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Registered number: 04073111
Snodland Development Limited
Financial Statements
For The Year Ended 30 September 2023
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04073111
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 459 574
Investment Properties 5 199,364 175,839
Investments 6 50,000 50,000
249,823 226,413
CURRENT ASSETS
Debtors 7 2,145 -
Cash at bank and in hand 9,057 6,361
11,202 6,361
Creditors: Amounts Falling Due Within One Year 8 (113,295 ) (113,894 )
NET CURRENT ASSETS (LIABILITIES) (102,093 ) (107,533 )
TOTAL ASSETS LESS CURRENT LIABILITIES 147,730 118,880
Creditors: Amounts Falling Due After More Than One Year 9 (9,396 ) (10,435 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,470 ) -
NET ASSETS 133,864 108,445
CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 114,055 95,000
Profit and Loss Account 19,807 13,443
SHAREHOLDERS' FUNDS 133,864 108,445
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Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
John Burden
Director
30 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Snodland Development Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04073111 . The registered office is 7 Downs Road, Istead Rise, Gravesend, Kent, DA13 9HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.6. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debt.
2.7. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2.8. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 October 2022 6,552
As at 30 September 2023 6,552
Depreciation
As at 1 October 2022 5,978
Provided during the period 115
As at 30 September 2023 6,093
Net Book Value
As at 30 September 2023 459
As at 1 October 2022 574
5. Investment Property
2023
£
Fair Value
As at 1 October 2022 and 30 September 2023 199,364
Depreciation and impairment -
As at 30 September 2023 199,364
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 199,363 199,363
Accumulated depreciation and impairment 27,040 23,525
Carrying amount 172,323 175,838
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6. Investments
Unlisted
£
Cost
As at 1 October 2022 50,000
As at 30 September 2023 50,000
Provision
As at 1 October 2022 -
As at 30 September 2023 -
Net Book Value
As at 30 September 2023 50,000
As at 1 October 2022 50,000
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 2,145 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 1,714 2,343
Other creditors 111,581 111,551
113,295 113,894
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 9,396 10,435
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Reserves
Revaluation Reserve
£
As at 1 October 2022 95,000
Surplus on revaluation 19,055
As at 30 September 2023 114,055
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