Sarm Limited 01605967 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 01605967 2022-04-01 2023-03-31 01605967 2023-03-31 01605967 core:RetainedEarningsAccumulatedLosses 2023-03-31 01605967 core:RevaluationReserve 2023-03-31 01605967 core:ShareCapital 2023-03-31 01605967 core:CurrentFinancialInstruments 2023-03-31 01605967 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01605967 core:FurnitureFittingsToolsEquipment 2023-03-31 01605967 core:OtherPropertyPlantEquipment 2023-03-31 01605967 bus:SmallEntities 2022-04-01 2023-03-31 01605967 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01605967 bus:FullAccounts 2022-04-01 2023-03-31 01605967 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 01605967 bus:RegisteredOffice 2022-04-01 2023-03-31 01605967 bus:Director1 2022-04-01 2023-03-31 01605967 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01605967 core:FurnitureFittings 2022-04-01 2023-03-31 01605967 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 01605967 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 01605967 countries:EnglandWales 2022-04-01 2023-03-31 01605967 2022-03-31 01605967 core:FurnitureFittingsToolsEquipment 2022-03-31 01605967 core:OtherPropertyPlantEquipment 2022-03-31 01605967 2021-04-01 2022-03-31 01605967 2022-03-31 01605967 core:RetainedEarningsAccumulatedLosses 2022-03-31 01605967 core:RevaluationReserve 2022-03-31 01605967 core:ShareCapital 2022-03-31 01605967 core:CurrentFinancialInstruments 2022-03-31 01605967 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 01605967 core:FurnitureFittingsToolsEquipment 2022-03-31 01605967 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 01605967

Sarm Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Sarm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sarm Limited

Company Information

Director

MG Taylor

Registered office

8 High Street
Heathfield
East Sussex
TN21 8LS

Accountants

Manningtons
8 High Street
Heathfield
East Sussex
TN21 8LS

 

Sarm Limited

(Registration number: 01605967)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,059

4,620

Investment property

5

3,001,596

3,001,596

 

3,006,655

3,006,216

Current assets

 

Debtors

6

-

500

Cash at bank and in hand

 

383,847

268,077

 

383,847

268,577

Creditors: Amounts falling due within one year

7

(195,283)

(173,352)

Net current assets

 

188,564

95,225

Total assets less current liabilities

 

3,195,219

3,101,441

Provisions for liabilities

(420,388)

(571,181)

Net assets

 

2,774,831

2,530,260

Capital and reserves

 

Called up share capital

102

102

Revaluation reserve

1,788,079

1,637,201

Retained earnings

986,650

892,957

Shareholders' funds

 

2,774,831

2,530,260

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2023
 

 

Sarm Limited

(Registration number: 01605967)
Balance Sheet as at 31 March 2023

.........................................
MG Taylor
Director

 

Sarm Limited

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:
8 High Street
Heathfield
East Sussex
TN21 8LS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sarm Limited

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

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 in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. 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 amounts due according to the original terms of the receivables.

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.

 

Sarm Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Sarm Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,332

5,668

12,000

Additions

-

998

998

At 31 March 2023

6,332

6,666

12,998

Depreciation

At 1 April 2022

4,088

3,292

7,380

Charge for the year

224

335

559

At 31 March 2023

4,312

3,627

7,939

Carrying amount

At 31 March 2023

2,020

3,039

5,059

At 31 March 2022

2,244

2,376

4,620

5

Investment properties

2023
£

At 1 April

3,001,596

At 31 March

3,001,596

The fair value was provided at 31st March 2023 by the board of directors without any impairment provided.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Prepayments

-

500

-

500

 

Sarm Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,306

1,836

Taxation and social security

38,343

15,795

Accruals and deferred income

1,800

1,801

Other creditors

1,240

-

Director loan account

151,594

153,920

195,283

173,352