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Registration number: 13900287

Sophlin Property Management Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Sophlin Property Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sophlin Property Management Ltd

Company Information

Directors

Simon Mackle

Tanya Mackle

Registered office

2 Britannia Drive
Rudheath
Northwich
Cheshire
CW9 7XW

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

Sophlin Property Management Ltd

(Registration number: 13900287)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

231

613

Investment property

5

268,414

268,414

 

268,645

269,027

Current assets

 

Debtors

6

2,638

1,207

Cash at bank and in hand

 

1,769

78

 

4,407

1,285

Creditors: Amounts falling due within one year

7

(1,425)

(1,379)

Net current assets/(liabilities)

 

2,982

(94)

Total assets less current liabilities

 

271,627

268,933

Creditors: Amounts falling due after more than one year

7

(272,000)

(273,000)

Net liabilities

 

(373)

(4,067)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(473)

(4,167)

Shareholders' deficit

 

(373)

(4,067)

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 Profit and Loss Account.

Approved and authorised by the Board on 6 October 2024 and signed on its behalf by:
 

 

Sophlin Property Management Ltd

(Registration number: 13900287)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Simon Mackle
Director

 

Sophlin Property Management 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:
2 Britannia Drive
Rudheath
Northwich
Cheshire
CW9 7XW
United Kingdom

These financial statements were authorised for issue by the Board on 6 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Sophlin Property Management Ltd

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

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

2 years, straight line

Computer equipment

2 years, straight line

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.

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.

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 profit and loss account 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.

 

Sophlin Property Management Ltd

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

2

Accounting policies (continued)

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 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

350

415

765

At 31 March 2024

350

415

765

Depreciation

At 1 April 2023

58

94

152

Charge for the year

175

207

382

At 31 March 2024

233

301

534

Carrying amount

At 31 March 2024

117

114

231

At 31 March 2023

292

321

613

5

Investment properties

2024
£

At 1 April

268,414

At 31 March

268,414

Investment Property has been valued as at 31 March 2024 by the directors based on assessment of similar properties in similar location.

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

 

Sophlin Property Management Ltd

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

6

Debtors

Current

2024
£

2023
£

Prepayments

445

281

Other debtors

2,193

926

 

2,638

1,207

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6

359

Accruals and deferred income

702

702

Other creditors

717

318

1,425

1,379

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

272,000

273,000

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

263,314

264,314

-

-

Creditors include bank loans not repayable by instalments of £263,314 (2023 - £264,314) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.50 each

200

100

200

100

       
 

Sophlin Property Management Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

194,600

194,600

Other borrowings

77,400

78,400

272,000

273,000

Bank borrowings

Interest Only Mortgage 1 is denominated in GBP with a nominal interest rate of 3.09%, and the final instalment is due on 1 June 2047. The carrying amount at year end is £105,000 (2023 - £105,000).

Secured against investment property on Gresty Road, Warrington

Interest Only Mortgage 2 is denominated in GBP with a nominal interest rate of 4.85%, and the final instalment is due on 16 November 2047. The carrying amount at year end is £86,900 (2023 - £86,900).

Secured against property on Lord Street, Warrington

Other borrowings

Sophlin Ltd Loan 1 is denominated in GBP with a nominal interest rate of 0%, and the final instalment is due on 30 June 2027. The carrying amount at year end is £5,526 (2023 - £5,526).

Sophlin Ltd Loan 2 is denominated in GBP with a nominal interest rate of 0%, and the final instalment is due on 10 November 2027. The carrying amount at year end is £3,160 (2023 - £3,160).

Sophlin Ltd Loan 3 is denominated in GBP with a nominal interest rate of 0%, and the final instalment is due on 30 June 2032. The carrying amount at year end is £42,469 (2023 - £42,469).

Sophlin Ltd Loan 4 is denominated in GBP with a nominal interest rate of 0%, and the final instalment is due on 10 November 2032. The carrying amount at year end is £26,245 (2023 - £27,245).

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Nottingham Building Society: £105,000 due by 1/6/2047 (interest 3.09%)
Paragon Bank: £89,600 due by 16/11/2047 (interest 4.85%).

Other loans after five years

Sophlin loan 3: £42,469 due by 20/06/2032 (interest 0%)
Sophlin loan 4: £26,245 due by 10/11/2032 (interest 0%)

 

Sophlin Property Management Ltd

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

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

During the year Sophlin Ltd, a company controlled by the Directors, provided unsecured loans to the Company.
 

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

78,400

78,400

Repaid

(1,000)

(1,000)

At end of period

77,400

77,400

2023

Entities with joint control or significant influence
£

Total
£

Advanced

78,400

78,400

At end of period

78,400

78,400

Terms of loans from related parties

Unsecured loans for 5 or 10 years at 0% interest. See note 9 for details.