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Registration number: 07182336

Snellers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Snellers Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Snellers Ltd

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

 

Snellers Ltd

Directors' Report for the Year Ended 30 June 2023

The directors present their annual report on the affairs of Snellers Ltd, together with the unaudited financial statements for the year ended 30 June 2023.

Principal activity

The principal activity of the company is professional property consultancy.

Directors of the company

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

K Pankhania

C Pankhania - Company secretary and director

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual 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

 

Snellers Ltd

(Registration number: 07182336)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

40,578

46,269

Investments

6

700,000

700,000

 

740,578

746,269

Current assets

 

Receivables

7

1,338,283

1,037,222

Cash at bank

 

313,516

213,630

 

1,651,799

1,250,852

Payables: Amounts falling due within one year

8

(261,333)

(137,867)

Net current assets

 

1,390,466

1,112,985

Total assets less current liabilities

 

2,131,044

1,859,254

Payables: Amounts falling due after more than one year

8

(20,000)

(30,000)

Provisions for liabilities

9

(10,144)

(8,791)

Net assets

 

2,100,900

1,820,463

Equity

 

Called up share capital

10

200

200

Share premium reserve

10

699,900

699,900

Retained earnings

10

1,400,800

1,120,363

Shareholders' funds

 

2,100,900

1,820,463

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.

 

Snellers Ltd

(Registration number: 07182336)
Balance Sheet as at 30 June 2023 (continued)

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.

The financial statements of Snellers Ltd were approved and authorised for issue by the Board on 5 March 2024 and signed on its behalf by:
 

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

K Pankhania
Director

 

Snellers Ltd

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

1

General information

Snellers Ltd (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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual 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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Snellers Ltd

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

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixtures and fittings

25% reducing balance

Website development costs

25% straight line

Computer equipment

25% reducing balance

Goodwill

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

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.

 

Snellers Ltd

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 income statement 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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

 

Snellers Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 9).

4

Intangible assets

Goodwill
 £

Cost

At 1 July 2022 and 30 June 2023

750,000

Amortisation

At 1 July 2022 and 30 June 2023

750,000

Carrying amount

At 30 June 2023

-

At 30 June 2022

-

5

Tangible assets

Office equipment
 £

Fixtures & fittings
£

Total
£

Cost

At 1 July 2022

46,526

44,812

91,338

Additions

3,139

4,696

7,835

At 30 June 2023

49,665

49,508

99,173

Depreciation

At 1 July 2022

28,520

16,549

45,069

Charge for the year

5,286

8,240

13,526

At 30 June 2023

33,806

24,789

58,595

Carrying amount

At 30 June 2023

15,859

24,719

40,578

At 30 June 2022

18,006

28,263

46,269

 

Snellers Ltd

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

700,000

700,000

Subsidiaries

£

Cost

At 1 July 2022 and 30 June 2023

700,000

Carrying amount

At 30 June 2023

700,000

At 30 June 2022

700,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Sneller Property Consultants Limited

England/Wales

Ordinary

100%

100%

Subsidiary undertakings

Sneller Property Consultants Limited

The principal activity of Sneller Property Consultants Limited is that of property management..

 

Snellers Ltd

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

7

Receivables

2023
£

2022
£

Trade receivables

238,620

58,370

Amounts owed by group undertakings

1,082,964

965,447

Other receivables

400

683

Prepayments

16,299

12,722

1,338,283

1,037,222

8

Payables

2023
£

2022
£

Due within one year

Loans and borrowings

10,000

10,000

Trade payables

34,221

5,639

Corporation tax

78,853

37,837

Social security and other taxes

125,116

66,330

Pension contributions

1,284

7,705

Other payables

3,450

3,499

Accruals and deferred income

8,409

6,857

261,333

137,867

Due after one year

Loans and borrowings

20,000

30,000

9

Provisions for liabilities

Deferred tax
£

At 1 July 2022

8,791

Increase in existing provisions

1,353

At 30 June 2023

10,144

 

Snellers Ltd

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

10

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         


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

Share premium reserve
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.

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.