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Registration number: 00771453

Sinclair Gardens Investments (Kensington) Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

Sinclair Gardens Investments (Kensington) Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 11

 

Sinclair Gardens Investments (Kensington) Limited

Company Information

Directors

Mr Gregory Reginald Cutler

Mr Garry Robert Clarke

Company secretary

Mrs Karen Wainwright

Registered office

Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

Auditors

Matthews Hanton Limited
Chartered Certified Accountant
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Sinclair Gardens Investments (Kensington) Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Gregory Reginald Cutler

Mr Garry Robert Clarke

Principal activity

The principal activity of the company is Investment Company

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Matthews Hanton Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr Gregory Reginald Cutler
Director

 

Sinclair Gardens Investments (Kensington) Limited

(Registration number: 00771453)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

169,895,725

143,339,491

Investments

6

1,020

1,020

 

169,896,745

143,340,511

Current assets

 

Debtors

7

4,093,596

4,051,595

Cash at bank and in hand

 

15,058,189

43,620,527

 

19,151,785

47,672,122

Creditors: Amounts falling due within one year

8

(9,930,547)

(10,835,050)

Net current assets

 

9,221,238

36,837,072

Total assets less current liabilities

 

179,117,983

180,177,583

Creditors: Amounts falling due after more than one year

8

(7,500,000)

(42,500,000)

Provisions for liabilities

(37,159,584)

(29,534,796)

Net assets

 

134,458,399

108,142,787

Capital and reserves

 

Called up share capital

9

99

99

Other reserves

115,899,975

87,363,769

Retained earnings

18,558,325

20,778,919

Shareholders' funds

 

134,458,399

108,142,787

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr Gregory Reginald Cutler
Director

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England

These financial statements were authorised for issue by the Board on 22 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 July 2024 was Nicola Merridue FCCA, who signed for and on behalf of Matthews Hanton Limited.

.........................................

Revenue recognition

Turnover comprises of the total amount receivable by the company for the rents and services provided as well as interest received. A breakdown is displayed within the notes to the financial statements.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

All taxes provided for transactions debited or credited with other reserves are charged through the Profit and Loss Account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

40% reducing balance

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from Tenants for the rents and/or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 9).

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Turnover

Note

2023
£

2022
£

Tenant management fees

 

374,879

324,399

Tenant administration fees

 

143,808

176,560

Ground rents receivable

 

2,768,215

2,664,014

Legal services income

 

131,442

122,461

AST rental income

 

1,211,066

1,145,384

Guest room rental income

 

1,700

1,075

Interest received

 

508,696

760,905

 

5,139,806

5,194,798

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

143,338,627

18,977

143,357,604

Revaluations

27,053,481

-

27,053,481

Additions

1,166,726

-

1,166,726

Disposals

(1,663,627)

-

(1,663,627)

At 30 November 2023

169,895,207

18,977

169,914,184

Depreciation

At 1 December 2022

-

18,113

18,113

Charge for the year

-

346

346

At 30 November 2023

-

18,459

18,459

Carrying amount

At 30 November 2023

169,895,207

518

169,895,725

At 30 November 2022

143,338,627

864

143,339,491

Included within the net book value of land and buildings above is £169,823,597 (2022 - £143,267,017) in respect of freehold land and buildings and £71,610 (2022 - £71,610) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 30 November 2023 by an independent valuer.
The method of valuation is based on an open market basis and the current purchase conditions. The name and qualification of the independent valuer are Asprey Investments Limited, a company with the same PSC.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £54,949,836 (2022 - £56,929,463).

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

400

400

Investments in joint ventures

620

620

1,020

1,020

Subsidiaries

£

Cost or valuation

At 1 December 2022

400

Provision

Carrying amount

At 30 November 2023

400

At 30 November 2022

400

Joint ventures

£

Cost

At 1 December 2022

620

Provision

Carrying amount

At 30 November 2023

620

At 30 November 2022

620

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,093,866

1,988,421

Amounts owed by related parties

11

1,987,755

2,037,755

Other debtors

 

11,975

25,419

   

4,093,596

4,051,595

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

459,353

810,011

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

8,246,775

7,023,714

Taxation and social security

 

846,673

2,676,233

Accruals and deferred income

 

63,528

94,729

Other creditors

 

314,218

230,363

 

9,930,547

10,835,050

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

7,500,000

42,500,000

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

99

99

99

99

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

7,500,000

42,500,000

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

 

Sinclair Gardens Investments (Kensington) Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

During the year the company purchased services on behalf of tenants in the normal course of business from First
Management Limited, a company subject to commin control. The cost was recharged and paid by tenantsof the
properties and the price charged was the normal market price.

During the year insurance for the properties of which the company owned the freehold reversions was arranged
by Cullenglow Limited, a company subject to common control. The cost was recharged and paid by the tenants
of the properties and the price charged was the normal market price. During the year liability insurance at a cost
of £102,150 (2022 £91,478) was arranged for the company by Cullenglow Limited.

At the Balance Sheet date the following balances existed:-
Amounts owed to the company by companies under common control:
Kingswood Estate S A Limited (a joint venture) £7,000 (2022 £7,000)
Danaglade Developments Limited £1,987,755 (2022 £2,037,755)
Amounts owed by the company to companies under common control:
Cullenglow Limited £3,697,738 (2022 £3,079,677)
First Management Limited £4,549,039 (2022 £3,944,037)