SAWN Properties Ltd
Statement of financial position
as at 28 February 2023
Investment property
185,000
185,000
Cash at bank and in hand
10,806
9,399
Creditors: amounts falling due within one year
(61,220)
(55,863)
Net current liabilities
(50,414)
(46,464)
Total assets less current liabilities
134,586
138,536
Creditors: amounts falling due after more than one year
(125,631)
(125,631)
Provisions for liabilities
Deferred tax
(2,413)
(2,413)
Called up share capital
1
1
Revaluation reserve
10,991
10,991
Profit and loss account
(4,450)
(500)
Shareholders' funds
6,542
10,492
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 November 2023 and were signed on its behalf by
N Ali
Director
Company Registration No. 13208457
SAWN Properties Ltd
Notes to the Accounts
for the year ended 28 February 2023
SAWN Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 13208457. The registered office is 6 EMERSON ROAD, ILFORD, ESSEX, IG1 4XA, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 28 February 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 17 February 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fair value at 1 March 2022
185,000
At 28 February 2023
185,000
5
Creditors: amounts falling due within one year
2023
2022
Loans from directors
60,962
55,463
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
125,631
125,631
7
Average number of employees
During the year the average number of employees was 4 (2022: 4).