So Tsang Properties Ltd
Registered number: 11798267
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,172,771 1,172,771
Current assets
Debtors 4 670 640
Cash at bank and in hand 192,592 49,369
193,262 50,009
Creditors: amounts falling due within one year 5 (296,596) (301,105)
Net current liabilities (103,334) (251,096)
Total assets less current liabilities 1,069,437 921,675
Creditors: amounts falling due after more than one year 6 (729,168) (607,368)
Net assets 340,269 314,307
Capital and reserves
Called up share capital 4 4
Revaluation reserve 8 349,725 349,725
Profit and loss account (9,460) (35,422)
Shareholders' funds 340,269 314,307
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Tsang
Director
Approved by the board on 18 March 2024
So Tsang Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received for rental income.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
(including unpaid Directors)
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023 1,172,771
At 31 December 2023 1,172,771
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 1,172,771
At 31 December 2022 1,172,771
The revaluation took place on 31 December 2020 by Pygott & Crone Commercial. The valuer is a RICS registered valuer.
4 Debtors 2023 2022
£ £
Other debtors 670 640
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 6,062 5,727
Other creditors 290,534 295,378
296,596 301,105
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 729,168 607,368
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 729,168 607,368
Paratus Amc Limited and Onesavings Bank PLC hold security over the assets of the company.
8 Revaluation reserve 2023 2022
£ £
At 1 January 2023 349,725 349,725
At 31 December 2023 349,725 349,725
9 Other information
So Tsang Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
68a Carlton Road
Nottingham
NG3 2AP
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