Company Registration No. 00897542 (England and Wales)
SWEETLAND PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
SWEETLAND PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SWEETLAND PROPERTIES LIMITED
Company Registration No. 00897542
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,708
2,345
Investment properties
4
8,550,000
8,550,000
8,552,708
8,552,345
Current assets
Debtors
5
21,585
29,708
Investments
6
814,277
687,097
Cash at bank and in hand
177,870
245,282
1,013,732
962,087
Creditors: amounts falling due within one year
7
(165,426)
(169,644)
Net current assets
848,306
792,443
Total assets less current liabilities
9,401,014
9,344,788
Creditors: amounts falling due after more than one year
8
(627,348)
(673,791)
Provisions for liabilities
(320,293)
(243,433)
Net assets
8,453,373
8,427,564
Capital and reserves
Called up share capital
9
250,000
250,000
Profit and loss reserves
8,203,373
8,177,564
Total equity
8,453,373
8,427,564

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SWEETLAND PROPERTIES LIMITED
Company Registration No. 00897542
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
B D Douthwaite
Director
SWEETLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Sweetland Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of rents due during the year, exclusive of Value Added Tax and trade discounts.

 

Income is recognised in the period in which the service was supplied.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
33.3% straight line

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

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SWEETLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SWEETLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Employees
2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Equipment
£
Cost
At 1 July 2022
21,830
Additions
1,736
At 30 June 2023
23,566
Depreciation and impairment
At 1 July 2022
19,485
Depreciation charged in the year
1,373
At 30 June 2023
20,858
Carrying amount
At 30 June 2023
2,708
At 30 June 2022
2,345
4
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
8,550,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2023 by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
21,585
29,708
SWEETLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Current asset investments
2023
2022
£
£
Other investments
814,277
687,097
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,244
44,044
Corporation tax
73,274
82,007
Other taxation and social security
26,074
23,780
Other creditors
20,834
19,813
165,426
169,644

Included within creditors due within one year are obligations under bank loans of £45,244 (2022 - £44,044). These loans are secured on the assets to which they relate.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
627,348
673,791

Included within creditors due after more than one year are obligations under bank loans of £627,348 (2022 - £673,791). These loans are secured on the assets to which they relate.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
250,000
-
250,000
A Ordinary shares of £1 each
75,000
-
75,000
-
B Ordinary shares of £1 each
75,000
-
75,000
-
C Ordinary shares of £1 each
100,000
-
100,000
-
250,000
250,000
250,000
250,000
10
Related party transactions

At the balance sheet date the company owed the director, B D Douthwaite £1,807 (2022 - £1,315). This loan is interest free and repayable on demand.

 

 

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