Registered number
07924140
SANNO PROPERTIES LTD
Unaudited Filleted Accounts
31 January 2023
SANNO PROPERTIES LTD
Registered number: 07924140
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 375,074 375,099
Current assets
Debtors 4 952 880
Cash at bank and in hand 1,265 1,256
2,217 2,136
Creditors: amounts falling due within one year 5 (75,821) (74,896)
Net current liabilities (73,604) (72,760)
Total assets less current liabilities 301,470 302,339
Creditors: amounts falling due after more than one year 6 (110,422) (114,291)
Provisions for liabilities (34,529) (34,529)
Net assets 156,519 153,519
Capital and reserves
Called up share capital 100 100
Fair value reserve 8 115,008 115,008
Profit and loss account 41,411 38,411
Shareholder's funds 156,519 153,519
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 his 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.
Mr S Sanno
Director
Approved by the board on 27 October 2023
SANNO PROPERTIES LTD
Notes to the Accounts
for the year ended 31 January 2023
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. Turnover represents rent receivable.
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 25% reducing balance
Investment properties
Investment properties are properties held for rental and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value. Gains and losses arising from changes in the fair value are included in 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 375,000 1,593 376,593
At 31 January 2023 375,000 1,593 376,593
Depreciation
At 1 February 2022 - 1,494 1,494
Charge for the year - 25 25
At 31 January 2023 - 1,519 1,519
Net book value
At 31 January 2023 375,000 74 375,074
At 31 January 2022 375,000 99 375,099
Freehold land and buildings: 2023 2022
£ £
Historical cost 225,463 225,463
Cumulative depreciation based on historical cost - -
225,463 225,463
The investment property was revalued at the year end by the director on the open market.
4 Debtors 2023 2022
£ £
Trade debtors 847 847
Other debtors 105 33
952 880
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,873 4,872
Trade creditors 1,393 1,779
Taxation and social security costs 733 1,025
Other creditors 69,822 67,220
75,821 74,896
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 110,422 114,291
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 92,135 93,014
Secured bank loans 114,295 119,164
The bank loan is secured on the freehold property.
8 Fair value reserve 2023 2022
£ £
At 1 February 2022 115,008 121,125
Deferred taxation arising on the revaluation of land and buildings - (6,117)
At 31 January 2023 115,008 115,008
9 Other information
SANNO PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
22 Firethorn
Shinfield
Reading
RG2 9GD
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