Salis Properties Limited 01323820 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true true 01323820 2023-04-01 2024-03-31 01323820 2024-03-31 01323820 core:RetainedEarningsAccumulatedLosses 2024-03-31 01323820 core:RevaluationReserve 2024-03-31 01323820 core:ShareCapital 2024-03-31 01323820 core:SharePremium 2024-03-31 01323820 core:CurrentFinancialInstruments 2024-03-31 01323820 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01323820 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01323820 core:FurnitureFittings 2024-03-31 01323820 core:MotorVehicles 2024-03-31 01323820 bus:SmallEntities 2023-04-01 2024-03-31 01323820 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01323820 bus:FullAccounts 2023-04-01 2024-03-31 01323820 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01323820 bus:Director1 2023-04-01 2024-03-31 01323820 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01323820 core:FurnitureFittings 2023-04-01 2024-03-31 01323820 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01323820 core:MotorVehicles 2023-04-01 2024-03-31 01323820 core:PlantMachinery 2023-04-01 2024-03-31 01323820 countries:AllCountries 2023-04-01 2024-03-31 01323820 2023-03-31 01323820 core:FurnitureFittings 2023-03-31 01323820 core:MotorVehicles 2023-03-31 01323820 2022-04-01 2023-03-31 01323820 2023-03-31 01323820 core:RetainedEarningsAccumulatedLosses 2023-03-31 01323820 core:RevaluationReserve 2023-03-31 01323820 core:ShareCapital 2023-03-31 01323820 core:SharePremium 2023-03-31 01323820 core:CurrentFinancialInstruments 2023-03-31 01323820 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01323820 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01323820 core:FurnitureFittings 2023-03-31 01323820 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01323820

Salis Properties Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Salis Properties Limited

(Registration number: 01323820)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,463

1,869

Investment property

4

4,485,000

4,485,000

 

4,486,463

4,486,869

Current assets

 

Debtors

5

108,769

107,684

Creditors: Amounts falling due within one year

6

(186,958)

(136,168)

Net current liabilities

 

(78,189)

(28,484)

Total assets less current liabilities

 

4,408,274

4,458,385

Creditors: Amounts falling due after more than one year

6

(1,195,000)

(1,195,000)

Provisions for liabilities

(674,850)

(674,850)

Net assets

 

2,538,424

2,588,535

Capital and reserves

 

Called up share capital

866

866

Share premium reserve

107,856

107,856

Fair value reserve

2,571,777

2,571,777

Profit and loss account

(142,075)

(91,964)

Shareholders' funds

 

2,538,424

2,588,535

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Salis Properties Limited

(Registration number: 01323820)

Balance Sheet as at 31 March 2024 (continued)

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 3 July 2024 and signed on its behalf by:
 

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

I B Blaskey

Director

 

Salis Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Salis Properties Limited is a private company, limited by shares, domiciled in England and Wales, company number 01323820. The registered office is at 504 Ecclesall Road, Sheffield, S11 8PY.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors and the continued support of the company's creditors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises 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.

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.

Tangible assets

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

 

Salis Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors with the assistance of external valuers as detailed in note 5 of the financial statements. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Salis Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Tangible assets

Fixtures, fittings & equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,810

4,100

6,910

At 31 March 2024

2,810

4,100

6,910

Depreciation

At 1 April 2023

1,579

3,462

5,041

Charge for the year

246

160

406

At 31 March 2024

1,825

3,622

5,447

Carrying amount

At 31 March 2024

985

478

1,463

At 31 March 2023

1,231

638

1,869

4

Investment properties

£

Valuation

At 1 April 2023 and 31 March 2024

4,485,000

The fair value of the investment properties were revalued by Lambert Smith Hampton, who are external to the company, in April 2023. The directors are of the opinion that the property valuations are unchanged at the year end. The carrying amount at historical cost was £1,238,372 (2023: £1,238,372).

 

Salis Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

29,502

25,894

Prepayments

1,158

904

Other debtors

78,109

80,886

108,769

107,684

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Bank overdraft

64,571

24,955

Trade creditors

1,764

2,862

Taxation and social security

1,606

1,714

Accruals and deferred income

119,017

106,637

186,958

136,168

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loan

1,195,000

1,195,000

The bank loan is secured on certain assets of the company.

7

Related party transactions

Riou Limited
During the year the company had a loan account with Riou Limited, a company owned and controlled by the directors I B & C Blaskey. At the balance sheet date the company was owed £17,931 (2023: £37,715) from Riou Limited.

SCI Riou
During the year the company had a loan account with SCI Riou, a company owned and controlled by the directors IB & C Blaskey. At the balance sheet date the company was owed £55,548 (2023: £38,541) from SCI Riou.