Registered number
10502427
S & B ASSETS LTD
Filleted Accounts
31 December 2021
S & B ASSETS LTD
Registered number: 10502427
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 276,556 276,556
Current assets
Debtors 4 750 -
Cash at bank and in hand 4,582 5,684
5,332 5,684
Creditors: amounts falling due within one year 5 (84,532) (84,482)
Net current liabilities (79,200) (78,798)
Total assets less current liabilities 197,356 197,758
Creditors: amounts falling due after more than one year 6 (199,241) (201,241)
Net liabilities (1,885) (3,483)
Capital and reserves
Called up share capital 100 100
Profit and loss account (1,985) (3,583)
Shareholders' funds (1,885) (3,483)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B Mistry
Director
Approved by the board on 19 July 2022
S & B ASSETS LTD
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The presentation currency of the financial statements is the Pound Sterling (£).
Turnover
Turnover represents rent receivable.
Significant judgements and estimates
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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.
Investment property
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
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 and loss.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment property
£
Cost
At 1 January 2021 276,556
At 31 December 2021 276,556
Depreciation
At 31 December 2021 -
Net book value
At 31 December 2021 276,556
At 31 December 2020 276,556
4 Debtors 2021 2020
£ £
Other debtors 750 -
5 Creditors: amounts falling due within one year 2021 2020
£ £
Other creditors 84,532 84,482
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 199,241 201,241
7 Loans 2021 2020
£ £
Creditors include:
Secured bank loans 203,241 203,241
Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.
8 Related party transactions
Included in other creditors is an amount of £83,982 owed to the directors. The amount is interest free and repayable on demand.
9 Other information
S & B ASSETS LTD is a private company limited by shares and incorporated in England. Its registered office is:
88 Shrewsbury Avenue
Kenton
Middlesex
HA3 9NF
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