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REGISTERED NUMBER: 08008294 (England and Wales)











Sammark Properties Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Sammark Properties Limited (Registered number: 08008294)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Sammark Properties Limited

Company Information
for the Year Ended 31 March 2024







Directors: B F Phillips
S J Phillips
M L Phillips





Registered office: 3 Rimsdale Close
Gatley
Stockport
Cheshire
SK8 4LL





Registered number: 08008294 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

Sammark Properties Limited (Registered number: 08008294)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
Fixed assets
Tangible assets 4 692 920
Investment property 5 4,500,638 4,500,638
4,501,330 4,501,558

Current assets
Cash at bank 71,120 418,623

Creditors
Amounts falling due within one year 6 (1,973,589 ) (2,512,409 )
Net current liabilities (1,902,469 ) (2,093,786 )
Total assets less current liabilities 2,598,861 2,407,772

Provisions for liabilities 7 (199,152 ) (199,152 )
Net assets 2,399,709 2,208,620

Capital and reserves
Called up share capital 8 2 2
Fair value reserve 9 849,016 849,016
Retained earnings 1,550,691 1,359,602
Shareholders' funds 2,399,709 2,208,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sammark Properties Limited (Registered number: 08008294)

Balance Sheet - continued
31 March 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





B F Phillips - Director


Sammark Properties Limited (Registered number: 08008294)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Sammark Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property fixtures & fittings - 25% on cost

Investment property
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Sammark Properties Limited (Registered number: 08008294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company does not operate a company pension scheme but makes contributions to a personal pension scheme of the director. Contributions payable for the year are charged in the profit and loss account.

3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Tangible fixed assets
Property
fixtures
& fittings
£   
Cost
At 1 April 2023
and 31 March 2024 5,232
Depreciation
At 1 April 2023 4,312
Charge for year 228
At 31 March 2024 4,540
Net book value
At 31 March 2024 692
At 31 March 2023 920

Sammark Properties Limited (Registered number: 08008294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. Investment property
Total
£   
Fair value
At 1 April 2023
and 31 March 2024 4,500,638
Net book value
At 31 March 2024 4,500,638
At 31 March 2023 4,500,638

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 4,500,638

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 3,452,470 3,452,470

Investment property was valued on an open market basis on 31 March 2024 by the director .

6. Creditors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Trade creditors 100 92
Corporation tax 63,773 42,716
VAT 415 1,209
Other creditors 1,908,101 2,467,192
Accrued expenses 1,200 1,200
1,973,589 2,512,409

7. Provisions for liabilities
31.3.24 31.3.23
£    £   
Deferred tax 199,152 199,152

Sammark Properties Limited (Registered number: 08008294)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 April 2023 199,152
Balance at 31 March 2024 199,152

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary £1 2 2

9. Reserves
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 849,016

10. Related party disclosures

Included in other creditors are loans to the company from the shareholders. These are unsecured, interest free and repayable on demand. The amounts outstanding are:

2024 2023
£    £   
M L Phillips 1,472,625 1,472,171
S J Phillips 430,476 990,021
1,903,101 2,462,192