Company registration number 1294068 (England and Wales)
SANDILEAF LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SANDILEAF LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SANDILEAF LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
69,958
85,620
Investment property
5
8,328,000
8,008,800
8,397,958
8,094,420
Current assets
Debtors
6
1,519,513
1,623,080
Cash at bank and in hand
460,919
265,082
1,980,432
1,888,162
Creditors: amounts falling due within one year
7
(222,569)
(172,663)
Net current assets
1,757,863
1,715,499
Total assets less current liabilities
10,155,821
9,809,919
Provisions for liabilities
(1,098,217)
(774,000)
Net assets
9,057,604
9,035,919
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9,057,504
9,035,819
Total equity
9,057,604
9,035,919
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SANDILEAF LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
H M Baron
Director
Company registration number 1294068 (England and Wales)
SANDILEAF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Sandileaf Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Alexander & Co, Centurion House, 129 Deansgate, Manchester, M3 3WR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services provided. Rents receivable are recognised over the period of the lease/tenancy agreement.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date by the directors on an open market basis. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
SANDILEAF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at the undiscounted amounts of the cash or other consideration expected to be received.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are measured at the undiscounted amounts of the cash or other consideration expected to be paid.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
SANDILEAF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
The investment properties are valued at fair value. The company applies the overriding concept that fair value is the amount for which an asset can be exchanged or settled between knowledgeable, willing parties in an arm’s length transaction. The company uses market evidence of transaction prices for similar properties to ascertain the fair value.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
SANDILEAF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
625,503
Additions
1,074
At 31 December 2023
626,577
Depreciation and impairment
At 1 January 2023
539,883
Depreciation charged in the year
16,736
At 31 December 2023
556,619
Carrying amount
At 31 December 2023
69,958
At 31 December 2022
85,620
5
Investment property
2023
£
Fair value
At 1 January 2023
8,008,800
Revaluations
319,200
At 31 December 2023
8,328,000
The fair value of the investment properties have been arrived at on the basis of valuations carried out by the directors by reference to market evidence of transaction prices for similar properties.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,519,513
1,623,080
In previous accounting periods, the company lent money to Tahoe Finance Limited and Tahoe Finance (Manchester) Limited. These companies subsequently ceased trading and were dissolved, at which point the assets were assigned to the directors of Sandileaf Limited, for collection and settlement of these loans. Other debtors include £1,317,387 (2022 - £1,260,000) in respect of these loans, after making a provision for losses amounting to £611,205 (2022 - £734,892).
SANDILEAF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,903
1,000
Corporation tax
110,351
75,460
Other taxation and social security
483
483
Other creditors
108,832
95,720
222,569
172,663
8
Directors' transactions
Dividends totalling £450,000 (2022 - £200,000) were paid in the year in respect of shares held by the company's directors.
At 31 December 2022 the directors owed the company £362,485. During the period, £287,769 was advanced to the directors and £448,804 was repaid by them. At 31 December 2023, the directors owed the company £201,449. This amount is repayable on demand and classified in other debtors.