Sesixteen Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09875941 (England and Wales)
Sesixteen Limited
Company Information
Directors
G Hopkins
DK Van Zyl
Company number
09875941
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
United Kingdom
Sesixteen Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Sesixteen Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
2
401,000
802,000
Current assets
Debtors
3
4,682
100
Cash at bank and in hand
22,627
6,748
27,309
6,848
Creditors: amounts falling due within one year
4
(404,141)
(795,296)
Net current liabilities
(376,832)
(788,448)
Net assets
24,168
13,552
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
6
(64,500)
(177,000)
Profit and loss reserves
88,568
190,452
Total equity
24,168
13,552

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
DK Van Zyl
Director
Company Registration No. 09875941
Sesixteen Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Sesixteen Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Sesixteen Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Investment property
2023
£
Fair value
At 1 January 2023
802,000
Additions
48,000
Disposals
(449,000)
At 31 December 2023
401,000

The fair value of the investment property at 31 December 2023 has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,682
100
Sesixteen Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
399,605
750,208
Trade creditors
1,967
1,547
Amounts owed to group undertakings
-
0
1,000
Corporation tax
2,568
2,313
Other creditors
1
36,901
Accruals and deferred income
-
0
3,327
404,141
795,296

Included within bank loans is a loan amount of £399,605 (2022: £750,208) due to a third party. The loan is secured by way of a fixed and floating charge over the trade and assets of the business, including the investment property.

5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100

 

During the year 50 ordinary shares were transferred from Gipsy Hill Limited to Gary Hopkins.

6
Revaluation reserve
2023
2022
£
£
At the beginning of the year
(177,000)
(177,000)
Other movements
112,500
-
At the end of the year
(64,500)
(177,000)
Sesixteen Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
7
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group.

 

Included in creditors is a balance of £nil (2022: £35,000) owed to G. Hopkins, a director, and £nil (2022: £1,900) owed to Roomvest Limited, a Company under common control.

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