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SRG Property Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

SRG Property Investments Ltd

Contents

Company Information

1

Directors' Report

2

Income Statement

3

Statement of Comprehensive Income

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

SRG Property Investments Ltd

Company Information

Directors

Mr RK Passi

Mr A Spence

Company secretary

Mr A Spence

Registered office

Unit 14 Park Seventeen
Whitefield
Manchester
M45 8FJ

 

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:

Mr RK Passi

Mr A Spence

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 Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr A Spence
Director

 

SRG Property Investments Ltd

Income Statement for the Year Ended 31 March 2024

Note

2024
£

2023
£

Revenue

 

421,015

419,431

Gross profit

 

421,015

419,431

Administrative expenses

 

(119,938)

(110,149)

Operating profit

 

301,077

309,282

Gain on financial assets at fair value through profit and loss

 

2,095,000

-

Interest payable and similar expenses

 

(45,066)

(29,218)

   

2,049,934

(29,218)

Profit before tax

2,351,011

280,064

Tax on profit

 

(722,583)

(53,212)

Profit for the financial year

 

1,628,428

226,852

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
£

Profit for the year

1,628,428

226,852

Total comprehensive income for the year

1,628,428

226,852

 

SRG Property Investments Ltd

(Registration number: 08975443)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Investment property

4

7,200,000

5,105,000

Current assets

 

Receivables

5

541

182,632

Cash at bank and in hand

 

28,835

65,303

 

29,376

247,935

Creditors: Amounts falling due within one year

6

(700,521)

(668,340)

Net current liabilities

 

(671,145)

(420,405)

Total assets less current liabilities

 

6,528,855

4,684,595

Creditors: Amounts falling due after more than one year

6

(487,729)

(630,479)

Provisions for liabilities

(1,085,548)

(426,966)

Net assets

 

4,955,578

3,627,150

Equity

 

Called up share capital

7

2

2

Other reserves

3,256,644

1,820,225

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:

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 Income Statement.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

 

SRG Property Investments Ltd

(Registration number: 08975443)
Balance Sheet as at 31 March 2024

.........................................
Mr A Spence
Director

 

SRG Property Investments Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2023

2

1,820,225

1,806,923

3,627,150

Profit for the year

-

-

1,628,428

1,628,428

Other comprehensive income

-

1,436,419

(1,436,419)

-

Total comprehensive income

-

1,436,419

192,009

1,628,428

Dividends

-

-

(300,000)

(300,000)

At 31 March 2024

2

3,256,644

1,698,932

4,955,578

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2022

2

1,820,225

1,580,071

3,400,298

Profit for the year

-

-

226,852

226,852

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

1

General information

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

The address of its registered office is:
Unit 14 Park Seventeen
Whitefield
Manchester
M45 8FJ
England

These financial statements were authorised for issue by the Board on 18 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

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The values are achieved using 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.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 April

5,105,000

Fair value adjustments

2,095,000

At 31 March

7,200,000

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.

5

Receivables

Current

2024
£

2023
£

Trade Receivables

-

182,630

Prepayments

539

-

Other receivables

2

2

 

541

182,632

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

142,750

142,750

Trade Payables

 

11,468

4

Taxation and social security

 

75,755

65,534

Accruals and deferred income

 

10,548

52

Other creditors

 

460,000

460,000

 

700,521

668,340

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

487,729

630,479

 

SRG Property Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

487,729

630,479

Current loans and borrowings

2024
£

2023
£

Bank borrowings

142,750

142,750

Bank borrowings

HSBC Bank loan 1 . The carrying amount of this loan at the year end is £Nil (2023 - £Nil).

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.

First Legal Mortgage over the freehold property of SRG Property Investments Ltd known as Former Mail Centre, Stone Hill Road, Farnworth (Near Bolton).

HSBC Bank loan 2 . The carrying amount of this loan at the year end is £630,479 (2023 - £773,229).

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

9

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £150,000.00 (2023 - £Nil) per ordinary share

300,000

-

300,000

-