Registered number
08313663
SIDEWINDER PROPERTIES LIMITED
Filleted Accounts
30 November 2023
SIDEWINDER PROPERTIES LIMITED
Registered number: 08313663
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,245,464 4,245,619
Current assets
Debtors 4 2,207 1,934
Cash at bank and in hand 7,006 31,675
9,213 33,609
Creditors: amounts falling due within one year 5 (158,981) (135,677)
Net current liabilities (149,768) (102,068)
Total assets less current liabilities 4,095,696 4,143,551
Creditors: amounts falling due after more than one year 6 (2,466,913) (2,555,723)
Provisions for liabilities (232,487) (232,487)
Net assets 1,396,296 1,355,341
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 1,109,228 1,109,228
Profit and loss account 286,968 246,013
Shareholders' funds 1,396,296 1,355,341
The directors are 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 directors acknowledge their 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.
Michael Steinberg
Director
Approved by the board on 5 August 2024
SIDEWINDER PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 November 2023
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 the from the renting of properties. Turnover is recognised by reference to the rental period.
Tangible fixed assets
Land and buildings are held at market value based on the directors valuation. Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 4,245,000 16,237 4,261,237
At 30 November 2023 4,245,000 16,237 4,261,237
Depreciation
At 1 December 2022 - 15,618 15,618
Charge for the year - 155 155
At 30 November 2023 - 15,773 15,773
Net book value
At 30 November 2023 4,245,000 464 4,245,464
At 30 November 2022 4,245,000 619 4,245,619
4 Debtors 2023 2022
£ £
Other debtors 2,207 1,934
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 10,605 24,473
Other creditors 148,376 111,204
158,981 135,677
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,430,000 2,430,000
Other creditors 36,913 125,723
2,466,913 2,555,723
7 Revaluation reserve 2023 2022
£ £
At 1 December 2022 1,109,228 1,109,228
At 30 November 2023 1,109,228 1,109,228
8 Other information
SIDEWINDER PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
19 Graham Road
London
England
E8 1DA
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