SVM Estates Limited |
Registered number: |
10631068 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Investment property |
3 |
|
|
1,250,000 |
|
|
1,250,000 |
|
Current assets |
Debtors |
4 |
|
7,000 |
|
|
847 |
Cash at bank and in hand |
|
|
8,548 |
|
|
28,308 |
|
|
|
15,548 |
|
|
29,155 |
|
Creditors: amounts falling due within one year |
5 |
|
(698,503) |
|
|
(700,762) |
|
Net current liabilities |
|
|
|
(682,955) |
|
|
(671,607) |
|
Total assets less current liabilities |
|
|
|
567,045 |
|
|
578,393 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(187,163) |
|
|
(233,862) |
|
|
|
Net assets |
|
|
|
379,882 |
|
|
344,531 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
379,782 |
|
|
344,431 |
|
Shareholders' funds |
|
|
|
379,882 |
|
|
344,531 |
|
|
|
|
|
|
|
|
The director is 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 director acknowledges his 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. |
|
|
|
|
Mr S Musa |
Director |
Approved by the board on 17 April 2024 |
|
SVM Estates Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
|
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 (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental income received from property investments, rental income is recognised when it is received by the company or managing agents. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Investments include property purchased by the company for the purposes of subsequent resale or letting out. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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 |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Investment |
property |
£ |
|
Fair value |
|
At 1 April 2023 |
1,250,000 |
|
|
At 31 March 2024 |
1,250,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2023 |
1,217,454 |
|
At 31 March 2024 |
1,217,454 |
|
|
|
|
|
|
|
|
|
|
Investments include freehold property which have been stated at fair value, the director has undertaken his own fair value appraisal and a fair value adjustment has been made in the accounts accordingly. |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Prepayments |
|
|
|
|
- |
|
847 |
|
Other debtors |
7,000 |
|
- |
|
|
|
|
|
|
7,000 |
|
847 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
23,863 |
|
23,920 |
|
Accruals |
600 |
|
575 |
|
Corporation tax |
8,232 |
|
15,933 |
|
Other taxes and social security costs |
5,908 |
|
6,434 |
|
Directors loan account |
325,950 |
|
326,950 |
|
Other creditors |
333,950 |
|
326,950 |
|
|
|
|
|
|
698,503 |
|
700,762 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
187,163 |
|
233,862 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
93,376 |
|
138,182 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
200,193 |
|
239,449 |
|
|
|
|
|
|
|
|
|
|
Lloyds Bank Plc hold a fixed and floating charge over the companys assets dated 14 March 2017. Lloyds Bank Plc hold a fixed and floating charge over freehold property owned by the company dated 24 March 2017. |
|
|
8 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Mr S Musa |
|
Directors loan account |
(326,950) |
|
- |
|
- |
|
(326,950) |
|
|
|
(326,950) |
|
- |
|
- |
|
(326,950) |
|
|
|
|
|
|
|
|
|
|
9 |
Related party transactions |
|
|
The company previously received a loan from Nineteenth Limited, a company that owns 50% of the share capital of SVM Estates Limited. The loan is interest free and although is repayable upon demand, the director currently has no intention of recalling it, the amount owing as at the balance sheet date was £326,950 (2023: £326,950) |
|
|
10 |
Controlling party |
|
|
The director considers there to be no overall controlling party. |
|
|
11 |
Other information |
|
|
SVM Estates Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
252 Garstang Road |
|
Preston |
|
PR2 9QB |