Registered number
01412944
Sleevegrange Limited
Unaudited Filleted Accounts
31 January 2024
Sleevegrange Limited
Registered number: 01412944
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 438 658
Investments 4 600,000 600,000
600,438 600,658
Current assets
Debtors 5 751 751
Cash at bank and in hand 49,419 37,949
50,170 38,700
Creditors: amounts falling due within one year 6 (5,975) (5,537)
Net current assets 44,195 33,163
Total assets less current liabilities 644,633 633,821
Provisions for liabilities
Deferred tax on investment revaluation (64,663) (49,144)
Net assets 579,970 584,677
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 579,870 584,577
Shareholders' funds 579,970 584,677
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs D J Durrans
Director
Approved by the board on 12 April 2024
Sleevegrange Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable by the company for rents and ground rents.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% straight line basis
Investment property
Investment property is measured at fair value. Fair value is estimated by the directors after considering previous professional valuations. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 February 2023 658
At 31 January 2024 658
Depreciation
Charge for the year 220
At 31 January 2024 220
Net book value
At 31 January 2024 438
At 31 January 2023 658
4 Investments
Other
investments
£
Fair value
At 1 February 2023 600,000
At 31 January 2024 600,000
Historical cost
At 1 February 2023 89,968
At 31 January 2024 89,968
The cost of the investment property was £89,968. A current market valuation was performed by Andrew Ireland MRICS, of Ireland Weller Chartered Surveyors in June 2019 with a note that the RICS has warned that the valuation of retail property is difficult and likely to fall as the market reacts to the challenges presented by on line retail. The directors had further correspondence with Mr Ireland in March 2021 regarding the impact that Covid-19 has had on the retail sector. Bearing this in mind, the directors consider that the valuation is a fair value of the property at the year end.
5 Debtors 2024 2023
£ £
Other debtors 751 751
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,125 3,687
Other creditors 1,850 1,850
5,975 5,537
7 Distributable reserves 2024 2023
£ £
At 1 February 2023 123,689 121,777
Profit before taxation 18,338 17,021
Corporation tax (3,526) (3,109)
Dividends (4,000) (12,000)
At 31 January 2024 134,501 123,689
Distributable reserves
Property - historical cost 89,968 89,968
Maintenance reserve fund 40,000 30,000
Balance of reserves 4,533 3,721
134,501 123,689
8 Non distributable reserves 2024 2023
£ £
Investment property revaluation reserve less deferred tax provision
At 1 February 2023 460,888 460,888
Deferred taxation due to the increase in the Corporation Tax rate (15,519) -
At 31 January 2024 445,369 460,888
9 Profit and loss account 2024 2023
£ £
Distributable reserves (note 7) 134,501 123,689
Non distributable reserves (note 8) 445,369 460,888
Investment property revaluation reserve less deferred tax provision
579,870 584,577
10 Other information
Sleevegrange Limited is a private company limited by shares and incorporated in England. Its registered office is:
Duke Court
Bridge Street
Kingsbridge
Devon
TQ7 1HX
Sleevegrange Limited 01412944 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Mrs D J Durrans No description of principal activity 01412944 2022-02-01 2023-01-31 01412944 core:RevaluationReserve 2022-02-01 2023-01-31 01412944 core:WithinOneYear 2023-01-31 01412944 core:ShareCapital 2023-01-31 01412944 core:RetainedEarningsAccumulatedLosses 2023-01-31 01412944 core:RevaluationReserve 2022-01-31 01412944 2023-02-01 2024-01-31 01412944 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01412944 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01412944 bus:Director40 2023-02-01 2024-01-31 01412944 core:PlantMachinery 2023-02-01 2024-01-31 01412944 core:RevaluationReserve 2023-02-01 2024-01-31 01412944 countries:England 2023-02-01 2024-01-31 01412944 bus:FRS102 2023-02-01 2024-01-31 01412944 bus:FilletedAccounts 2023-02-01 2024-01-31 01412944 2024-01-31 01412944 core:WithinOneYear 2024-01-31 01412944 core:ShareCapital 2024-01-31 01412944 core:RetainedEarningsAccumulatedLosses 2024-01-31 01412944 core:PlantMachinery 2024-01-31 01412944 core:RevaluationReserve 2024-01-31 01412944 2023-01-31 01412944 core:PlantMachinery 2023-01-31 01412944 core:RevaluationReserve 2023-01-31 iso4217:GBP xbrli:pure