Samadin Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11509372 (England and Wales)

Financial Statements for the Year Ended 31 August 2021

for

SAMADIN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Nair

Mrs S Nair

Miss S Nair

K R Bhojwani

S Mohan

REGISTERED OFFICE:

Ground Floor

Office No 9

Ritz Parade

London

W5 3RA

REGISTERED NUMBER:

11509372 (England and Wales)

AUDITORS:

Butler & Co LLP

Chartered Accountants

& Statutory Auditor

Third Floor

126-134 Baker Street

London

W1U 6UE

FIXED ASSETS

Tangible assets

4

3,584,043

732,828

CURRENT ASSETS

Stocks

49,241

-

Debtors

5

607,353

362,622

Cash at bank and in hand

34,958

29,132

691,552

391,754

CREDITORS

Amounts falling due within one year

6

968,831

213,383

NET CURRENT (LIABILITIES)/ASSETS

(277,279

)

178,371

TOTAL ASSETS LESS CURRENT LIABILITIES

3,306,764

911,199

CREDITORS

Amounts falling due after more than one year

7

4,385,000

1,060,500

NET LIABILITIES

(1,078,236

)

(149,301

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,078,336

)

(149,401

)

SHAREHOLDERS' FUNDS

(1,078,236

)

(149,301

)

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 Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 16 May 2022 and were signed on its behalf by:

K Bhojwani - Director

1.	STATUTORY INFORMATION

Samadin 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The Directors, having made appropriate enquiries, consider that adequate resources exist for the company to continue in operational existence for the foreseeable future and with the continued support of the company's ultimate shareholders, the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements. The ultimate parent company has confirmed continued support to the company.

There were uncertainties relating to COVID19 pandemic throughout the financial year which may impact on recoverability of the investments and debtors. No provisions have been made in the 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.

Significant judgements and estimates

Key sources of estimation uncertainty and judgements: The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period.

Tangible fixed assets

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

Land and building - Up to lease term on cost

Plant and machinery - 8 years on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants receivables

Coronavirus Job Retention Scheme grants received during the year are included as other income in the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 September 2020

754,595

-

-

754,595

Additions

2,130,826

373,398

468,357

2,972,581

At 31 August 2021

2,885,421

373,398

468,357

3,727,176

DEPRECIATION

At 1 September 2020

21,767

-

-

21,767

Charge for year

86,138

16,899

18,329

121,366

At 31 August 2021

107,905

16,899

18,329

143,133

NET BOOK VALUE

At 31 August 2021

2,777,516

356,499

450,028

3,584,043

At 31 August 2020

732,828

-

-

732,828

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

1,802

-

Other debtors

605,551

362,622

607,353

362,622

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

324,843

-

Amounts owed to group undertakings

556,113

77,782

Taxation and social security

26,526

-

Other creditors

61,349

135,601

968,831

213,383

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

4,385,000

1,060,500

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Material uncertainty related to the entity's ability to operate as a going concern exists. However, the parent company has provided assurances that it would continue to support the entity as a going concern and meet its liabilities as they fall due as stated in Going concern policy (note 2) of the financial statements. The audit opinion is not modified in respect of this matter.

Sanjeev Phadke (Senior Statutory Auditor)

for and on behalf of Butler & Co LLP

9.	CAPITAL COMMITMENTS

2021

2020

£

£

Contracted but not provided for in the

financial statements

-

2,200,000

10.	IMMEDIATE AND ULTIMATE CONTROLLING PARTY

The company is a subsidiary of S Fiori Limited, a company incorporated in England & Wales.

The ultimate controlling party of the company is Leela Hospitality Pvt Ltd, a company incorporated in India. The financial statements are consolidated in the financial statements of Leela Hospitality Pvt Ltd, and is available from 703 Leela Business Park, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, India.