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REGISTERED NUMBER: 09998725 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SQM ESTATES LTD

SQM ESTATES LTD (REGISTERED NUMBER: 09998725)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SQM ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mrs J A Craven





REGISTERED OFFICE: Langley Old Hall
Sleetburn Lane
Langley Moor
Durham
DH7 8LQ





REGISTERED NUMBER: 09998725 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

SQM ESTATES LTD (REGISTERED NUMBER: 09998725)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 309,496 309,496

CURRENT ASSETS
Debtors 5 2,479 2,657
Cash at bank 1,076 467
3,555 3,124
CREDITORS
Amounts falling due within one year 6 133,803 157,197
NET CURRENT LIABILITIES (130,248 ) (154,073 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

179,248

155,423

CREDITORS
Amounts falling due after more than one
year

7

197,428

204,607
NET LIABILITIES (18,180 ) (49,184 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (18,280 ) (49,284 )
SHAREHOLDERS' FUNDS (18,180 ) (49,184 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SQM ESTATES LTD (REGISTERED NUMBER: 09998725)

BALANCE SHEET - continued
29 FEBRUARY 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





Mrs J A Craven - Director


SQM ESTATES LTD (REGISTERED NUMBER: 09998725)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

SQM Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount of rental income falling due during the period. This includes any rent due but not received in the period, and excludes any rent received in advance for future periods.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Going concern
The director has reviewed the future cash flow requirements of the company for a period in excess of 12 months from the date of approval of these financial statements and has determined that the company can continue to operate within its facilities. For this reason the going concern basis accounting has been adopted.

SQM ESTATES LTD (REGISTERED NUMBER: 09998725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 309,496
NET BOOK VALUE
At 29 February 2024 309,496
At 28 February 2023 309,496

The director considers the properties to be their fair value at 28 February 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,479 2,657

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,154 7,154
Other creditors 126,649 150,043
133,803 157,197

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 197,428 204,607

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years 177,127 177,755

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loans 180,140 180,768

The bank loans are secured by way of a fixed charge over the company's properties.

SQM ESTATES LTD (REGISTERED NUMBER: 09998725)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

10. RELATED PARTY DISCLOSURES

During the year the director maintained an interest free loan to the company. As at 28 February 2024 the balance outstanding totalled £Nil (2023 £13,042).

During the year, the company continued to receive an interest free loan from a company which is related by its director also being a director in this company. At 28 February 2024 the balance on the loan was £119,273 (2023 126,332).