Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.propertty investment2022-01-24false20falsetrue 13866858 2022-01-24 2023-03-31 13866858 2021-01-24 2022-01-23 13866858 2023-03-31 13866858 2022-01-23 13866858 c:Director1 2022-01-24 2023-03-31 13866858 c:Director2 2022-01-24 2023-03-31 13866858 d:MotorVehicles 2022-01-24 2023-03-31 13866858 d:MotorVehicles 2023-03-31 13866858 d:MotorVehicles 2022-01-23 13866858 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-24 2023-03-31 13866858 d:ComputerEquipment 2022-01-24 2023-03-31 13866858 d:ComputerEquipment 2023-03-31 13866858 d:ComputerEquipment 2022-01-23 13866858 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-24 2023-03-31 13866858 d:OwnedOrFreeholdAssets 2022-01-24 2023-03-31 13866858 d:FreeholdInvestmentProperty 2022-01-24 2023-03-31 13866858 d:FreeholdInvestmentProperty 2023-03-31 13866858 d:FreeholdInvestmentProperty 2022-01-23 13866858 d:CurrentFinancialInstruments 2023-03-31 13866858 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13866858 d:ShareCapital 2023-03-31 13866858 d:RetainedEarningsAccumulatedLosses 2023-03-31 13866858 c:OrdinaryShareClass1 2022-01-24 2023-03-31 13866858 c:OrdinaryShareClass1 2023-03-31 13866858 c:FRS102 2022-01-24 2023-03-31 13866858 c:AuditExemptWithAccountantsReport 2022-01-24 2023-03-31 13866858 c:FullAccounts 2022-01-24 2023-03-31 13866858 c:PrivateLimitedCompanyLtd 2022-01-24 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13866858










SVG Commercial Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 March 2023





 
SVG Commercial Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of SVG Commercial Ltd for the period ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SVG Commercial Ltd for the period ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of SVG Commercial Ltd, as a body, in accordance with the terms of our engagement letter dated 11 March 2022Our work has been undertaken solely to prepare for your approval the financial statements of SVG Commercial Ltd  and state those matters that we have agreed to state to the Board of directors of SVG Commercial Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SVG Commercial Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that SVG Commercial Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SVG Commercial Ltd. You consider that SVG Commercial Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of SVG Commercial Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
19 October 2023
Page 1

 
SVG Commercial Ltd
Registered number: 13866858

Balance sheet
As at 31 March 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
26,740

Investment property
 5 
169,889

  
196,629

Current assets
  

Debtors: amounts falling due within one year
 6 
15,058

Cash at bank and in hand
  
3,005

  
18,063

Creditors: amounts falling due within one year
 8 
(210,595)

Net current (liabilities)/assets
  
 
 
(192,532)

Total assets less current liabilities
  
4,097

  

Net assets
  
4,097


Capital and reserves
  

Called up share capital 
 9 
100

Profit and loss account
  
3,997

  
4,097


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2023.

Simon Giles
Virginie Giles
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

1.


General information

SVG Commercial Ltd is a private company limited by shares which was incorporated in the UK and registered in England. Company number 13866858.
The company's registered office is Montague Place, Quayside, Chatham, Kent, United Kingdowm, ME4 4QU.
The financial statements have been presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on the going concern basis due to the confirmed continued support of the company directors.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

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.

Page 3

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Motor vehicles
-
20%
Computer equipment
-
33%

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.

 
2.5

Investment property

nvestment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
 

Page 4

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the
Page 5

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 24 January 2022
-
-
-


Additions
25,638
1,916
27,554



At 31 March 2023

25,638
1,916
27,554



Depreciation


At 24 January 2022
-
-
-


Charge for the period on owned assets
427
387
814



At 31 March 2023

427
387
814



Net book value



At 31 March 2023
25,211
1,529
26,740

Page 6

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

5.


Investment property


Freehold investment property

£



Valuation


At 24 January 2022
-


Additions at cost
169,889



At 31 March 2023
169,889

The 2023 valuations were made by the directors, on an open market value for existing use basis.








6.


Debtors

2023
£


Amounts owed by group undertakings
10,100

Other debtors
4,686

Prepayments and accrued income
272

15,058



7.


Current asset investments





8.


Creditors: Amounts falling due within one year

2023
£

Other creditors
208,595

Accruals and deferred income
2,000

210,595



9.


Share capital

2023
£
Allotted, called up and fully paid


Page 7

 
SVG Commercial Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2023

9.Share capital (continued)

100 Ordinary shares of £1.00 each
100


On incorporation, the company issued 100 Ordinary shares of £1.00 each. 


10.


Related party transactions

Working capital has been provided by the company directors, with the company owing these directors £207,645 at the year end. The loan carries no interest, and the directors have confirmed that they will not look for repayment of this loan before 31 March 2024.


11.


Controlling party

The controlling party of the company is SVG Property Ltd, a company of which Simon Giles and Virginie Giles are directors and shareholders. 


Page 8