Sabit Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05640205 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Sabit Holdings Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R A Hope

Ms J R Hope

REGISTERED OFFICE:

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

05640205 (England and Wales)

FIXED ASSETS

Tangible assets

5

22,421

28,026

Investments

6

67

67

Investment property

7

564,390

564,390

586,878

592,483

CURRENT ASSETS

Cash at bank

49

2

CREDITORS

Amounts falling due within one year

8

66,145

124,535

NET CURRENT LIABILITIES

(66,096

)

(124,533

)

TOTAL ASSETS LESS CURRENT LIABILITIES

520,782

467,950

CREDITORS

Amounts falling due after more than one year

9

(267,390

)

(231,913

)

PROVISIONS FOR LIABILITIES

(3,200

)

(4,600

)

NET ASSETS

250,192

231,437

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

249,992

231,237

250,192

231,437

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 27 January 2020 and were signed on its behalf by:

R A Hope - Director

1.	STATUTORY INFORMATION

Sabit Holdings Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Preparation of consolidated financial statements

The financial statements contain information about Sabit Holdings Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company is

exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare

consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising

from changes in fair value is recognised in profit or loss.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in

non-convertible preference and non-puttable ordinary shares which are measured at fair value, with

changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost

and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 November 2018

and 31 October 2019

184,402

DEPRECIATION

At 1 November 2018

156,376

Charge for year

5,605

At 31 October 2019

161,981

NET BOOK VALUE

At 31 October 2019

22,421

At 31 October 2018

28,026

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2018

and 31 October 2019

67

NET BOOK VALUE

At 31 October 2019

67

At 31 October 2018

67

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2018

and 31 October 2019

564,390

NET BOOK VALUE

At 31 October 2019

564,390

At 31 October 2018

564,390

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

6,613

6,613

Trade creditors

-

1

Amounts owed to group undertakings

53,226

106,623

Taxation and social security

5,773

9,416

Other creditors

533

1,882

66,145

124,535

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

215,543

222,285

Other creditors

51,847

9,628

267,390

231,913

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

215,543

222,285

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

222,156

228,898

The bank loan is secured by a fixed and floating charge against the property and all assets, present

and future, of the company.