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REGISTERED NUMBER: 11736839 (England and Wales)















Financial Statements

for the Year Ended 31 March 2023

for

Saville Residential Limited

Saville Residential Limited (Registered number: 11736839)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Saville Residential Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: A G Saville





REGISTERED OFFICE: Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA





REGISTERED NUMBER: 11736839 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
Chartered Accountants
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Saville Residential Limited (Registered number: 11736839)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Investment property 5 2,500,000 3,350,000

CURRENT ASSETS
Debtors 6 1,354 2,273
Cash at bank 13,914 1,213
15,268 3,486
CREDITORS
Amounts falling due within one year 7 (255,459 ) (717,328 )
NET CURRENT LIABILITIES (240,191 ) (713,842 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,259,809

2,636,158

CREDITORS
Amounts falling due after more than one
year

8

(1,667,344

)

(2,352,469

)

PROVISIONS FOR LIABILITIES (106,250 ) (58,250 )
NET ASSETS 486,215 225,439

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 318,750 216,750
Retained earnings 10 167,365 8,589
486,215 225,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Saville Residential Limited (Registered number: 11736839)

Statement of Financial Position - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





A G Saville - Director


Saville Residential Limited (Registered number: 11736839)

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

1. STATUTORY INFORMATION

Saville Residential Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis which assumes the company will be able to continue its operations for the foreseeable future. The validity of this assumption depends on the company continuing to meet its bank loan commitments through rental income. The company's director considers that rental income will provide sufficient cash flow to meet the company's loan repayment commitments. In addition, the company's creditors include loans from its parent company, who have confirmed and that no requests for repayment would be made which put the company in a position not to be able to meet its other liabilities as they fall due for payment. The company's director has also confirmed that additional funds would be provided to meet the company's loan commitments should this be necessary. On the above basis, the company's director considers it appropriate to prepare the financial statements on the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover and rent receivable
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income from investment properties leased out under operating leases is recognised in the profit and loss account on an accruals basis over the term of the lease. The effect of rent reviews is only recognised when such reviews have been agreed with the tenants.

Investment property
Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or loss.


Saville Residential Limited (Registered number: 11736839)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

The company is part of a tax group for certain aspects of tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Where payment for group relief is made, this is at amounts equal to the tax benefit and included within the current tax disclosures.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 April 2022 3,350,000
Disposals (1,000,000 )
Fair value adjustment 250,000
Write back of fair value
on disposal (100,000 )
At 31 March 2023 2,500,000
Net book value
At 31 March 2023 2,500,000
At 31 March 2022 3,350,000

The investment property was valued an fair value basis at the year end date by the company's director. If there had been no fair value adjustment to the investment property, it would have been shown at its original cost price of £2,075,000.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Other debtors 1,354 2,273

Saville Residential Limited (Registered number: 11736839)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Amounts owed to group undertakings 234,859 679,370
Taxation and social security - 957
Other creditors 20,600 37,001
255,459 717,328

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 1,667,344 2,352,469

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,667,344 2,352,469

9. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 1,667,344 2,352,469

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2022 8,589 216,750 225,339
Profit for the year 260,776 260,776
Transfer of fair value (102,000 ) 102,000 -
At 31 March 2023 167,365 318,750 486,115

Reserves of the company represent the following:

Retained earnings:
Cumulative profit and loss net of distributions to owners.

Fair value reserve:
Cumulative net revaluation gains on the company's investment property.

11. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Saville Homes Limited, a company incorporated in England and Wales.