Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-302022-10-01truefalseThe principal activity of the company during the year was that acquisition of real estate for development and onward sale.11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10963130 2022-10-01 2023-09-30 10963130 2021-10-01 2022-09-30 10963130 2023-09-30 10963130 2022-09-30 10963130 2021-10-01 10963130 1 2022-10-01 2023-09-30 10963130 d:Director1 2022-10-01 2023-09-30 10963130 d:RegisteredOffice 2022-10-01 2023-09-30 10963130 e:PlantMachinery 2022-10-01 2023-09-30 10963130 e:PlantMachinery 2023-09-30 10963130 e:PlantMachinery 2022-09-30 10963130 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10963130 e:MotorVehicles 2022-10-01 2023-09-30 10963130 e:MotorVehicles 2023-09-30 10963130 e:MotorVehicles 2022-09-30 10963130 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10963130 e:OfficeEquipment 2022-10-01 2023-09-30 10963130 e:OfficeEquipment 2023-09-30 10963130 e:OfficeEquipment 2022-09-30 10963130 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10963130 e:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 10963130 e:CurrentFinancialInstruments 2023-09-30 10963130 e:CurrentFinancialInstruments 2022-09-30 10963130 e:Non-currentFinancialInstruments 2023-09-30 10963130 e:Non-currentFinancialInstruments 2022-09-30 10963130 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 10963130 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 10963130 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 10963130 e:Non-currentFinancialInstruments e:AfterOneYear 2022-09-30 10963130 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-09-30 10963130 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-09-30 10963130 e:ShareCapital 2022-10-01 2023-09-30 10963130 e:ShareCapital 2023-09-30 10963130 e:ShareCapital 2021-10-01 2022-09-30 10963130 e:ShareCapital 2022-09-30 10963130 e:ShareCapital 2021-10-01 10963130 e:OtherMiscellaneousReserve 2022-10-01 2023-09-30 10963130 e:OtherMiscellaneousReserve 2023-09-30 10963130 e:OtherMiscellaneousReserve 1 2022-10-01 2023-09-30 10963130 e:OtherMiscellaneousReserve 2021-10-01 2022-09-30 10963130 e:OtherMiscellaneousReserve 2022-09-30 10963130 e:OtherMiscellaneousReserve 2021-10-01 10963130 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 10963130 e:RetainedEarningsAccumulatedLosses 2023-09-30 10963130 e:RetainedEarningsAccumulatedLosses 1 2022-10-01 2023-09-30 10963130 e:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 10963130 e:RetainedEarningsAccumulatedLosses 2022-09-30 10963130 e:RetainedEarningsAccumulatedLosses 2021-10-01 10963130 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 10963130 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-09-30 10963130 d:OrdinaryShareClass1 2022-10-01 2023-09-30 10963130 d:OrdinaryShareClass1 2023-09-30 10963130 d:OrdinaryShareClass1 2022-09-30 10963130 d:FRS102 2022-10-01 2023-09-30 10963130 d:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 10963130 d:FullAccounts 2022-10-01 2023-09-30 10963130 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10963130 e:HirePurchaseContracts e:WithinOneYear 2023-09-30 10963130 e:HirePurchaseContracts e:WithinOneYear 2022-09-30 10963130 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-09-30 10963130 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-09-30 10963130 2 2022-10-01 2023-09-30 10963130 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-09-30 10963130 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-09-30 10963130 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10963130









SDH ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
SDH ESTATES LIMITED
 
 
COMPANY INFORMATION


Director
S De Haan 




Registered number
10963130



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
SDH ESTATES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
SDH ESTATES LIMITED
REGISTERED NUMBER: 10963130

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,642
78,946

  
10,642
78,946

Current assets
  

Stocks
 5 
2,438,210
2,163,959

Debtors: amounts falling due within one year
 6 
62,062
43,352

Cash at bank and in hand
 7 
63,149
454

  
2,563,421
2,207,765

Creditors: amounts falling due within one year
 8 
(2,438,615)
(1,302,502)

Net current assets
  
 
 
124,806
 
 
905,263

Total assets less current liabilities
  
135,448
984,209

Creditors: amounts falling due after more than one year
 9 
(327,473)
(1,134,802)

  

Net liabilities
  
(192,025)
(150,593)


Capital and reserves
  

Called up share capital 
 13 
100
100

Other reserves
  
53,838
-

Profit and loss account
  
(245,963)
(150,693)

  
(192,025)
(150,593)


Page 1

 
SDH ESTATES LIMITED
REGISTERED NUMBER: 10963130
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by and were signed by:




S De Haan
Director

Date: 2 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 

 
SDH ESTATES LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023



Called up share capital
Other reserves
Profit and loss account
Total equity


£
£
£
£



At 1 October 2021
100
-
(42,000)
(41,900)



Comprehensive income for the year


Loss for the year
-
-
(108,693)
(108,693)

