SRG Property Investments Ltd
for the Year Ended 31 March 2024
SRG Property Investments Ltd
Contents
Company Information |
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Directors' Report |
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Income Statement |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
SRG Property Investments Ltd
Company Information
Directors |
Mr RK Passi Mr A Spence |
Company secretary |
Mr A Spence |
Registered office |
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SRG Property Investments Ltd
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Property investment.
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
SRG Property Investments Ltd
Income Statement for the Year Ended 31 March 2024
Note |
2024 |
2023 |
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Revenue |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Operating profit |
301,077 |
309,282 |
|
Gain on financial assets at fair value through profit and loss |
|
- |
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Interest payable and similar expenses |
( |
( |
|
2,049,934 |
(29,218) |
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Profit before tax |
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
SRG Property Investments Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2024
2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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SRG Property Investments Ltd
(Registration number: 08975443)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed Assets |
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Investment property |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Equity |
|||
Called up share capital |
2 |
2 |
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Other reserves |
3,256,644 |
1,820,225 |
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Retained earnings |
1,698,932 |
1,806,923 |
|
Shareholders' funds |
4,955,578 |
3,627,150 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 Income Statement.
Approved and authorised by the
SRG Property Investments Ltd
(Registration number: 08975443)
Balance Sheet as at 31 March 2024
......................................... |
SRG Property Investments Ltd
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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|
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
|
( |
- |
Total comprehensive income |
- |
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Dividends |
- |
- |
( |
( |
At 31 March 2024 |
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|
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 April 2022 |
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|
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Profit for the year |
- |
- |
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At 31 March 2023 |
2 |
1,820,225 |
1,806,923 |
3,627,150 |
SRG Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
Revenue comprises the fair value of rents received or receivable in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax. 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.
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.
SRG Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investment property
It should be noted that the changes are recognised in profit or loss, however as the reserve remains undistributable until the sale of any properties, these are maintained in a separate reserve presented in the accounts as other reserves.
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 Receivables
Trade Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade Receivables 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 receivables 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.
Trade Payables
Trade Payables 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 Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
SRG Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 April |
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Fair value adjustments |
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At 31 March |
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The fair value of investment properties has been determined using valuations by an independent valuer, Cluttons LLP, which was obtained in July 2024. This has resulted in the revised fair value of the properties in the financial year.
Receivables |
Current |
2024 |
2023 |
Trade Receivables |
- |
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Prepayments |
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- |
Other receivables |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade Payables |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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SRG Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
2 |
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2 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank borrowings
Debenture comprising fixed and floating charges over all the assets and undertakings of SRG Property Investments Ltd, including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
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The loan is secured against the freehold property of SRG Property Investments Ltd known as Former Mail Centre, Stone Hill Road, Farnworth (Near Bolton). |
SRG Property Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Dividends |
2024 |
2023 |
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£ |
£ |
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Final dividend of £Nil (2023 - £Nil) per ordinary share |
- |
- |
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Interim dividend of £ |
300,000 |
- |
||
300,000 |
- |
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