Sydney Developments Ltd. 10780301 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Development Of Building Projects Digita Accounts Production Advanced 6.30.9574.0 true true 10780301 2022-06-01 2023-05-31 10780301 2023-05-31 10780301 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-31 10780301 core:CurrentFinancialInstruments 2023-05-31 10780301 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10780301 core:CurrentFinancialInstruments core:Secured 2023-05-31 10780301 bus:SmallEntities 2022-06-01 2023-05-31 10780301 bus:Audited 2022-06-01 2023-05-31 10780301 bus:FullAccounts 2022-06-01 2023-05-31 10780301 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10780301 bus:RegisteredOffice 2022-06-01 2023-05-31 10780301 bus:Director1 2022-06-01 2023-05-31 10780301 bus:Director2 2022-06-01 2023-05-31 10780301 bus:Director4 2022-06-01 2023-05-31 10780301 bus:Director5 2022-06-01 2023-05-31 10780301 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-01 2023-05-31 10780301 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10780301 core:OtherRelatedParties 2022-06-01 2023-05-31 10780301 countries:EnglandWales 2022-06-01 2023-05-31 10780301 2021-06-01 2022-05-31 10780301 2022-05-31 10780301 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-05-31 10780301 core:CurrentFinancialInstruments 2022-05-31 10780301 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10780301 core:CurrentFinancialInstruments core:Secured 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10780301

Sydney Developments Ltd.

Filleted Financial Statements

for the Year Ended 31 May 2023

 

Sydney Developments Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Sydney Developments Ltd.

Company Information

Directors

Mr SS Patel

Mr S S Dabasia

Mr HS Dabasia

Mr DS Dabasia

Registered office

14 Oxford Road
Wealdstone
Harrow
Middlesex
HA3 7RG

Auditors

Xeinadin Audit Limited
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

 

Sydney Developments Ltd.

(Registration number: 10780301)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

27,119,429

21,306,141

Debtors

5

134,155

126,290

Cash at bank and in hand

 

5,931

129,338

 

27,259,515

21,561,769

Creditors: Amounts falling due within one year

6

(27,283,678)

(21,582,882)

Net liabilities

 

(24,163)

(21,113)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(24,263)

(21,213)

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 Board on 18 October 2023 and signed on its behalf by:
 

.........................................
Mr SS Patel
Director

 

Sydney Developments Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Oxford Road
Wealdstone
Harrow
Middlesex
HA3 7RG

These financial statements were authorised for issue by the Board on 18 October 2023.

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 18 October 2023 was John David Lee BA FCA, who signed for and on behalf of Xeinadin Audit Limited.

.........................................

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Other inventories

27,119,429

21,306,141

 

Sydney Developments Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Debtors

Current

2023
£

2022
£

Prepayments

110,123

122,473

Other debtors

24,032

3,817

 

134,155

126,290

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,434,739

6,755,082

Trade creditors

 

3,220,889

980,287

Accruals and deferred income

 

3,050

2,500

Other creditors

 

16,625,000

13,845,013

 

27,283,678

21,582,882

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).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Sydney Developments Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Secured debentures

7,434,739

6,755,082

9

Related party transactions

Summary of transactions with other related parties

Included within other creditors are related party balances. £12,325,000 (2022: £12,045,013) is owed to Jaysam Contractors Limited for construction costs and development site purchase costs. An additional amount of £3,220,889 (2022: £980,594) is owed to Jaysam Contractors Limited as part of trade creditors. £2,425,000 (2022: £1,600,000) is owed to Caledonian Developments Watford Limited, £5,000 (2022: £200,000) is owed to Signia Space Management and £1,870,000 (2022: £nil) is owed to Jaysam Developments Borehamwood Limited. All companies are under the joint control of the directors.