1,140,327 | (1,090,254 | ) | 50,073 |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements |
for the Year Ended 30 August 2022 |
1. | STATUTORY INFORMATION |
Sava Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. |
Turnover |
Turnover represents the sale of properties held for resale together with rental income. Turnover relating to the sale of properties is recognised when the contract is legally binding. Rental income is recognised in the period it relates to. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Impairment of fixed assets |
At each reporting date, the company reviewed the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it's not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements - continued |
for the Year Ended 30 August 2022 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property are properties which the company is receiving rental income for and the Directors believe will not be sold in the foreseeable future. |
Investment property is stated at fair value. Changes in fair value are recognised in the Statement of Comprehensive Income. |
Stock |
Property which the company purchased with a view to being sold are held as stock. Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. |
Stock which becomes investment property is transferred at fair value with the gain shown in the Trading and Profit and Loss Account. |
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. |
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. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalent are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Social security costs |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements - continued |
for the Year Ended 30 August 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2022 | 2021 |
Directors |
2022 | 2021 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£ | £ |
Computer software amortisation |
Auditors' remuneration |
Other non- audit services |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of investment property | ( |
) | 473,243 | (2,017,509 | ) |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of investment property | (1,405,067 | ) | 5,990,023 |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements - continued |
for the Year Ended 30 August 2022 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 31 August 2021 |
and 30 August 2022 |
AMORTISATION |
At 31 August 2021 |
Amortisation for year |
At 30 August 2022 |
NET BOOK VALUE |
At 30 August 2022 |
At 30 August 2021 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 31 August 2021 |
and 30 August 2022 |
DEPRECIATION |
At 31 August 2021 |
and 30 August 2022 |
NET BOOK VALUE |
At 30 August 2022 |
At 30 August 2021 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 August 2021 |
Additions |
Disposals | ( |
) |
Revaluations | (2,490,752 | ) |
At 30 August 2022 |
NET BOOK VALUE |
At 30 August 2022 |
At 30 August 2021 |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements - continued |
for the Year Ended 30 August 2022 |
9. | INVESTMENT PROPERTY - continued |
Fair value at 30 August 2022 is represented by: |
£ |
Valuation in 2022 | 37,793,708 |
If investment property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 29,874,218 | 23,959,759 |
Investment property was valued on an fair value basis on 30 August 2022 by independent valuers Shepherd Commercial . |
10. | STOCKS |
2022 | 2021 |
£ | £ |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
VAT |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
VAT | - | 121,704 |
Other creditors |
Directors' loan accounts | - | 50,702 |
Accrued expenses |
13. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 1,504,703 | 1,977,946 |
Sava Estates Limited (Registered number: SC383078) |
Notes to the Financial Statements - continued |
for the Year Ended 30 August 2022 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 31 August 2021 |
Provided during year | ( |
) |
Balance at 30 August 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
15. | RESERVES |
Retained |
earnings |
£ |
At 31 August 2021 |
Profit for the year |
Revaluation in year | (2,017,509 | ) |
At 30 August 2022 |
16. | RELATED PARTY DISCLOSURES |
Within other creditors is a directors' loan of £Nil ( £50,702 : 2021 ). During the year the only transaction with the directors was the repayment of their loan. |
2022 | 2021 |
£ | £ |
Consultancy fees | 40,000 | 40,000 |
Amount due from related party | 421,316 | 1,079,577 |
Amount due to related party | 3,074,594 | 1,693,595 |