Total comprehensive income for the year
-
-
(108,693)
(108,693)





At 1 October 2022
100
-
(150,693)
(150,593)



Comprehensive income for the year


Loss for the year
-
-
(95,270)
(95,270)


Capital contribution
-
53,838
-
53,838

Total comprehensive income for the year
-
53,838
(95,270)
(41,432)



At 30 September 2023
100
53,838
(245,963)
(192,025)



The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

SDH Estates Limited is a private company, limited by shares, incorporated in England and Wales with registration number 10963130. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of the director, who has provided confirmation of hi intention to provide such financial support as is neccessary for the company to continue its operations for the foreseeable future and at least 12 months from the date of signing of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
4 years straight line
Motor vehicles
-
7 years straight line
Office equipment
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks of properties held for resale are valued at the lower of cost and net realisable value.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
10,844
65,000
5,470
81,314


Additions
-
10,270
-
10,270


Disposals
-
(75,270)
-
(75,270)



At 30 September 2023

10,844
-
5,470
16,314



Depreciation


At 1 October 2022
226
774
1,368
2,368


Charge for the year on owned assets
2,711
896
1,367
4,974


Disposals
-
(1,670)
-
(1,670)



At 30 September 2023

2,937
-
2,735
5,672



Net book value



At 30 September 2023
7,907
-
2,735
10,642



At 30 September 2022
10,618
64,226
4,102
78,946

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
63,646


5.


Stocks

2023
2022
£
£

Stock of properties
2,438,210
2,163,959


Page 7

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Other debtors
12,103
18,752

Prepayments and accrued income
49,959
24,600

62,062
43,352



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
63,149
454



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,044,436
-

Trade creditors
17,321
21,903

Obligations under finance lease and hire purchase contracts
-
17,836

Other creditors
1,369,016
1,254,279

Accruals and deferred income
7,842
8,484

2,438,615
1,302,502


The bank loan included above (2022 - £1,081,048 due after one year) includes accrued interest at a rate of 4.5% per annum above the Bank of England Base Rate, and is secured by a registered charge over the properties.

Page 8

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
72,213
1,081,048

Other loans
255,260
-

Net obligations under finance leases and hire purchase contracts
-
53,754

327,473
1,134,802


The additional £72,213 bank loan for 2023, is secured by a registered charge over the property and includes accrued interest at a rate of 1.15% for the year.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,044,436
-


1,044,436
-

Amounts falling due 1-2 years

Bank loans
72,213
1,081,048

Other loans
255,260
-




On 12 July 2021 a loan facility of £1.3m was taken out with Coutts & Co.  During the year and additional £321,387 was drawn down (£1,050,682 drawn in 2022). Interest accrues at a rate equivalent to 4.5% per annum above the Bank's Base Rate. Interest is compounded quarterly on the final business day of March, June, September and December. The loan is repayable once the final property sale is completed and is anticipated to be repaid within 12 months of the year end. The loan is secured by a fixed and floating charge over the remaining property.
On 20 July 2023 an additional loan facility of £610,000 was taken out with Portman Structured Finance Limited. During the year £72,213 was drawn down. Interest accrues at 1.15% per month until 31 July 2024 and 2.5% per month thereafter and the loan repayment is to be reviewed 31 July 2024.
In July 2023 a further loan facility of £305,000 has been taken out with the Trustees of the RD SD and MS SD Trusts. During the year £305,000 was drawn down. The loan is interest free and shall be repayable following completion of the property sale and no later than the repayment of the Portman Structured Finance loan.

Page 9

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
17,836

Between 1-5 years
-
53,754

-
71,590


12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
63,149
454




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


13.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


14.


Reserves

Other reserves

The £255,260 “Other loans” included in Note 9 relates to a loan of £305,000 (2022 - £Nil) from the Trustees of the RD SD and MS SD Trusts, which is interest free, and shall be repayable following completion of the sale thereof and no later than the repayment of the  Portman Structured Finance loan.  As the loan has been provided at below market rate, FRS102 requires the loan to be measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost using the effective interest method. The directors have assessed the market rate of interest to be 4.5% above Bank of England base rate on the date of each drawdown. The difference between the book value and the fair value on each drawdown is recognised as a capital contribution in other reserves. The capital contribution amounted to £53,838 for the year ended 30 September 2023 (2022 - £Nil). 

Page 10

 
SDH ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Related party transactions

Included within the Profit and Loss account is the sale of a vehicle, originally held as stock, to a related company Zenith Vehicle Management Limited, a company under common control.  Both the sale and purchase were for £112,136 and considered on open market terms.
Included within Note 9 is a loan of £305,000 which was taken out with the Trustees of the RD SD and MS SD Trusts, Trusts of which the director is a beneficiary. As the loan has been provided below market value, an adjustment has been made to reflect fair value as detailed in Note 14.

 
Page 11