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Registered Number: 12305723
England and Wales

 

 

 

SOARES PROPERTIES LTD.


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Director Amandine Sophie Soares
Registered Number 12305723
Registered Office Unit 32 Ceramic Works,
9 Cresset Road,
London
England
E9 6FS
Accountants Strategic Accounts Solutions Ltd
46-48 Mere Green Road
Sutton Coldfield
Birmingham
B75 5BT
1
Accountants report
You consider that the company is exempt from an audit for the year ended 30 November 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Strategic Accounts Solutions Ltd
30 November 2023



....................................................
Strategic Accounts Solutions Ltd
46-48 Mere Green Road
Sutton Coldfield
Birmingham
B75 5BT
29 August 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 354,448    355,219 
354,448    355,219 
Current assets      
Cash at bank and in hand 179    834 
Creditors: amount falling due within one year 4 (73,054)   (74,435)
Net current assets (72,875)   (73,601)
 
Total assets less current liabilities 281,573    281,618 
Creditors: amount falling due after more than one year 5 (284,594)   (290,564)
Net assets (3,021)   (8,946)
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account (3,022)   (8,947)
Shareholders' funds (3,021)   (8,946)
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 29 August 2024 and were signed by:


-------------------------------
Amandine Sophie Soares
Director
3
General Information
Soares Properties Ltd. is a private company, limited by shares, registered in England and Wales, registration number 12305723, registration address Unit 32 Ceramic Works,, 9 Cresset Road,, London, England, E9 6FS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 33.33% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Investment properties   Total
  £   £   £
At 01 December 2022 2,654    354,249    356,903 
Additions    
Disposals    
At 30 November 2023 2,654    354,249    356,903 
Depreciation
At 01 December 2022 1,684      1,684 
Charge for year 771      771 
On disposals    
At 30 November 2023 2,455      2,455 
Net book values
Closing balance as at 30 November 2023 199    354,249    354,448 
Opening balance as at 01 December 2022 970    354,249    355,219 


4.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1   
Amounts due to connected company - Lacuna London Ltd 31,978    31,128 
Accrued Expenses 1,440    1,440 
Other Creditors 3,594    3,594 
Bounce back loan < 1 year 5,992    5,994 
Directors' Current Accounts 30,049    32,279 
73,054    74,435 

5.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bounce back loan > 1 year 32,063    38,033 
Mortgage Loan 252,531    252,531 
284,594    290,564 

6.

Impairments of Assets

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
7.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in
profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4