Registration number:
Sydney Developments Ltd.
for the Year Ended 31 May 2023
Sydney Developments Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sydney Developments Ltd.
Company Information
Directors |
Mr SS Patel Mr S S Dabasia Mr HS Dabasia Mr DS Dabasia |
Registered office |
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Auditors |
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Sydney Developments Ltd.
(Registration number: 10780301)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(24,263) |
(21,213) |
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Shareholders' deficit |
(24,163) |
(21,113) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Sydney Developments Ltd.
Notes to the Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The accounts have been prepared on the basis of the company being a going concern despite the net liabilities position shown at the year end. Related parties have committed to not withdraw their funding support for a period of at least 12 months from the date of signing the accounts, making the going concern basis appropriate.
Audit report
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Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Sydney Developments Ltd.
Notes to the Financial Statements for the Year Ended 31 May 2023
Stocks
Closing stock represents the build up of development expenditure which is held in the balance sheet until the project begins to sell units. Costs are released in line with the units sold. Where costs can be directly linked to the sale of the unit, the cost of the unit is released. Costs which cannot be attributed to a single unit are spread over the full site and released on a square food basis.
The cost of other inventories and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2023 |
2022 |
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Other inventories |
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Sydney Developments Ltd.
Notes to the Financial Statements for the Year Ended 31 May 2023
Debtors |
Current |
2023 |
2022 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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The property loan is technically repayable on demand but can be expected to be repaid as the development is completed and units sold. It is secured by a debenture over all the assets of the company, including a first legal charge over the development held in work in progress. It is further secured by a joint and several guarantee provided by the directors. The mortgage is also security for amounts advanced to Jaysam Developments Wembley Limited (a company under the common control of the directors).
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Sydney Developments Ltd.
Notes to the Financial Statements for the Year Ended 31 May 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Secured debentures |
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Related party transactions |
Summary of transactions with other related parties