Registered number
11338197
SOVEREIGN & LAVENDER LIMITED
Filleted Accounts
31 May 2023
SOVEREIGN & LAVENDER LIMITED
Registered number: 11338197
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 682,837 445,284
Current assets
Debtors 4 2,750 2,000
Cash at bank and in hand 28,100 45,601
30,850 47,601
Creditors: amounts falling due within one year 5 (6,851) (6,786)
Net current assets 23,999 40,815
Total assets less current liabilities 706,836 486,099
Creditors: amounts falling due after more than one year 6 (676,976) (456,976)
Net assets 29,860 29,123
Capital and reserves
Called up share capital 100 100
Profit and loss account 29,760 29,023
Shareholders' funds 29,860 29,123
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Ms Petra Exton
Director
Approved by the board on 20 September 2023
SOVEREIGN & LAVENDER LIMITED
Notes to the Accounts
for the year ended 31 May 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 comprises rental income.
Tangible fixed assets
No depreciation is provided in respect of Land and Buildings.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2022 445,284
Additions 237,553
At 31 May 2023 682,837
Depreciation
At 31 May 2023 -
Net book value
At 31 May 2023 682,837
At 31 May 2022 445,284
4 Debtors 2023 2022
£ £
Other debtors 2,750 2,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,988 3,479
Director's Loan Accounts 420 507
Other creditors 3,443 2,800
6,851 6,786
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 676,976 456,976
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 676,976 456,976
The loan is from The Joe Wilkinson Company Limited a company under common control.
There are no specific terms relating to the repayment of the loan.
8 Other information
SOVEREIGN & LAVENDER LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
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