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Registration number: 02620622

Sneller Property Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Sneller Property Consultants Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Sneller Property Consultants Limited

Company Information

Directors

K Pankhania

C Pankhania

Company secretary

C Pankhania

Registered office

Bridge House
74 Broad Street
Teddington
Middlesex
TW11 8QT

Accountants

Harmer Slater Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

Sneller Property Consultants Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their annual report on the affairs of Sneller Property Consultants Limited, together with the unaudited financial statements for the year ended 30 June 2023.

 

Principal activity

The principal activity of the company is Property management.

Directors of the company

The directors who held office during the year and up to the date of approval of this report were as follows:

K Pankhania

C Pankhania

Going concern

The financial statements have been prepared on a going concern basis. During a review of the company's forecasts and available resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................
K Pankhania
Director

 

Sneller Property Consultants Limited

(Registration number: 02620622)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

25,076

41,309

Current assets

 

Debtors

6

928,042

693,679

Cash at bank

 

197,178

184,258

 

1,125,220

877,937

Creditors: Amounts falling due within one year

7

(184,281)

(123,042)

Net current assets

 

940,939

754,895

Total assets less current liabilities

 

966,015

796,204

Creditors: Amounts falling due after more than one year

7

(20,000)

(30,000)

Provisions for liabilities

8

(4,827)

(6,639)

Net assets

 

941,188

759,565

Equity

 

Called up share capital

9

100

100

Retained earnings

941,088

759,465

Shareholders' funds

 

941,188

759,565

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

 

Sneller Property Consultants Limited

(Registration number: 02620622)
Balance Sheet as at 30 June 2023 (continued)

The financial statements of Sneller Property Consultants Limited were approved and authorised for issue by the Board on 5 March 2024 and signed on its behalf by:

.........................................

K Pankhania
Director

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023

1

General information

Sneller Property Consultants Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis. During a review of the company's forecasts and available resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover represents the net value of property management services rendered during the year, excluding value added tax.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred taxation is provided in respect of all material timing differences between the profits as computed for taxation purposes and the profits as stated in the financial statements.

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised evenly over its estimated useful life, which is deemed to be a ten year period.

Amortisation

Goodwill is amortised evenly over its estimated useful life, which is deemed to be a ten year period.

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise of bank balances.

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 15).

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 July 2022 and 30 June 2023

28,000

Amortisation

At 1 July 2022 and 30 June 2023

28,000

Carrying amount

At 30 June 2023

-

At 30 June 2022

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 July 2022

96,455

Additions

580

At 30 June 2023

97,035

Depreciation

At 1 July 2022

55,146

Charge for the year

16,813

At 30 June 2023

71,959

Carrying amount

At 30 June 2023

25,076

At 30 June 2022

41,309

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

11

912,851

678,217

Other debtors

 

15,191

15,462

 

928,042

693,679

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

10,000

10,000

Trade payables

60

414

Amounts owed to group undertakings

33,836

33,836

Social security and other taxes

87,222

39,223

Other creditors

604

1,614

Accruals

2,000

2,015

Corporation tax

50,559

35,940

184,281

123,042

Due after one year

Loans and borrowings

20,000

30,000

8

Provisions for liabilities

Deferred tax
£

At 1 July 2022

6,639

Decrease in existing provisions

(1,812)

At 30 June 2023

4,827

 

Sneller Property Consultants Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

30,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

11

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the the group.

There were no other related party transactions to disclose.