Registered number
11724703
Sarela Properties Ltd
Filleted Accounts
31 December 2022
Sarela Properties Ltd
Registered number: 11724703
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 272 -
Investments 4 505,000 340,000
505,272 340,000
Current assets
Stocks - 66,239
Debtors 5 471 622
Cash at bank and in hand 1,914 6,453
2,385 73,314
Creditors: amounts falling due within one year 7 (113,461) (71,905)
Net current (liabilities)/assets (111,076) 1,409
Total assets less current liabilities 394,196 341,409
Creditors: amounts falling due after more than one year 8 (210,430) (206,364)
Provisions for liabilities (38,306) (21,046)
Net assets 145,460 113,999
Capital and reserves
Called up share capital 1 1
Profit and loss account 145,459 113,998
Shareholder's funds 145,460 113,999
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Miss A S Doran
Director
Approved by the board on 30 September 2023
Sarela Properties Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rental property income.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 308
At 31 December 2022 308
Depreciation
Charge for the year 36
At 31 December 2022 36
Net book value
At 31 December 2022 272
4 Investments
Other
investments
£
Cost
At 1 January 2022 340,000
Additions 117,336
Revaluation 47,664
At 31 December 2022 505,000
5 Debtors 2022 2021
£ £
Other debtors 471 622
6 Investments held as current assets 2022 2021
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 47,664 110,766
7 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 2,843 9,752
Directors loan account 102,802 48,784
Trade creditors 5,704 5,814
Taxation and social security costs 162 5,695
Other creditors 1,950 1,860
113,461 71,905
8 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 210,430 206,364
9 Other information
Sarela Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Parkside South
Sunderland
United Kingdom
SR3 3RA
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