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Registration number: 13287371

S&A Properties (Kent) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

S&A Properties (Kent) Ltd

(Registration number: 13287371)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

437

-

Investment property

5

1,925,000

2,334,217

 

1,925,437

2,334,217

Current assets

 

Debtors

6

540

550

Cash at bank and in hand

 

110,886

93,814

 

111,426

94,364

Creditors: Amounts falling due within one year

7

(394,865)

(481,574)

Net current liabilities

 

(283,439)

(387,210)

Total assets less current liabilities

 

1,641,998

1,947,007

Creditors: Amounts falling due after more than one year

7

(408,318)

(554,022)

Provisions for liabilities

(17,886)

(57,776)

Net assets

 

1,215,794

1,335,209

Capital and reserves

 

Called up share capital

8

104

104

Share premium reserve

1,170,194

1,170,194

Other reserves

71,663

203,645

Profit and loss account

(26,167)

(38,734)

Shareholders' funds

 

1,215,794

1,335,209

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 6 November 2023 and signed on its behalf by:
 


Mrs S Kearney
Director

 

S&A Properties (Kent) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
1st Floor,
Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax policies

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

S&A Properties (Kent) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

Debtors

Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amount due.

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 at the transaction price.

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.

3

Staff numbers

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

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

Additions

499

499

At 31 March 2023

499

499

Depreciation

Charge for the year

62

62

At 31 March 2023

62

62

Net book value

At 31 March 2023

437

437

 

S&A Properties (Kent) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment property

2023
£

2022
£

At 1 April

2,334,217

-

Additions (at cost)

-

2,304,000

Disposals

(249,217)

(231,204)

Fair value adjustments

(160,000)

261,421

At 31 March

1,925,000

2,334,217

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2023
£

2022
£

Prepayments

540

550

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans

-

99,058

Trade creditors

216

216

Taxation and social security

328

840

Other creditors

5,000

6,000

Directors' loans

383,630

344,193

Accruals and deferred income

5,691

31,267

394,865

481,574

Creditors include bank loans which are secured against the properties they relate to in the sum of £nil (2022 - £99,058).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans

408,318

554,022

Creditors include bank loans which are secured against the properties they relate to in the sum of £408,318 (2022 - £554,022) and are repayable, other than by instalments, after more than five years.

 

S&A Properties (Kent) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2.00

2

2.00

Ordinary A shares of £1 each

99

99.00

99

99.00

Ordinary B shares of £1 each

1

1.00

1

1.00

Ordinary C shares of £0.01 each

10

.10

10

.10

Ordinary D shares of £0.01 each

10

.10

10

.10

Ordinary E shares of £0.01 each

10

.10

10

.10

Ordinary F shares of £0.01 each

10

.10

10

.10

Ordinary G shares of £0.01 each

10

.10

10

.10

Ordinary H shares of £0.01 each

10

.10

10

.10

Ordinary I shares of £0.01 each

10

.10

10

.10

Ordinary J shares of £0.01 each

10

.10

10

.10

Ordinary K shares of £0.01 each

10

.10

10

.10

Ordinary L shares of £0.01 each

10

.10

10

.10

Ordinary M shares of £0.01 each

10

.10

10

.10

Ordinary N shares of £0.01 each

10

.10

10

.10

Ordinary O shares of £0.01 each

10

.10

10

.10

Ordinary P shares of £0.01 each

10

.10

10

.10

Ordinary Q shares of £0.01 each

10

.10

10

.10

 

252

103.50

252

103.50

9

Related party transactions

Directors' loan

The directors' provided the company with a loan on which interest is charged from time to time at no more than market rate.