REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2023 |
for |
Suland Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 September 2023 |
for |
Suland Investments Limited |
Suland Investments Limited (Registered number: 00816246) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Suland Investments Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 1 |
Liberty House |
South Liberty Lane |
Bristol |
BS3 2ST |
BANKERS: |
2nd Floor, Pembroke House |
15 Pembroke Road |
Clifton |
Bristol |
BS8 3BA |
Suland Investments Limited |
Company Information |
for the Year Ended 30 September 2023 |
SOLICITORS: |
St Brandon's House |
27-29 Great George Street |
Bristol |
BS1 5QT |
Suland Investments Limited (Registered number: 00816246) |
Statement of Financial Position |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
Suland Investments Limited (Registered number: 00816246) |
Statement of Financial Position - continued |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Suland Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover consists of rental income receivable, service charges receivable and other income generated from the investment properties held. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are recorded at valuation. No depreciation is provided on freehold properties as such assets are not held for consumption, but as investments, and the properties are well maintained and externally valued on a regular open market basis. |
Any surplus or deficit arising on revaluing investment properties is recognised in the fair value reserve. Disposals are recognised on completion. Profits and losses arising are recognised through the profit and loss account; the profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset at the commencement of the accounting period plus additions in the period. |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiary companies |
Investments in subsidiary companies are included at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 1997 | 1,255,959 |
Valuation in 2002 | 784,885 |
Valuation in 2007 | 1,786,936 |
Valuation in 2012 | (1,284,000 | ) |
Valuation in 2013 | (579,931 | ) |
Valuation in 2017 | 1,000,000 |
Valuation in 2022 | (276,893 | ) |
Cost | 1,328,982 |
4,015,938 |
If investment properties had not been revalued they would have been included at the following historical cost: |
30.9.23 | 30.9.22 |
£ | £ |
Cost | 1,328,982 | 1,328,982 |
Investment properties were valued on an open market basis on 30 September 2022 by the directors . |
7. | DEBTORS |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by associates |
Due from Suland Investmentos | 60,533 | 60,533 |
Prepayments and accrued income |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | DEBTORS - continued |
30.9.23 | 30.9.22 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 17,205 | 1,875 |
Accrued expenses |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
£ | £ |
Bank overdrafts |
The bank loans are secured by legal mortgages over all the investment properties. |
10. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Share capital 1 | £1 | 102 | 102 |
Suland Investments Limited (Registered number: 00816246) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 October 2022 |
and 30 September 2023 |
12. | CONTINGENT LIABILITIES |
The company, along with its subsidiaries, except Suland Residential Limited, is party to a composite unlimited multilateral guarantee in favour of its bankers. The potential contingent liability in respect of this guarantee as at 30 September 2023 is £54,569 (2022 - £20,513). This amount represents 1.359% of group investment and development properties (2022 - 0.005%). |
13. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £2,000 (2022 - £2,000) were paid to the directors . |
M A Gillingham |
Director |
During the year the company entered into the following transactions with the director: |
2023 | 2022 |
Capital introduced | 15,330 | 1,594 |
Capital withdrawn | - | - |
At the year end the amount owed to the director was £17,205 (2022 - £1,875). |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is P R Penha. |