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27 December 2023
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No description of principal activity
2022-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
07600110
2022-05-01
2023-04-30
07600110
2023-04-30
07600110
2022-04-30
07600110
2021-05-01
2022-04-30
07600110
2022-04-30
07600110
2021-04-30
07600110
core:PlantMachinery
2022-05-01
2023-04-30
07600110
core:FurnitureFittings
2022-05-01
2023-04-30
07600110
bus:Director1
2022-05-01
2023-04-30
07600110
bus:Director2
2022-05-01
2023-04-30
07600110
core:PlantMachinery
2022-04-30
07600110
core:FurnitureFittings
2022-04-30
07600110
core:PlantMachinery
2023-04-30
07600110
core:FurnitureFittings
2023-04-30
07600110
core:WithinOneYear
2023-04-30
07600110
core:WithinOneYear
2022-04-30
07600110
core:ShareCapital
2023-04-30
07600110
core:ShareCapital
2022-04-30
07600110
core:RetainedEarningsAccumulatedLosses
2023-04-30
07600110
core:RetainedEarningsAccumulatedLosses
2022-04-30
07600110
core:PlantMachinery
2022-04-30
07600110
core:FurnitureFittings
2022-04-30
07600110
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2022-05-01
2023-04-30
07600110
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2022-05-01
2023-04-30
07600110
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2022-05-01
2023-04-30
07600110
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2022-05-01
2023-04-30
07600110
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2022-05-01
2023-04-30
07600110
1
2022-05-01
2023-04-30
COMPANY REGISTRATION NUMBER:
07600110
Sarsons Residential Limited |
|
Filleted Financial Statements |
|
Sarsons Residential Limited |
|
Statement of Financial Position |
|
30 April 2023
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 |
|
|
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.