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Company registration number: 08671577
Sanderling Property Ltd
Unaudited filleted financial statements
30 September 2023
Sanderling Property Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Sanderling Property Ltd
Directors and other information
Director Maureen Benson
Company number 08671577
Registered office Plas Berw
Pentre Berw
Gaerwen
Anglesey
LL60 6LL
Business address Plas Berw
Pentre Berw
Gaerwen
Anglesey
LL60 6LL
Accountants Parker, O'Regan, Tann, & Co
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
Sanderling Property Ltd
Chartered Certified accountants report to the director on the preparation of the
unaudited statutory financial statements of Sanderling Property Ltd
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sanderling Property Ltd for the year ended 30 September 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Sanderling Property Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sanderling Property Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Association of Chartered Certified Accountants as detailed at www.accaglobal.com To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sanderling Property Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Sanderling Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sanderling Property Ltd. You consider that Sanderling Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sanderling Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parker, O'Regan, Tann, & Co
Chartered Certified Accountants
Bangor Business Centre
2 Farrar Road
Bangor
Gwynedd
LL57 1LJ
24 January 2024
Sanderling Property Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 1,670,137 1,670,137
_______ _______
1,670,137 1,670,137
Current assets
Debtors 6 57,267 16,096
Cash at bank and in hand 31,451 30,460
_______ _______
88,718 46,556
Creditors: amounts falling due
within one year 7 ( 812,949) ( 730,010)
_______ _______
Net current liabilities ( 724,231) ( 683,454)
_______ _______
Total assets less current liabilities 945,906 986,683
Creditors: amounts falling due
after more than one year 8 ( 269,731) ( 384,769)
_______ _______
Net assets 676,175 601,914
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 676,174 601,913
_______ _______
Shareholders funds 676,175 601,914
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 January 2024 , and are signed on behalf of the board by:
Maureen Benson
Director
Company registration number: 08671577
Sanderling Property Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is Plas Berw, Pentre Berw, Gaerwen, Anglesey, LL60 6LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 9,096 8,970
_______ _______
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2022 and 30 September 2023 1,670,137 1,670,137
_______ _______
Impairment
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 1,670,137 1,670,137
_______ _______
At 30 September 2022 1,670,137 1,670,137
_______ _______
Investment properties are land and buildings which have been valued by the director on an open market basis.
6. Debtors
2023 2022
£ £
Trade debtors 7,267 16,096
Other debtors 50,000 -
_______ _______
57,267 16,096
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 143,077 28,077
Trade creditors - 756
Corporation tax 19,448 20,986
Social security and other taxes 6,793 7,097
Other creditors 643,631 673,094
_______ _______
812,949 730,010
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 269,731 384,769
_______ _______