Company registration number 02020295 (England and Wales)
SANDUNE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SANDUNE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
300,000
300,000
Investments
5
318
151
300,318
300,151
Current assets
Debtors
6
3,563
3,563
Cash at bank and in hand
61,248
56,654
64,811
60,217
Creditors: amounts falling due within one year
7
(110,764)
(108,903)
Net current liabilities
(45,953)
(48,686)
Net assets
254,365
251,465
Capital and reserves
Called up share capital
2
2
Non-distributable profits reserve
8
39,108
39,108
Distributable profit and loss reserves
215,255
212,355
Total equity
254,365
251,465

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

For the financial year ended 31 March 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 year 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 30 April 2024 and are signed on its behalf by:
Mrs. S. Silverman
Director
Company registration number 02020295 (England and Wales)
SANDUNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Sandune Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 325-327 Oldfield Lane North, Greenford, Middx, UB6 OFX.

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 is recognised at the fair value of the consideration receivable in respect of property income arising in the normal course of business,

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Fixed asset investments

Listed investments are valued at fair value with changes in fair value being recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SANDUNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SANDUNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
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.

3
Employees

The average number of persons employed by the company (including directors) during the year amounted to;

2023
2022
Number
Number
Total
3
3
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
300,000

Investment properties were revalued by the directors as at 31 March 2022 on the fair value basis.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
318
151
Fixed asset investments revalued

Listed investments are valued at fair value. The historical cost of the investments is £520.

SANDUNE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
151
Valuation changes
167
At 31 March 2023
318
Carrying amount
At 31 March 2023
318
At 31 March 2022
151
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,563
3,563
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,579
2,509
Other taxation and social security
92
51
Other creditors
109,093
106,343
110,764
108,903
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
39,108
39,108
9
Directors' transactions

Included in debtors as at 1 April 2022 was an amount of £14,102 due from M Harris, a director of the company. During the year £nil was repaid and the balance due from the director as at 31 March 2023 was £14,102. This has been provided for in full.

2023-03-312022-04-01false30 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr. M. HarrisMrs. L. HarrisMrs. S. Silvermanfalsefalse020202952022-04-012023-03-31020202952023-03-31020202952022-03-3102020295core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102020295core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102020295core:CurrentFinancialInstruments2023-03-3102020295core:CurrentFinancialInstruments2022-03-3102020295core:ShareCapital2023-03-3102020295core:ShareCapital2022-03-3102020295core:FurtherSpecificReserve1ComponentTotalEquity2023-03-3102020295core:FurtherSpecificReserve1ComponentTotalEquity2022-03-3102020295core:RetainedEarningsAccumulatedLosses2023-03-3102020295core:RetainedEarningsAccumulatedLosses2022-03-3102020295bus:Director32022-04-012023-03-31020202952021-04-012022-03-31020202952022-03-3102020295core:WithinOneYear2023-03-3102020295core:WithinOneYear2022-03-3102020295bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102020295bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102020295bus:FRS1022022-04-012023-03-3102020295bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102020295bus:Director12022-04-012023-03-3102020295bus:Director22022-04-012023-03-3102020295bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP