3 31/12/2023 2023-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04173130 2023-01-01 2023-12-31 04173130 2023-12-31 04173130 2022-01-01 2022-12-31 04173130 2022-12-31 04173130 bus:Director3 2023-01-01 2023-12-31 04173130 bus:Director1 2023-01-01 2023-12-31 04173130 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 04173130 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 04173130 core:WithinOneYear 2023-12-31 04173130 core:WithinOneYear 2022-12-31 04173130 core:ShareCapital 2023-12-31 04173130 core:ShareCapital 2022-12-31 04173130 core:RetainedEarningsAccumulatedLosses 2023-12-31 04173130 core:RetainedEarningsAccumulatedLosses 2022-12-31 04173130 bus:Director1 2023-12-31 04173130 bus:Director1 2022-12-31 04173130 bus:Director3 2023-12-31 04173130 bus:Director3 2022-12-31 04173130 bus:SmallEntities 2023-01-01 2023-12-31 04173130 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04173130 bus:FullAccounts 2023-01-01 2023-12-31 04173130 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04173130 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04173130 core:Associate1 2023-01-01 2023-12-31 04173130 core:Associate1 2022-01-01 2022-12-31 04173130 core:Associate1 2023-12-31 04173130 core:Associate1 2022-12-31
Company registration number: 04173130
S L & A H Affittare Limited
Unaudited filleted financial statements
31 December 2023
S L & A H Affittare Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,800,000 1,800,000
_______ _______
1,800,000 1,800,000
Current assets
Debtors 6 1,785 1,975
Cash at bank and in hand 23,075 37,508
_______ _______
24,860 39,483
Creditors: amounts falling due
within one year 7 ( 389,853) ( 423,453)
_______ _______
Net current liabilities ( 364,993) ( 383,970)
_______ _______
Total assets less current liabilities 1,435,007 1,416,030
Provisions for liabilities ( 172,430) ( 131,047)
_______ _______
Net assets 1,262,577 1,284,983
_______ _______
Capital and reserves
Called up share capital 7,500 7,500
Profit and loss account 1,255,077 1,277,483
_______ _______
Shareholders funds 1,262,577 1,284,983
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 19 April 2024 , and are signed on behalf of the board by:
Mrs J S Cuccia
Director
Company registration number: 04173130
S L & A H Affittare Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 4, Sanders Lodge Industrial Estate, Rushden,, Northants, NN10 6BQ.
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.
Going concern
The Directors believe that the company will have adequate resources to meet its liabilities as they fall due and so to operate as a going concern for a period of at least twelve months from the date of these financial statements. The Directors therefore consider it appropriate to continue to adopt the going concern basis in the preparation of these accounts.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investment property - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,800,000 1,800,000
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 1,800,000 1,800,000
_______ _______
At 31 December 2022 1,800,000 1,800,000
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 January 2023 and 31 December 2023 1,800,000
_______
As required by FRS102 the company carries out a fair value assessment of their investment properties each year end based upon professional advice.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2023
Aggregate cost 815,707 815,707
Aggregate depreciation - -
_______ _______
Carrying amount 815,707 815,707
_______ _______
At 31 December 2022
Aggregate cost 815,707 815,707
Aggregate depreciation - -
_______ _______
Carrying amount 815,707 815,707
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 30 -
Other debtors 1,755 1,975
_______ _______
1,785 1,975
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 4,961 8,585
Other creditors 384,892 414,868
_______ _______
389,853 423,453
_______ _______
Creditors totalling £383,194 included under current liabilities (last year - £413,194) are from directors and a connected company. Whilst repayable on demand it is not expected that repayment will be due within twelve months of these accounts.
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr N Resta 68,551 68,551
Mrs J S Cuccia 14,643 14,643
_______ _______
83,194 83,194
_______ _______
Loans from directors are interest free and repayable on demand, although it is not expected that repayment will be demanded or paid within the next twelve months.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Rushden Rewinds Limited (connected company) 30,000 20,000 ( 300,000) ( 330,000)
_______ _______ _______ _______
The loan is interest free and repayable on demand, although it not expected that it will be repaid within twelve months of the date of these accounts.