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REGISTERED NUMBER: 05092192 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SANDRINGHAM GARDENS LTD

SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SANDRINGHAM GARDENS LTD

COMPANY INFORMATION
For The Year Ended 31 OCTOBER 2023







DIRECTOR: Mr D A Floyd





REGISTERED OFFICE: Unit 8, Aaron House
Forest Road, Hainault Business Park
Ilford
Essex
IG6 3JP





REGISTERED NUMBER: 05092192 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,014,253 3,014,253

CURRENT ASSETS
Debtors 5 3,190 14,123
Cash at bank 31,764 181,629
34,954 195,752
CREDITORS
Amounts falling due within one year 6 370,474 566,221
NET CURRENT LIABILITIES (335,520 ) (370,469 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,678,733

2,643,784

CREDITORS
Amounts falling due after more than one
year

7

(1,822,767

)

(1,822,660

)

PROVISIONS FOR LIABILITIES 8 (149,760 ) (128,936 )
NET ASSETS 706,206 692,188

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve 9 449,280 470,104
Retained earnings 206,926 172,084
706,206 692,188

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 July 2024 and were signed by:




Mr D A Floyd - Director


SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

Sandringham Gardens Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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.


SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all material 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 3,014,253
NET BOOK VALUE
At 31 October 2023 3,014,253
At 31 October 2022 3,014,253

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2017 347,185
Valuation in 2022 251,855
Cost 2,415,213
3,014,253

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,415,213 2,415,213

SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

4. INVESTMENT PROPERTY - continued

The directors consider that the market value of the properties as at the year-end to be as stated in the financial statements.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,278
Other debtors 3,190 11,845
3,190 14,123

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 161,121 173,659
Taxation and social security 8,324 5,064
Other creditors 201,029 387,498
370,474 566,221

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,822,767 1,822,660

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,822,767 1,822,660

Bank loan is secured by way of fixed and floating charge on the property of the company and contains a negative pledge.

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 149,760 128,936

Deferred
tax
£   
Balance at 1 November 2022 128,936
Provided during year 20,824
Balance at 31 October 2023 149,760

SANDRINGHAM GARDENS LTD (REGISTERED NUMBER: 05092192)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

9. RESERVES
Fair
value
reserve
£   
At 1 November 2022 470,104
Movement during the year (20,824 )

At 31 October 2023 449,280

10. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £27,435 (2022: £160,000) due to a connected company, all under common control. Also included in other creditors is an amount of £166,499 (2022: £223,899) due to the director of the company. The loans are interest-free and repayable on demand.