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Registered Number: 12381840
England and Wales

 

 

 

SARPANE FREEDOM PROPERTIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Sarpane Freedom Properties Ltd for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sarpane Freedom Properties Ltd for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Sarpane Freedom Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 13 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of Sarpane Freedom Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Sarpane Freedom Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sarpane Freedom Properties Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sarpane Freedom Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sarpane Freedom Properties Ltd. You consider that Sarpane Freedom Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Sarpane Freedom Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts for the period ended
31 December 2023



....................................................
aa Chartered Accountants
Fenlake House
Fenlake Business Centre,
Fengate,
Peterborough
PE1 5BQ
13 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 795,854    610,597 
795,854    610,597 
Current assets      
Debtors 432    17,089 
Cash at bank and in hand 14,711    70,498 
15,143    87,587 
Creditors: amount falling due within one year (480,614)   (374,054)
Net current assets (465,471)   (286,467)
 
Total assets less current liabilities 330,383    324,130 
Creditors: amount falling due after more than one year (337,365)   (337,365)
Provisions for liabilities   (344)
Net assets (6,982)   (13,579)
 

Capital and reserves
     
Called up share capital 4 2    2 
Reserves 5   1,467 
Profit and loss account (6,984)   (15,048)
Shareholders' funds (6,982)   (13,579)
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 August 2024 and were signed on its behalf by:


-------------------------------
Raluca Sarbu
Director
-------------------------------
Andreea Panait
Director
2
General Information
Sarpane Freedom Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 12381840, registration address 160 City Road, London, United Kingdom, EC1V 2NX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
2.

Average number of employees including directors


Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 January 2023 610,597    610,597 
Additions 187,068    187,068 
Disposals  
Revaluations (1,811)   (1,811)
At 31 December 2023 795,854    795,854 
Depreciation
At 01 January 2023  
Charge for year  
On disposals  
At 31 December 2023  
Net book values
Closing balance as at 31 December 2023 795,854    795,854 
Opening balance as at 01 January 2023 610,597    610,597 


4.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

3