Registration number:
Sophlin Property Management Ltd
for the Year Ended 31 March 2024
Sophlin Property Management Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sophlin Property Management Ltd
Company Information
Directors |
Simon Mackle Tanya Mackle |
Registered office |
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Accountants |
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Sophlin Property Management Ltd
(Registration number: 13900287)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(473) |
(4,167) |
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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:
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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
Sophlin Property Management Ltd
(Registration number: 13900287)
Balance Sheet as at 31 March 2024 (continued)
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Sophlin Property Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
2024 |
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At 1 April |
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At 31 March |
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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)
Debtors |
Current |
2024 |
2023 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years not by instalments |
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- |
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Creditors include bank loans not repayable by instalments of £263,314 (2023 - £264,314) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Sophlin Property Management Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
Secured against investment property on Gresty Road, Warrington |
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)
Related party transactions |
Summary of transactions with entities with joint control or significant interest
Loans from related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2023 |
Entities with joint control or significant influence |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties