2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 719,678 719,678 719,678 6,770,625 1,178,089 5,592,536 5,592,536 6,770,625 xbrli:pure xbrli:shares iso4217:GBP 00275543 2023-01-01 2023-12-31 00275543 2023-12-31 00275543 2022-12-31 00275543 2022-01-01 2022-12-31 00275543 2022-12-31 00275543 2021-12-31 00275543 bus:RegisteredOffice 2023-01-01 2023-12-31 00275543 bus:Director1 2023-01-01 2023-12-31 00275543 bus:Director2 2023-01-01 2023-12-31 00275543 bus:CompanySecretary1 2023-01-01 2023-12-31 00275543 core:WithinOneYear 2023-12-31 00275543 core:WithinOneYear 2022-12-31 00275543 core:UKTax 2023-01-01 2023-12-31 00275543 core:UKTax 2022-01-01 2022-12-31 00275543 core:ShareCapital 2023-12-31 00275543 core:ShareCapital 2022-12-31 00275543 core:OtherReservesSubtotal 2023-12-31 00275543 core:OtherReservesSubtotal 2022-12-31 00275543 core:RetainedEarningsAccumulatedLosses 2023-12-31 00275543 core:RetainedEarningsAccumulatedLosses 2022-12-31 00275543 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 00275543 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 00275543 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00275543 core:Non-currentFinancialInstruments 2023-12-31 00275543 core:Non-currentFinancialInstruments 2022-12-31 00275543 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00275543 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00275543 bus:SmallEntities 2023-01-01 2023-12-31 00275543 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00275543 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00275543 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00275543 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 00275543
SINCLAIR ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
SINCLAIR ESTATES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
SINCLAIR ESTATES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs C.R Sinclair
Mr D.M Sinclair
Company secretary
Mrs M.M. Bray
Registered office
Mountview House
151 High Street
Southgate
London
N14 6EW
SINCLAIR ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
719,678
719,678
Investments
7
5,592,536
6,770,625
------------
------------
6,312,214
7,490,303
CURRENT ASSETS
Stocks
1,150,380
1,150,380
Debtors
8
107,919
12,710
Cash at bank and in hand
484,679
466,015
------------
------------
1,742,978
1,629,105
CREDITORS: amounts falling due within one year
9
( 58,537)
( 61,744)
------------
------------
NET CURRENT ASSETS
1,684,441
1,567,361
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,996,655
9,057,664
PROVISIONS
( 906,000)
( 1,200,000)
------------
------------
NET ASSETS
7,090,655
7,857,664
------------
------------
CAPITAL AND RESERVES
Called up share capital
17,333
17,333
Other reserves
35,298
35,298
Profit and loss account
7,038,024
7,805,033
------------
------------
SHAREHOLDERS FUNDS
7,090,655
7,857,664
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SINCLAIR ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr D.M Sinclair
Director
Company registration number: 00275543
SINCLAIR ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mountview House, 151 High Street, Southgate, London, N14 6EW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of listed investments measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss accounts represents rents received and proceeds from sales of properties before charging expenses and taking credit for other sundry items of revenue. Rental income is recognised over the period of rental period in accordance with the lease terms and property sales are recognised on legal completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax expense
36,007
24,254
Deferred tax:
Origination and reversal of timing differences
( 294,000)
( 251,000)
---------
---------
Tax on loss
( 257,993)
( 226,746)
---------
---------
6. Tangible assets
Freehold property
£
Cost
At 1 January 2023 and 31 December 2023
719,678
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
719,678
---------
At 31 December 2022
719,678
---------
No depreciation charge has been made as the directors are of the opinion that the residual value of the property exceeds its cost.
7. Investments
Listed investments
£
Listed investments
At 1 January 2023
6,770,625
Revaluations
( 1,178,089)
------------
At 31 December 2023
5,592,536
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
5,592,536
------------
At 31 December 2022
6,770,625
------------
8. Debtors
2023
2022
£
£
Corporation tax
5,650
Other debtors
107,919
7,060
---------
--------
107,919
12,710
---------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
36,007
24,254
Other creditors
22,530
37,490
--------
--------
58,537
61,744
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
906,000
1,200,000
---------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of financial assets
906,000
1,200,000
---------
------------