Company registration number 11163982 (England and Wales)
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
5
1,570,739
1,540,117
Current assets
Debtors
6
21,047
20,148
Cash at bank and in hand
1,312
7,136
22,359
27,284
Creditors: amounts falling due within one year
Loans and overdrafts
9
77,016
77,016
Other creditors
10
15,524
8,500
92,540
85,516
Net current liabilities
(70,181)
(58,232)
Total assets less current liabilities
1,500,558
1,481,885
Creditors: amounts falling due after more than one year
8
(1,648,963)
(1,640,807)
Net liabilities
(148,405)
(158,922)
Capital and reserves
Called up share capital
11
10,000
100
Profit and loss reserves
(158,405)
(159,022)
Total equity
(148,405)
(158,922)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year 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.

SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 March 2022
Mr K Hurhangee
Director
Company Registration No. 11163982
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
100
(160,673)
(160,573)
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
1,651
1,651
Balance at 31 December 2020
100
(159,022)
(158,922)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
617
617
Issue of share capital
11
9,900
-
9,900
Balance at 31 December 2021
10,000
(158,405)
(148,405)
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Simply Marvellous Properties 3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA.

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.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that thetrue

company has adequate resources to continue in operational existence for the foreseeable future. As the company is being supported by its parent company and director.

1.3
Turnover

Turnover represents rent receivable from investment property.

 

Rent receivable is recognised on a monthly basis from the start date of the tenancy agreement allowing for any void periods from one tenancy to another.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
1
1
4
Taxation

On the basis of these financial statements no provision has been made for corporation tax.

SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Investment property
2021
£
Fair value
At 1 January 2021
1,540,116
Additions
30,623
At 31 December 2021
1,570,739

Investment in properties comprises freehold property. In the opinion of the director the fair value of the investment property is not significantly different to that stated above which represents the amount purchased during the period.

6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
21,047
20,148
7
Creditors: amounts falling due within one year
2021
2020
£
£
Other borrowings
9
77,016
77,016
Trade creditors
2,524
-
0
Accruals and deferred income
13,000
8,500
92,540
85,516

Other borrowings of £77,016 (2020: £77,016) is short-term bridging loan secured by fixed charge over the company's investment property.

8
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
9
810,901
50,000
Other borrowings
9
838,062
1,590,807
1,648,963
1,640,807
SIMPLY MARVELLOUS PROPERTIES 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Loans and overdrafts
2021
2020
£
£
Bank loans
810,901
50,000
Other loans
915,078
1,667,823
1,725,979
1,717,823
Payable within one year
77,016
77,016
Payable after one year
1,648,963
1,640,807

Bank loans include a long-term bank loan of £766,734 which is secured by fixed charge over the company's investment property.

10
Other creditors falling due within one year
2021
2020
£
£
Trade creditors
2,524
-
0
Accruals and deferred income
13,000
8,500
15,524
8,500

Other borrowings of £77,016 (2020: £77,016) is short-term bridging loan secured by fixed charge over the company's investment property.

11
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
100
10,000
100

During the year the company issued 9,900 ordinary shares of £1 each at par.

12
Control

The parent company of Simply Marvellous Properties 3 Limited is Simply Marvellous Properties Holdings Limited, a company incorporated in England.

 

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