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REGISTERED NUMBER: 10186656 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SNR PROPERTY LTD

SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SNR PROPERTY LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Miss R Suri
Mr S Suri





REGISTERED OFFICE: Sital House
3-6 Cattle Market
Loughborough
Leicestershire
LE11 3DL





REGISTERED NUMBER: 10186656 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 349 399
Investment property 5 7,735,000 6,416,917
7,735,349 6,417,316

CURRENT ASSETS
Debtors 6 1,500,073 1,553,745
Cash at bank 7 333,269 501,796
1,833,342 2,055,541
CREDITORS
Amounts falling due within one year 8 (9,352,448 ) (5,495,306 )
NET CURRENT LIABILITIES (7,519,106 ) (3,439,765 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

216,243

2,977,551

CREDITORS
Amounts falling due after more than one
year

9

(412,000

)

(3,547,000

)
NET LIABILITIES (195,757 ) (569,449 )

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve (161,150 ) (649,333 )
Retained earnings (34,610 ) 79,881
(195,757 ) (569,449 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

BALANCE SHEET - continued
31 December 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr S Suri - Director


SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

SNR Property Ltd is a private limited 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.

Going concern
The financial statements have been prepared on a going concern basis. In assessing this, the directors prepare annual forecasts to ensure that the company has sufficient facilities in place to meet its liabilities as they fall due. The forecasts and management accounts are also reviewed from a compliance perspective with regards to the debt covenants with the company's lender Handelsbanken plc. Annual reviews are also conducted with Handelsbanken plc to ensure that any loan facilities due within one year are discussed well in advance of their maturity date to ensure that new/replacement financing can be put in place to ensure a seamless transition. At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources in place to continue in operational existence for the foreseeable future.

Turnover
Turnover represents amounts receivable in respect of rent. Rent receivable is invoiced monthly in advance and appropriate accounting timing adjustments are made to defer the income as necessary.

Tangible fixed assets
Tangible fixed assets are measured at cost and subsequently measured at cost or revaluation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

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

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 499
DEPRECIATION
At 1 January 2023 100
Charge for year 50
At 31 December 2023 150
NET BOOK VALUE
At 31 December 2023 349
At 31 December 2022 399

SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 6,416,917
Additions 829,900
Revaluations 488,183
At 31 December 2023 7,735,000
NET BOOK VALUE
At 31 December 2023 7,735,000
At 31 December 2022 6,416,917

Investment properties with a carrying amount of £7,735,000 (2022: £6,416,917) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The investment properties were revalued in December 2023 by BNP Paribas Real Estate.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,437
Amounts owed by participating interests 1,462,449 1,477,116
Other debtors 19,212 31,524
Called up share capital not paid 3 3
Prepayments and accrued income 18,409 42,665
1,500,073 1,553,745

7. CASH AT BANK

On 31 December 2023 the company held £312,931 (2022 - £500,000) of cash at bank as security against the bank loans due to Handelsbanken plc. This cash was not available for general use.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,547,000 -
Trade creditors 6,003 10,371
Amounts owed to participating interests 5,666,603 4,432,066
Other creditors 4,813 4,400
Directors' current accounts - 964,207
Accruals and deferred income 128,029 84,262
9,352,448 5,495,306

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 412,000 3,547,000

SNR PROPERTY LTD (REGISTERED NUMBER: 10186656)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,959,000 3,547,000

The bank loans with Handelsbanken plc are secured by first legal charges over the company's investment properties, unlimited guarantees provided by 3 R Construction & Property Development Limited and KRNS Properties Ltd, and a personal guarantee provided by Mr K C Suri limited to £250,000.