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Registered number: 07063414
Sibling Developments Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 November 2023
ATB Accounting Ltd
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 07063414
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 147,720 144,080
147,720 144,080
CURRENT ASSETS
Cash at bank and in hand 9,607 11,905
9,607 11,905
Creditors: Amounts Falling Due Within One Year (54,125 ) (58,541 )
NET CURRENT ASSETS (LIABILITIES) (44,518 ) (46,636 )
TOTAL ASSETS LESS CURRENT LIABILITIES 103,202 97,444
PROVISIONS FOR LIABILITIES
Deferred Taxation 5 (3,800 ) (2,850 )
NET ASSETS 99,402 94,594
CAPITAL AND RESERVES
Called up share capital 6 2 2
Other reserves 52,071 48,021
Profit and Loss Account 47,329 46,571
SHAREHOLDERS' FUNDS 99,402 94,594
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 November 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mrs Gemma Brind
Director
19/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Sibling Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07063414 . The registered office is Higher Holbrook Farm, Holbrook, Wincanton, Somerset, BA9 8BT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% on cost
Fixtures & Fittings 25% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually based on open market valuations performed by Hambledon estate agents. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Sales, marketing and distribution 1 1
1 1
4. Tangible Assets
Total
£
Cost or Valuation
As at 1 December 2022 147,469
Revaluation 5,000
As at 30 November 2023 152,469
Depreciation
As at 1 December 2022 3,389
Provided during the period 1,360
As at 30 November 2023 4,749
Net Book Value
As at 30 November 2023 147,720
As at 1 December 2022 144,080
5. Deferred Taxation
The provision for deferred taxation arises from the revaluation of investment properties.
2023 2022
£ £
Other timing differences 3,800 2,850
6. Share Capital
2023 2022
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.000 each 2 2
7. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mrs Gemma Brind 1,000 2,000
Mr Henry Brind 1,000 2,000
8. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 2,000 4,000
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9. Reserves
£52,071 Other reserves relates to the fair valuation of investment property.
Page 5