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REGISTERED NUMBER: 03160396 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2023

for

SIBC Property Company Limited

SIBC Property Company Limited (Registered number: 03160396)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


SIBC Property Company Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S C Goodchild
J Pepall
P R Rees
D Weaver
Mrs M Priddey





REGISTERED OFFICE: Brick Kiln Lane
Hillfield
Solihull
West Midlands
B91 3LE





REGISTERED NUMBER: 03160396 (England and Wales)





ACCOUNTANTS: Locke Williams Associates LLP
Chartered Accountants
c/o Blackthorn House
St Pauls Square
Birmingham
West Midlands
B3 1RL

SIBC Property Company Limited (Registered number: 03160396)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 359,084 363,033

CURRENT ASSETS
Debtors 5 231,801 193,230
Cash at bank and in hand 23,396 6,715
255,197 199,945
CREDITORS
Amounts falling due within one year 6 188,005 150,478
NET CURRENT ASSETS 67,192 49,467
TOTAL ASSETS LESS CURRENT
LIABILITIES

426,276

412,500

CREDITORS
Amounts falling due after more than one
year

7

276,040

282,701
NET ASSETS 150,236 129,799

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 150,234 129,797
SHAREHOLDERS' FUNDS 150,236 129,799

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 directors acknowledge their 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.

SIBC Property Company Limited (Registered number: 03160396)

Balance Sheet - 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 Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





S C Goodchild - Director


SIBC Property Company Limited (Registered number: 03160396)

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

1. STATUTORY INFORMATION

SIBC Property Company 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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

All of the turnover arises in the United Kingdom and represents amounts receivable from the renting of the company's property, fixtures, fittings and equipment to its fellow subsidiary, SIBC Trading Limited.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the unexpired portion of the lease
Plant and machinery etc - 20% on cost and 8% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value, and is credited or charged to the income statement.

Treatment of investment property
The company has taken advantage of the option in of FRS 102, to account for its property, which is let to a group entity, as property, plant and equipment on the cost model.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 balance sheet date.


SIBC Property Company Limited (Registered number: 03160396)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 673,857 384,003 1,057,860
Additions - 18,216 18,216
Disposals - (5,019 ) (5,019 )
At 31 March 2023 673,857 397,200 1,071,057
DEPRECIATION
At 1 April 2022 339,515 355,312 694,827
Charge for year 13,476 7,530 21,006
Eliminated on disposal - (3,860 ) (3,860 )
At 31 March 2023 352,991 358,982 711,973
NET BOOK VALUE
At 31 March 2023 320,866 38,218 359,084
At 31 March 2022 334,342 28,691 363,033

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed by group undertakings 231,801 193,230

SIBC Property Company Limited (Registered number: 03160396)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 27 198
Amounts owed to group undertakings 169,708 132,708
Taxation and social security 2,504 2,601
Other creditors 15,766 14,971
188,005 150,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other creditors 276,040 282,701

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £TBC (2022 £988). These commitments relate to the company's non-cancellable operating leases.

10. RELATED PARTY DISCLOSURES

The amounts owed to and from related parties are all classified as repayable on demand.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Solihull Indoor Bowls Club Limited, incorporated in the United Kingdom and registered in England and Wales.