Company Registration No. 12212059 (England and Wales)
Salthouse Property 1 Limited
Unaudited financial statements
for the year ended 30 September 2022
Pages for filing with the registrar
Salthouse Property 1 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Salthouse Property 1 Limited
Statement of financial position
As at 30 September 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,062,122
1,849,018
Investment property
4
786,896
1,849,018
1,849,018
Current assets
Debtors
5
10,232
4,303
Cash at bank and in hand
20,030
30,262
4,303
Creditors: amounts falling due within one year
6
(1,917,687)
(1,881,316)
Net current liabilities
(1,887,425)
(1,877,013)
Net liabilities
(38,407)
(27,995)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(38,408)
(27,996)
Total equity
(38,407)
(27,995)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Salthouse Property 1 Limited
Statement of financial position (continued)
As at 30 September 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 26 October 2023.
26 October 2023
William Salthouse
Director
Company Registration No. 12212059
Salthouse Property 1 Limited
Notes to the financial statements
For the year ended 30 September 2022
Page 3
1
Accounting policies
Company information
Salthouse Property 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, ECV 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has confirmed the provision of financial support will continue and that there is a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents income receivable from the investment property.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets in the course of construction are not depreciated until the asset is available for use.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Salthouse Property 1 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
1
Accounting policies (continued)
Page 4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Salthouse Property 1 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
1
Accounting policies (continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
Salthouse Property 1 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
Page 6
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2021
1,849,018
Transfers
(786,896)
At 30 September 2022
1,062,122
Depreciation and impairment
Carrying amount
At 30 September 2022
1,062,122
At 30 September 2021
1,849,018
4
Investment property
2022
£
Fair value
At 1 October 2021
Transfers
786,896
At 30 September 2022
786,896
Investment property comprises freehold property recorded at fair value as at 30 September 2022. The valuation was recorded on an open market value basis as assessed by a director in accordance with the company accounting policy note 1.5.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
10,232
4,303
Salthouse Property 1 Limited
Notes to the financial statements (continued)
For the year ended 30 September 2022
Page 7
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,040
Other creditors
1,917,687
1,876,276
1,917,687
1,881,316
7
Related party transactions
During the year ended 30 September 2022, purchases amounting to £34,193 (2021: £1,425,746) were made on behalf of the company by a director. At the year end a balance of £1,904,924 (2021: £1,870,731) is due to the director. No interest is charged on these balances.