Company registration number 11055132 (England and Wales)
SD PROPERTY BUSINESS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SD PROPERTY BUSINESS LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SD PROPERTY BUSINESS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of land and property investments and letting activities.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr R Singh
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr R Singh
Director
15 October 2024
SD PROPERTY BUSINESS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,580,992
2,105,992
Current assets
Debtors
5
787,610
811,050
Cash at bank and in hand
41
2,084
787,651
813,134
Creditors: amounts falling due within one year
6
(72,612)
(69,025)
Net current assets
715,039
744,109
Total assets less current liabilities
3,296,031
2,850,101
Creditors: amounts falling due after more than one year
7
(2,504,912)
(2,541,306)
Provisions for liabilities
9
(190,251)
(54,341)
Net assets
600,868
254,454
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
599,868
253,454
Total equity
600,868
254,454
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SD PROPERTY BUSINESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 October 2024
Mr R Singh
Director
Company Registration No. 11055132
SD PROPERTY BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
SD Property Business Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Greenwich Church Street, Greenwich, London, SE10 9BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SD PROPERTY BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Investment property
2023
£
Fair value
At 1 December 2022
2,105,992
Revaluations
475,000
At 30 November 2023
2,580,992
The fair value of the properties has been arrived at on the basis of assurance provided by the Director, R Singh, that he has consulted with his property agents and valuers, Miles & Company, on 30 November 2023, who are not connected to the company.
SD PROPERTY BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Rent receivable
20,000
Other debtors
5,708
9,148
5,708
29,148
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
781,902
781,902
Total debtors
787,610
811,050
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
58,732
58,730
Other tax
6,980
4,889
Accruals and deferred income
6,900
5,406
72,612
69,025
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,030,785
2,078,863
Other creditors
474,127
462,443
2,504,912
2,541,306
SD PROPERTY BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
2,089,517
2,137,593
Other loans
300,400
300,400
2,389,917
2,437,993
Payable within one year
58,732
58,730
Payable after one year
2,331,185
2,379,263
The bank borrowing totalling £2,089,517, excluding interest, is secured by fixed and floating charges. The loans are repayable in quarterly instalments of £14,683. £58,732 shown in creditors is due within one year and balance of £2,030,785 in creditors is due after more than one year.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
190,251
54,341
2023
Movements in the year:
£
Liability at 1 December 2022
54,341
Charge to profit or loss
90,250
Effect of change in tax rate - profit or loss
45,660
Liability at 30 November 2023
190,251
The deferred tax liability set out above is expected to reverse when unrealised gains are realised or if there are unrealised losses in the value of the assets.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
11
Director's and secretary's interests in shares
The director's interest in the shares of the company was as stated below:
SD PROPERTY BUSINESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Director's and secretary's interests in shares
(Continued)
- 8 -
Ordinary Shares of £1 each
30 November 2023
30 November 2022
Mr R Singh
1,000
1,000