Company Registration No. 10471919 (England and Wales)
Sammes Properties Limited
Unaudited accounts
for the year ended 30 November 2022
Sammes Properties Limited
Unaudited accounts
Contents
Sammes Properties Limited
Company Information
for the year ended 30 November 2022
Directors
Dr Sami Salman
Mr Sinan Salman
Company Number
10471919 (England and Wales)
Registered Office
18 Somerhill Avenue
Blackefn
Sidcup
Kent
DA15 9JZ
ENGLAND
Accountants
Taxacc Solutions Ltd
117A St. John's Hill
Sevenoaks
Kent
TN13 3PE
Sammes Properties Limited
Statement of financial position
as at 30 November 2022
Tangible assets
2,405
3,629
Investment property
615,000
313,709
Inventories
251,075
232,715
Cash at bank and in hand
44,682
16,427
Creditors: amounts falling due within one year
(829,042)
(474,537)
Net current liabilities
(521,368)
(222,234)
Total assets less current liabilities
96,037
95,104
Creditors: amounts falling due after more than one year
(298,222)
(150,855)
Provisions for liabilities
Net liabilities
(202,185)
(61,372)
Called up share capital
100
100
Profit and loss account
(202,285)
(61,472)
Shareholders' funds
(202,185)
(61,372)
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Mr Sinan Salman
Director
Company Registration No. 10471919
Sammes Properties Limited
Notes to the Accounts
for the year ended 30 November 2022
Sammes Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 10471919. The registered office is 18 Somerhill Avenue, Blackefn, Sidcup, Kent, DA15 9JZ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Sammes Properties Limited
Notes to the Accounts
for the year ended 30 November 2022
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant & machinery
20% Straight Line
Motor vehicles
20% Straight Line
Computer equipment
20% Straight Line
Investment property, which is a 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 date. Changes in fair value are recognised in profit or loss.
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing / completion. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Sammes Properties Limited
Notes to the Accounts
for the year ended 30 November 2022
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Director(s) periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over (a) the level of demand for the company’s products. (b) the availability of bank finance for the foreseeable future.
The current and future financial position of the Company, its cash flows and liquidity position has been reviewed by the directors. These have been prepared with a very prudent view of the likely gradual recovery in each of the Company's operating locations and have been stress tested to ensure that cash flows and liquidity are sufficiently robust to allow the Company to continue to trade during this period.
The company’s forecasts and projections, taking into account a severe but plausible change in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.
Sammes Properties Limited
Notes to the Accounts
for the year ended 30 November 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2021
58
5,050
1,008
6,116
At 30 November 2022
58
5,050
1,008
6,116
At 1 December 2021
12
2,273
202
2,487
Charge for the year
12
1,010
202
1,224
At 30 November 2022
24
3,283
404
3,711
At 30 November 2022
34
1,767
604
2,405
At 30 November 2021
46
2,777
806
3,629
Fair value at 1 December 2021
313,709
Net loss from fair value adjustments
(85,168)
At 30 November 2022
615,000
Amounts falling due within one year
Deferred tax asset
10,561
-
Accrued income and prepayments
1,356
2,786
7
Creditors: amounts falling due within one year
2022
2021
Loans from directors
827,602
472,092
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
298,222
150,855
9
Average number of employees
During the year the average number of employees was 1 (2021: 1).