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Registered number: 13060188














SNDS PROPERTY HOLDINGS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SNDS PROPERTY HOLDINGS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 7


 
SNDS PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER:13060188

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,214,751
1,214,751

  
1,214,751
1,214,751

Current assets
  

Debtors: amounts falling due within one year
 5 
19,088
17,766

Cash at bank and in hand
 6 
24,101
7,787

  
43,189
25,553

Creditors: amounts falling due within one year
 7 
(710,817)
(655,458)

Net current liabilities
  
 
 
(667,628)
 
 
(629,905)

Total assets less current liabilities
  
547,123
584,846

Creditors: amounts falling due after more than one year
 8 
(604,500)
(604,500)

  

Net liabilities
  
(57,377)
(19,654)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(57,477)
(19,754)

  
(57,377)
(19,654)


1

 
SNDS PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER:13060188
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 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 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 the board and were signed on its behalf on 20 September 2024.




N Kastellanis
S Vassiliou
Director
Director

The notes on pages 3 to 7 form part of these financial statements.

2

 
SNDS PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SNDS Property Holdings Limited is a private company limited by shares, registered in England and Wales, registration number 13060188. The registered office address is Elsley Court, 20 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company is property investment.
 
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at the year end, the balance sheet shows that the company has liabilities in excess of assets as a result of losses made to date this year. The directors are of the opinion that this is temporary and that the company will generate revenue in future, therefore the accounts have been prepared on a going concern basis.  The shareholders has confirmed that they will provide support to the company for the foreseeable future and meet the excess liabilities if the company is unable to do so.

 
2.3

Turnover

Turnover from rental income 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

3

 
SNDS PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

 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.

 
2.11

 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 and loans to related parties.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,214,751



At 31 December 2023
1,214,751

The 2023 valuations were made by the directors, on an open market value for existing use basis.




5.


Debtors

2023
2022
£
£


Other debtors
13,056
14,206

Prepayments and accrued income
6,032
3,560

19,088
17,766

4

 
SNDS PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.Debtors (continued)


5

 
SNDS PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank
24,101
7,787



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
180
-

Other creditors
657,494
651,058

Accruals and deferred income
53,143
4,400

710,817
655,458



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
604,500
604,500


The following liabilities were secured:

2023
2022
£
£



Bank loans
604,500
604,500

Details of security provided:

The bank loans are secured as a fixed charge over the investment property assets of the company.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
604,500
604,500



6

 
SNDS PROPERTY HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Related party transactions

Included within other creditors at the year end is an amount of £651,994 (2022 - £641,994) owed to the shareholders. The loans are interest free and repayable on demand.

 
7