Company registration number 09445031 (England and Wales)
SANDRIDGE ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SANDRIDGE ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SANDRIDGE ASSOCIATES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
5,949,402
6,145,869
Current assets
Debtors
5
100,000
100,000
Cash at bank and in hand
10,317
32,756
110,317
132,756
Creditors: amounts falling due within one year
6
(3,609,773)
(4,194,988)
Net current liabilities
(3,499,456)
(4,062,232)
Total assets less current liabilities
2,449,946
2,083,637
Provisions for liabilities
(187,586)
(255,052)
Net assets
2,262,360
1,828,585
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,262,260
1,828,485
Total equity
2,262,360
1,828,585

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

SANDRIDGE ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr C J Sawyer
Director
Company Registration No. 09445031
SANDRIDGE ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
100
-
0
1,922,276
1,922,376
Year ended 28 February 2023:
Loss for the year
-
-
(93,791)
(93,791)
Balance at 28 February 2023
100
-
0
1,828,485
1,828,585
Year ended 28 February 2024:
Profit for the year
-
-
433,775
433,775
Balance at 28 February 2024
100
-
0
2,262,260
2,262,360
SANDRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Sandridge Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.true

1.3
Turnover

Turnover represents dividend and fixed interest income.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

Managed funds and listed investments are classified as fixed asset investments and are measured at fair value. Any gains or losses on revaluations are recognised in the profit and loss account and separated from distributable earnings by transfers to other reserves.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include cash and bank balances and investments in non-derivative financial instruments that is equity of the issuer, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

SANDRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 charged in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SANDRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
1
1
Investments
5,949,401
6,145,868
5,949,402
6,145,869
Fixed asset investments revalued
Movements in fixed asset investments
Shares in group undertakings
Listed investments
Cash
deposits
Total
£
£
£
£
Cost or valuation
At 1 March 2023
1
5,864,278
281,590
6,145,869
Additions
-
5,411,680
-
5,411,680
Revaluation loss realised on disposal
-
(605,032)
-
(605,032)
Incremental gain/(loss) in current year
-
233,484
-
233,484
Cash movement in year
-
-
(236,585)
(236,585)
Other movements
-
(936)
-
(936)
Disposals
-
(5,075,507)
-
(5,075,507)
Gain on disposal
-
76,429
-
76,429
At 28 February 2024
1
5,904,396
45,005
5,949,402
Carrying amount
At 28 February 2024
1
5,904,396
45,005
5,949,402
At 28 February 2023
1
5,864,278
281,590
6,145,869
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100,000
100,000
SANDRIDGE ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
80,194
16,138
Other creditors
3,521,528
4,171,528
Accruals
8,051
7,322
3,609,773
4,194,988
7
Provisions for liabilities
2024
2023
£
£
Deferred tax provision
187,586
255,052
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions

Other creditors include £3,521,528 (2023: £4,171,528) that is owed to the directors of the company. This loan is interest free, unsecured and repayable on demand.

 

During the year, the company was charged accounting fees of £7,965 (2023: £5,250) from Beavis Morgan LLP. A director of the company, P L Drown, resigned on 6 March 2023, is a designated member of Beavis Morgan LLP.

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