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 |