Semper Crescente Properties Limited 11977812 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true false true 11977812 2022-06-01 2023-05-31 11977812 2023-05-31 11977812 bus:OrdinaryShareClass1 2023-05-31 11977812 core:CurrentFinancialInstruments 2023-05-31 11977812 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11977812 core:Non-currentFinancialInstruments 2023-05-31 11977812 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11977812 bus:SmallEntities 2022-06-01 2023-05-31 11977812 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 11977812 bus:FullAccounts 2022-06-01 2023-05-31 11977812 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 11977812 bus:RegisteredOffice 2022-06-01 2023-05-31 11977812 bus:Director1 2022-06-01 2023-05-31 11977812 bus:Director2 2022-06-01 2023-05-31 11977812 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 11977812 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11977812 1 2022-06-01 2023-05-31 11977812 countries:EnglandWales 2022-06-01 2023-05-31 11977812 2022-05-31 11977812 2021-06-01 2022-05-31 11977812 2022-05-31 11977812 bus:OrdinaryShareClass1 2022-05-31 11977812 core:CurrentFinancialInstruments 2022-05-31 11977812 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 11977812 core:Non-currentFinancialInstruments 2022-05-31 11977812 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11977812

Semper Crescente Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Semper Crescente Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Semper Crescente Properties Limited

Company Information

Directors

Mr Yogesh Bhawnani

Mrs Kamini Y Bhawnani

Registered office

17 St. Mary’s Avenue
Northwood
HA6 3AY

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Semper Crescente Properties Limited

(Registration number: 11977812)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

614,707

614,707

Current assets

 

Cash at bank and in hand

 

1,282

522

Creditors: Amounts falling due within one year

5

(190,713)

(189,304)

Net current liabilities

 

(189,431)

(188,782)

Total assets less current liabilities

 

425,276

425,925

Creditors: Amounts falling due after more than one year

5

(437,134)

(439,103)

Net liabilities

 

(11,858)

(13,178)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(11,958)

(13,278)

Shareholders' deficit

 

(11,858)

(13,178)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Semper Crescente Properties Limited

(Registration number: 11977812)
Balance Sheet as at 31 May 2023 (continued)

These financial statements were approved and authorised for issue by the Board on 5 February 2024 and signed on its behalf by:
 

.........................................
Mr Yogesh Bhawnani
Director

 

Semper Crescente Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
17 St. Mary’s Avenue
Northwood
HA6 3AY
United Kingdom

These financial statements were authorised for issue by the Board on 5 February 2024.

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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the director have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income 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.

 

Semper Crescente Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Semper Crescente Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2022: 2).

 

Semper Crescente Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Investment properties

2023
£

At 1 June

614,707

At 31 May

614,707

The property was purchased in October 2019 and, as per the directors, the market value has remained same as at the balance sheet date.

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

6

1,000

1,000

Other creditors

 

1

-

Accrued expenses

 

1,080

1,080

Directors current account

 

188,632

187,224

 

190,713

189,304

Due after one year

 

Loans and borrowings

6

437,134

439,103

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,000

1,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

437,134

439,103

Bank loan of £435,233 is secured on the investment property by a first legal charge.

Bank loan of £2,901 is a government-backed Bounce Back Loan with a repayment term of 6 years from 01.04.2022. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

 

Semper Crescente Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Ultimate controlling party

There is not one ultimate controlling party.