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COMPANY REGISTRATION NUMBER: 07600110
Sarsons Residential Limited
Filleted Financial Statements
30 April 2023
Sarsons Residential Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,776
5,306
Current assets
Debtors
6
9,053,381
8,343,205
Cash at bank and in hand
11,962
15,185
------------
------------
9,065,343
8,358,390
Creditors: amounts falling due within one year
7
19,298,904
17,665,265
-------------
-------------
Net current liabilities
10,233,561
9,306,875
-------------
------------
Total assets less current liabilities
( 10,228,785)
( 9,301,569)
-------------
------------
Net liabilities
( 10,228,785)
( 9,301,569)
-------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 10,228,786)
( 9,301,570)
-------------
------------
Shareholders deficit
( 10,228,785)
( 9,301,569)
-------------
------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2023 , and are signed on behalf of the board by:
Mr W Wormald
Mr Graham Harris
Director
Director
Company registration number: 07600110
Sarsons Residential Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Maltings Place, 169 Tower Bridge Road, London, SE1 3JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirement of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. The company's ability to continue to trade is dependent upon the support of the director Mr Graham Harris and London & City Group Holdings Ltd group of companies.
Revenue recognition
Turnover represents rents received net of sales taxes.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
4,600
20,273
24,873
-------
--------
--------
Depreciation
At 1 May 2022
3,407
16,160
19,567
Charge for the year
119
411
530
-------
--------
--------
At 30 April 2023
3,526
16,571
20,097
-------
--------
--------
Carrying amount
At 30 April 2023
1,074
3,702
4,776
-------
--------
--------
At 30 April 2022
1,193
4,113
5,306
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
( 30,552)
( 71,265)
Amounts owed by group undertakings and undertakings in which the company has a participating interest
8,593,339
7,744,790
Other debtors
490,594
669,680
------------
------------
9,053,381
8,343,205
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
128
Trade creditors
97,597
193,258
Amounts owed to group undertakings and undertakings in which the company has a participating interest
17,485,583
15,766,468
Social security and other taxes
11,057
44,231
Sundry creditors
1,267,243
1,218,631
Other creditors
437,296
442,677
-------------
-------------
19,298,904
17,665,265
-------------
-------------
8. Summary audit opinion
The auditor's report dated 27 December 2023 was unqualified .
The senior statutory auditor was Gary Sargeant FCA , for and on behalf of Sargeant Partnership LLP .
9. Directors' advances, credits and guarantees
During the year under review the company had related party transactions with its directors Mr G Harris. These transactions were limited to interest free loans made to the Company. At the close of business on 30 April 2023, Company owed the directors £414,646 (2022 - £335,114).
10. Related party transactions
Collocated Solutions Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited. No transactions took place with Collocated Solutions Limited during the current or prior year, there was a balance of £131,035 (2022 - £131,035) due from a subsidiary of London and City Group Holdings Limited at the year end. Wormald Accountants Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited. During the year invoices of £6,868 (2022 - £3,375) were raised by Wormald Accountants Limited and at the year end a balance of £5,886 (2022 - £18,874) was due from a subsidiary of London and City Group Holdings Limited. Financial Connectivity Limited is a related party by virtue of being controlled by W Wormald, a director of a subsidiary entity and member of key management of London and City Group Holdings Limited. At the year end a balance of £176,839 (2022 - £179,445) was due by Sarson Residential Limited. Capture Design & Build Limited is a related party by virtue of being T Ashby, a director of a subsidiary entity of London and City Group Holdings Limited. During the year invoices of £248,652 (2022 - £504,385) were raised by Capture Design & Build Limited and at the yearend a balance of £36,652 (2022 - £120,213) was due to Capture Design & Build Limited. Villa Agencies (Europe) Ltdis a related party by virtue of being controlled by Mr G Harris a member of key management of London and City Group Holdings Limited and its subsidiaries. At the year end a balance of £442,309 (2022 - £397,954) was due by Sarsons Residential Limited . The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. During the year salary was paid to the following close members. G Harris - £100,000 J Harris - £12,500
11. Controlling party
The company is under the control of London and City Group Holdings Limited, a company registered in England & Wales, the accounts of which are available from 1 Maltings Place, 169 Tower Bridge Road, SE1 3JB . The results of the company are included in the consolidated accounts of London & City Group Holdings Limited.