Company Registration No. 03069636 (England and Wales)
SINTEC PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
SINTEC PROPERTIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SINTEC PROPERTIES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. D. Roman
Company number
03069636
Registered office
Unit 23, Metro Centre
Britannia Way
Park Royal
London
United Kingdom
NW10 7PA
Auditor
Verallo (formerly Taylorcocks Thames Valley LLP)
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
SINTEC PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
766,789
514,640
Current assets
Debtors
4
12,003
153,232
Cash at bank and in hand
269,185
195,068
281,188
348,300
Creditors: amounts falling due within one year
5
(47,336)
(15,000)
Net current assets
233,852
333,300
Total assets less current liabilities
1,000,641
847,940
Creditors: amounts falling due after more than one year
6
(346,188)
(221,522)
Provisions for liabilities
7
(191,697)
(100,381)
Net assets
462,756
526,037
Capital and reserves
Called up share capital
8
40,000
40,000
Revaluation reserve
277,357
368,673
Profit and loss reserves
145,399
117,364
Total equity
462,756
526,037
SINTEC PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 August 2022 and are signed on its behalf by:
Mr. D. Roman
Director
Company Registration No. 03069636
The notes on pages 4 to 9 form part of these financial statements
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Sintec Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 23, Metro Centre, Britannia Way, Park Royal, London, United Kingdom, NW10 7PA.
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
The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.
The directors have reviewed the continued impact of COVID-19 on the operations and financial position of the company and have a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rents receivable in the period, from the freehold property held.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Land is not subject to depreciation.
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Tangible fixed assets
Freehold Land & buildings
£
Cost
At 1 January 2021
542,000
Additions
261,078
At 31 December 2021
803,078
Depreciation and impairment
At 1 January 2021
27,360
Depreciation charged in the year
8,929
At 31 December 2021
36,289
Carrying amount
At 31 December 2021
766,789
At 31 December 2020
514,640
Included in land & buildings, is land totalling £200,000 (2020: £nil) which is not subject to depreciation.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
12,003
Amounts owed by group undertakings
153,225
Other debtors
7
12,003
153,232
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
38,901
15,000
Trade creditors
8,435
47,336
15,000
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
346,188
221,522
The HSBC PLC bank loans are secured by fixed charges over the freehold property Unit 23, Metro Centre, Britannia Way, Park Royal, London, NW10 7PA and the leasehold property Flat 4, Uplyme House, 35 Amersham Road, High Wycombe, Buckinghamshire. The loans are due for repayment in instalments by April 2031 and January 2029 , interest is charged at 4% and 3% above base respectively.
Amounts included above which fall due after five years are as follows:
Payable by instalments
190,583
-
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
191,697
100,381
2021
Movements in the year:
£
Liability at 1 January 2021
100,381
Charge to other comprehensive income
91,316
Liability at 31 December 2021
191,697
SINTEC PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
40,000
40,000
40,000
40,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Michelle Hewitt-Dutton FCCA.
The auditor was Verallo (formerly Taylorcocks Thames Valley LLP).
10
Related party transactions
As Sintec Properties Limited is a wholly owned subsidiary of Sintec UK Limited, the company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with other wholly-owned members of the group.
11
Parent company
On 4 November 2021, Sintec UK transferred its shares in Sintec Properties Limited, to Sintec Holding Limited, through a share for share exchange. As at this date Sintec Holding Limited became the parent company.
Ultimate control is held by Mr. S. Morozov by virtue of his controlling shareholding in Sintec Holding Limited.