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Registration number: 12457648

Sophie Bean Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Sophie Bean Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Sophie Bean Properties Ltd

Company Information

Directors

Mr Karl Crowther

Mrs Jennifer Crowther

Registered office

1 Market Hill
Calne
Wiltshire
SN11 0BT

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Sophie Bean Properties Ltd

(Registration number: 12457648)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

450,000

419,000

Current assets

 

Debtors

5

448

13

Cash at bank and in hand

 

18,185

12,324

 

18,633

12,337

Creditors: Amounts falling due within one year

6

(4,531)

(2,741)

Net current assets

 

14,102

9,596

Total assets less current liabilities

 

464,102

428,596

Creditors: Amounts falling due after more than one year

6

(295,786)

(304,849)

Provisions for liabilities

(30,070)

(24,180)

Net assets

 

138,246

99,567

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

128,194

103,084

Retained earnings

9,052

(4,517)

Shareholders' funds

 

138,246

99,567

For the financial year ending 31 January 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.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

 

Sophie Bean Properties Ltd

(Registration number: 12457648)
Balance Sheet as at 31 January 2024 (continued)

.........................................
Mr Karl Crowther
Director

.........................................
Mrs Jennifer Crowther
Director

 

Sophie Bean Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
1 Market Hill
Calne
Wiltshire
SN11 0BT
England

These financial statements were authorised for issue by the Board on 9 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current 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.

Investment property

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

 

Sophie Bean Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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.

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 February

419,000

Fair value adjustments

31,000

At 31 January

450,000

The fair value of the properties at 31 January 2024 has been arrived at on the basis of a valuation carried out at
that date by the director of the company, who is not a professionally qualified valuer. The valuation of £450,000
was arrived at by reference to the market evidence of transaction prices for similar properties in the location the
properties are situated.

 

Sophie Bean Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Investment properties (continued)

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Prepayments

448

13

 

448

13

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

268

268

Taxation and social security

3,183

583

Accruals and deferred income

1,080

1,890

4,531

2,741

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

295,786

304,849

7

Reserves

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

25,110

25,110

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

(48,574)

(48,574)

 

Sophie Bean Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

295,786

304,849