Registered number: 08954250
SPL RESIDENTIAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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SPL RESIDENTIAL LIMITED
REGISTERED NUMBER: 08954250
BALANCE SHEET
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Provisions for liabilities
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SPL RESIDENTIAL LIMITED
REGISTERED NUMBER: 08954250
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 10 form part of these financial statements.
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SPL RESIDENTIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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At 1 January 2021 (as previously stated)
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At 1 January 2021 (as restated)
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Deferred tax on investment properties (as restated)
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At 1 January 2022 (as restated)
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Fair value movement on investment property
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Deferred tax on investment properties
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The notes on pages 4 to 10 form part of these financial statements.
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SPL Residential Limited is a private company limited by shares incorporated in England and Wales, registration number 089954250. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The company's functional and presentational currency is GBP, and the financial statements are rounded to the nearest whole £.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The company has received indication of support from fellow group companies. Therefore on this basis, the director considers it appropriate to prepare the accounts on a going concern basis.
Turnover represents rent receivable from letting of investment properties. Rent receivable from tenants are measured at fair value. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the licence.
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, 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 profit or loss.
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only 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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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Charge for the year on owned assets
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Long term leasehold investment property
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The 2022 valuations were made by Alexander Lyons Chartered Surveyors, on an open market value for existing use basis.
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The company purchased a long leaseold from its parent company for £14m in 2018. Legal title will be registered at the Land Registry once the loan has been redeemed, with the bank holding the security. The company has the beneficial ownership of the long leasehold and the right to any income generated thereon, and will bear the costs in relation to the residential element of the property.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fair value gain on investment property
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Other reserves
Other reserves relate to undistributable reserves arising from the revaluation of investment property, less deferred tax.
Profit and loss account
Retained earnings represents accumulated comprehensive income for the current and prior periods.
A prior year adjustment has been included in the accounts to recognise the deferred tax on the potential gain on the revaluation of the investment property arising from the inter group transfer of the property in 2018. The result of this is a net decrease in reserves at 1 January 2021 of £489,918 with a further charge in the year ended 31 December 2021 of £154,711.
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Related party transactions
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An entity under common control owed the company £nil (2021: £400,000) at the reporting date.
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SPL RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 24 November 2023 by Rajiv Thakerar (Senior statutory auditor) on behalf of Simmons Gainsford LLP.
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