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Registered number: 03780171
Snowcroft Properties Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03780171
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,208 8,492
Investment Properties 5 26,035,501 25,610,000
26,043,709 25,618,492
CURRENT ASSETS
Debtors 6 489,836 913,182
Cash at bank and in hand 415,098 345,694
904,934 1,258,876
Creditors: Amounts Falling Due Within One Year 7 (504,676 ) (536,657 )
NET CURRENT ASSETS (LIABILITIES) 400,258 722,219
TOTAL ASSETS LESS CURRENT LIABILITIES 26,443,967 26,340,711
Creditors: Amounts Falling Due After More Than One Year 8 (9,803,758 ) (9,995,269 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,561,506 ) (1,528,755 )
NET ASSETS 15,078,703 14,816,687
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair Value Reserve 12 10,491,827 10,360,822
Income Statement 4,586,776 4,455,765
SHAREHOLDERS' FUNDS 15,078,703 14,816,687
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Michael O'Sullivan
Director
Mr John O'Sullivan
Director
30/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Snowcroft Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03780171 . The registered office is 80-81 St. Martin's Lane, London, WC2N 4AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the rental income net of Vaule Added Tax from the properties. Turnover is recognised over the period which it relates.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 November 2022 54,579
Additions 1,164
As at 31 October 2023 55,743
Depreciation
As at 1 November 2022 46,087
Provided during the period 1,448
As at 31 October 2023 47,535
Net Book Value
As at 31 October 2023 8,208
As at 1 November 2022 8,492
5. Investment Property
2023
£
Fair Value
As at 1 November 2022 25,610,000
Additions 294,496
Revaluations 131,005
As at 31 October 2023 26,035,501
Investment property comprises freehold residential property, which are stated at fair value bases of a valuation by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The investment properties are included at their fair values of £26,035,501. This includes accumulated revaluations to 31 October 2022 amounting to £10,360,822. The revaluation amount for the year to 31 October 2023 amounts to £131,005 giving a total of £10,491,827.
The cost of the investment properties as of 31 October 2023 amounted to £15,543,674.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 54,575 -
Prepayments and accrued income 21,253 19,239
Other debtors 155,147 351,859
Sundry debtors 5,594 1,527
Directors' loan accounts 253,267 540,557
489,836 913,182
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 33,001 45,000
Bank loans and overdrafts 204,359 217,209
Corporation tax 78,542 97,799
Other taxes and social security 3,331 3,464
Tenant deposits 116,797 116,764
Key deposits 1,280 1,071
Accruals and deferred income 67,366 55,350
504,676 536,657
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 9,803,758 9,995,269
Bank loans totalling £4,287,963 (2022: £4,482,534) are secured by a fixed charge against the investment properties to which they relate. Other bank loans totalling £5,691,960 (2022: £5,691,960) are subject to personal guarantees by the directors.
Amount falling due in more than five years:
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans 3,315,112 7,112,375
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2022 1,528,755 1,528,755
Additions 32,751 32,751
Balance at 31 October 2023 1,561,506 1,561,506
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Michael O'Sullivan 297,031 - 297,031 - -
Mr John O'Sullivan 113,365 4,535 - - 117,900
Mrs Louise Browne O'Sullivan 130,161 5,206 - - 135,367
The above loan is unsecured, interest free and repayable on demand.
12. Reserves
Fair Value Reserve
£
As at 1 November 2022 10,360,822
Movements in fair value reserve 131,005
As at 31 October 2023 10,491,827
Page 6