Company registration number 14249164 (England and Wales)
SBHG PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SBHG PROPERTY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
SBHG PROPERTY LTD
BALANCE SHEET
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
10,000
Current assets
Debtors
5
304
Creditors: amounts falling due within one year
6
(300)
Net current assets
4
Total assets less current liabilities
10,004
Creditors: amounts falling due after more than one year
7
(10,000)
Net assets
4
Capital and reserves
Called up share capital
4
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 period ended 31 July 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
G V Bosson
Director
Company registration number 14249164 (England and Wales)
SBHG PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
SBHG Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Europa House, Goldstone Villas, Hove, East Sussex, BN3 3RQ.
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 the revaluation of freehold properties and 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 service charges receivable from the Lessees of 88 Springbank during the year, in order to meet the relevant costs in relation to the property in accordance with the provisions of Section 42 of the Landlord and Tenant Act 1987.
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. Included at cost in tangible fixed assets is the freehold interest of 88 Springbank, London, SE13 6SX, which is not depreciated or revalued.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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.
SBHG PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
- 3 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
Tangible fixed assets
Land and buildings
£
Cost
At 21 July 2022
Additions
10,000
At 31 July 2023
10,000
Depreciation and impairment
At 21 July 2022 and 31 July 2023
Carrying amount
At 31 July 2023
10,000
The company owns the freehold interest and manages the property 88 Springbank Road. The lessees of the property are also the company's directors and shareholders. The lessees are responsible for the cost and maintaining the property such that the residual value of the freehold interest continues to be not less that the original cost of £10,000. On this basis no depreciation is required to be provided at the balance sheet date.
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
304
6
Creditors: amounts falling due within one year
2023
£
Other creditors
300
7
Creditors: amounts falling due after more than one year
2023
£
Other creditors
10,000