Sandville Properties Limited 02570502 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the rental of commercial property. Digita Accounts Production Advanced 6.30.9574.0 true 02570502 2023-01-01 2023-12-31 02570502 2023-12-31 02570502 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-12-31 02570502 core:CurrentFinancialInstruments 2023-12-31 02570502 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02570502 bus:SmallEntities 2023-01-01 2023-12-31 02570502 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02570502 bus:FullAccounts 2023-01-01 2023-12-31 02570502 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02570502 bus:RegisteredOffice 2023-01-01 2023-12-31 02570502 bus:Director1 2023-01-01 2023-12-31 02570502 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-01-01 2023-12-31 02570502 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02570502 core:LandBuildings 2023-01-01 2023-12-31 02570502 countries:AllCountries 2023-01-01 2023-12-31 02570502 2022-12-31 02570502 2022-01-01 2022-12-31 02570502 2022-12-31 02570502 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2022-12-31 02570502 core:CurrentFinancialInstruments 2022-12-31 02570502 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02570502 core:RevaluationReserve core:LandBuildings 2022-01-01 2022-12-31 02570502 core:LandBuildings 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02570502

Sandville Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Sandville Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Sandville Properties Limited

(Registration number: 02570502)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

20,876,000

20,876,000

Current assets

 

Debtors

5

153

119

Cash at bank and in hand

 

595,881

584,075

 

596,034

584,194

Creditors: Amounts falling due within one year

6

(406,081)

(372,752)

Net current assets

 

189,953

211,442

Total assets less current liabilities

 

21,065,953

21,087,442

Provisions for liabilities

(4,038,666)

(3,069,386)

Net assets

 

17,027,287

18,018,056

Capital and reserves

 

Called up share capital

7

2

2

Revaluation reserve

16,154,664

16,154,664

Retained earnings

872,621

1,863,390

Shareholders' funds

 

17,027,287

18,018,056

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Sandville Properties Limited

(Registration number: 02570502)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

Mr K Kohlbrenner

Director

 

Sandville Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
36-37 King Street
Kings House
London
EC2V 8BB
England

These financial statements were authorised for issue by the Board on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sandville Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sandville Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 January

20,876,000

At 31 December

20,876,000

The freehold property owned by the company has been revalued in the period following a market appraisal by professional experts in commercial property.

The valuation aligns with the realistic valuation provided by the independent valuer.

 

Sandville Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

debtors

Current

2023
£

2022
£

Prepayments

153

119

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

904

Taxation and social security

216,991

182,667

Accruals and deferred income

2,423

2,514

Other creditors

186,667

186,667

406,081

372,752

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

14,076,000

14,076,000