2022-06-012023-05-312023-05-31false10297230SANTINI PROPERTIES 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SANTINI PROPERTIES LIMITED

Registered Number
10297230
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

SANTINI PROPERTIES LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

CAFFERTY, Amanda
CAFFERTY, Sean Anthony

Registered Address

Mint House
Shap Road
Kendal
LA9 6NY

Registered Number

10297230 (England and Wales)
SANTINI PROPERTIES LIMITED
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property51,780,4471,780,447
1,780,4471,780,447
Current assets
Debtors77,2577,909
Cash at bank and on hand85,89944,714
93,15652,623
Creditors amounts falling due within one year8(278,540)(292,526)
Net current assets (liabilities)(185,384)(239,903)
Total assets less current liabilities1,595,0631,540,544
Net assets1,595,0631,540,544
Capital and reserves
Called up share capital101,000101,000
Share premium1,350,0001,350,000
Profit and loss account144,06389,544
Shareholders' funds1,595,0631,540,544
The financial statements were approved and authorised for issue by the Board of Directors on 12 February 2024, and are signed on its behalf by:
CAFFERTY, Sean Anthony
Director
Registered Company No. 10297230
SANTINI PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property policy
Investment property is carried at fair value determined annually by external values and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year23
5.Investment property
The 2023 valuations were made by the directors, on an open market value for existing use basis.

£
Fair value at 01 June 221,780,447
At 31 May 231,780,447
6.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £nil (2022 - £591)
7.Debtors

2023

2022

££
Trade debtors / trade receivables7,2576,831
Other debtors-1,078
Total7,2577,909
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables5,360-
Taxation and social security15,79511,391
Other creditors242,197263,197
Accrued liabilities and deferred income15,18817,938
Total278,540292,526
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.