Registered number
10635775
Sauntson Properties Ltd
Filleted Accounts
28 February 2023
Sauntson Properties Ltd
Registered number: 10635775
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 1,745,000 439,650
Current assets
Cash at bank and in hand 44,758 9,495
Creditors: amounts falling due within one year 4 (219,427) (121,616)
Net current liabilities (174,669) (112,121)
Total assets less current liabilities 1,570,331 327,529
Creditors: amounts falling due after more than one year 5 (1,081,464) (324,520)
Provisions for liabilities (28,411) -
Net assets 460,456 3,009
Capital and reserves
Called up share capital 1,002 2
Share premium 317,000 -
Fair value reserve 7 121,122 -
Profit and loss account 21,332 3,007
Shareholders' funds 460,456 3,009
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.
Sarah Sauntson
Director
Approved by the board on 14 November 2023
Sauntson Properties Ltd
Notes to the Accounts
for the year ended 28 February 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Investment property
£
Fair value
At 1 March 2022 439,650
Additions 1,155,817
Surplus on revaluation 149,533
At 28 February 2023 1,745,000
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 1,745,000
At 28 February 2022 439,650
Fair value at 31 March 2023 is represented by:
Valuation in 2023 1,745,000
If the investment property had not been revalued it would have been included at the following historical cost:
2023 2022
£ £
Cost 1,595,467 439,650
Investment property was valued on an open market value basis on 28 February 2023 by the director.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 378
Taxation and social security costs 4,825 632
Other creditors 214,602 120,606
219,427 121,616
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,081,464 324,520
6 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,081,464 324,520
Secured bank loans 1,081,464 324,520
The bank loans are secured against the freehold investment property to which they relate and by a floating charge covering all the property and undertakings of the company.
7 Revaluation reserve 2023 2022
£ £
Gain on revaluation of investment property 121,122 -
At 28 February 2023 121,122 -
8 Other information
Sauntson Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
125 Dale Hall Lane
Ipswich
Suffolk
IP1 4LS
Sauntson Properties Ltd 10635775 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 release 2 Sarah Sauntson No description of principal activity 10635775 2021-03-01 2022-02-28 10635775 core:RevaluationReserve core:LandBuildings 2021-03-01 2022-02-28 10635775 core:WithinOneYear 2022-02-28 10635775 core:AfterOneYear 2022-02-28 10635775 core:ShareCapital 2022-02-28 10635775 core:SharePremium 2022-02-28 10635775 core:OtherReservesSubtotal 2022-02-28 10635775 core:RetainedEarningsAccumulatedLosses 2022-02-28 10635775 core:RevaluationReserve 2022-02-28 10635775 2022-03-01 2023-02-28 10635775 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10635775 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10635775 bus:Director40 2022-03-01 2023-02-28 10635775 1 2022-03-01 2023-02-28 10635775 2 2022-03-01 2023-02-28 10635775 core:LandBuildings 2022-03-01 2023-02-28 10635775 core:RevaluationReserve core:LandBuildings 2022-03-01 2023-02-28 10635775 countries:England 2022-03-01 2023-02-28 10635775 bus:FRS102 2022-03-01 2023-02-28 10635775 bus:FullAccounts 2022-03-01 2023-02-28 10635775 2023-02-28 10635775 core:WithinOneYear 2023-02-28 10635775 core:AfterOneYear 2023-02-28 10635775 core:ShareCapital 2023-02-28 10635775 core:SharePremium 2023-02-28 10635775 core:OtherReservesSubtotal 2023-02-28 10635775 core:RetainedEarningsAccumulatedLosses 2023-02-28 10635775 core:LandBuildings 2023-02-28 10635775 core:RevaluationReserve 2023-02-28 10635775 2022-02-28 10635775 core:LandBuildings 2022-02-28 iso4217:GBP xbrli:pure