Registered number: 09816366
SENTPARK DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2024
|
SENTPARK DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09816366
BALANCE SHEET
AS AT 31 JANUARY 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENTPARK DEVELOPMENTS LIMITED
REGISTERED NUMBER: 09816366
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Sentpark Developments Limited ('the Company') is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England.
The address of the Company's registered office is Sheldon House, 904/910 High Road, London, N12 9RW.
2.Accounting policies
|
|
Summary of significant accounting policies
|
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
|
|
Basis of preparation of financial statements
|
The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
|
|
Functional and presentational currency
|
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on his assessment, the director is of the conclusion that the Company will have, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
|
|
Going concern (continued)
|
While there will always remain an inherent uncertainty, as is the case for all companies, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Revenue represents amounts receivable, measured at fair value exclusive of value added taxation, during the reporting period from the rental of properties and other income directly attributable to the Company's principal activity.
Rental income is recognised in accordance with the terms of the underlying rental arrangement on a straight line basis.
Other income is recognised as and when the Company raises an invoice in respect of amounts due with amounts accrued and/or deferred in accordance with the terms of the underlying contract.
Taxation comprises of income and/or corporate taxation ("current taxation") and deferred taxation recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date where taxable income is generated by the Company through its business operations.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|
|
|
|
Computer and office equipment
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property comprises of property held by the Company to earn income or for capital appreciation, or both.
Investment property is initially recognised at purchase cost plus directly attributable acquisition expenses and subsequently measured at fair value. Investment properties are not depreciated. Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Purchases and sales of investment property are recognised when contracts have been unconditionally exchanged and the significant risks and rewards of ownership have been transferred. An investment property is derecognised for accounting purposes upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value) is recognised in profit or loss in the period the asset is derecognised.
Loans to joint ventures, which are a form of financial instrument, are initially measured at transaction price (i.e fair value) and subsequently held at transaction price less provision for impairment of assets.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities, and equity held by the Company is as outlined below:
Debtors
Debtors are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment of assets.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Creditors
Creditors are initially measured, and subsequently held, at transaction price (i.e fair value).
Equity and dividends
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised in the reporting period in which they become legally payable.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
The judgments, estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and/or liabilities within the next financial period are addressed below:
Investment properties
The fair value of investment properties is determined annually by the director on an open market value basis by reference to specific advice from third party experts and available market evidence. From time to time, the director may employ independent professional valuers to determine the fair value on his behalf.
In determining the fair value, the application, and therefore significant judgment, of unobservable inputs as well as a number of estimates and assumptions is required.
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
3.Judgments in applying accounting policies (continued)
Key estimates and assumptions considered on valuation of investment property include market evidence on comparable transactions for similar properties, current market and investor expectations, occupancy rates, rental yields, the nature, location, condition and permissible uses of the specific investment property and consideration of hypothetical sellers and buyers, who are reasonably informed and motivated, but not compelled, to transact on an arm’s length basis.
Recoverable value of loans to joint ventures and debtors
When assessing the recoverable value of loans to joint ventures and debtors, the director considers both externally available and internal sources of information such as historic and expected market activity, ageing profile, historical experience and, in the case of amounts owed by joint ventures and connected parties, the forecasted financial performance and expected cash flows of the joint venture/connected party.
|
The average monthly number of employees, including directors, during the year was 5 (2023 - 2).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2024 valuations were made by the director, on an open market value for existing use basis.
|
|
|
|
|
Falling due within one year
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
8.Debtors (continued)
|
Amounts owed by group undertakings are unsecured, interest-free and repayable on demand with no fixed date of repayment.
Debtors falling due within one year are, in the opinion of the director, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2023: £nil)
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, expect for those amounts noted below, interest-free and repayable on demand with no fixed date of repayment.
Amounts owed to group undertakings of £1,820,486 (2023: £2,668,153) are secured by way of a fixed and floating charge over all present and future assets of the Company.
|
|
|
|
|
|
|
|
|
|
|
At beginning of year (as restated)
|
|
|
Charged to profit or loss
|
|
|
|
|
|
SENTPARK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10.Deferred taxation (continued)
|
The net deferred taxation asset/(liability) carried forward is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
Investment property revaluations
|
|
|
|
|
|
|
|
In the opinion of the director, deferred tax liabilities of £1,000 are expected to reverse in the following financial reporting period.
|
Profit and loss account
The profit and loss account of £167,037 (2023: £132,741) includes all current and prior period retained profits and (losses), inclusive of undistributable amounts totalling £18,750 (2023: £18,750) in respect of fair value re-valuation of investment properties net of deferred taxation, less amounts distributed to the Company's equity shareholders.
|
Related party transactions
|
|
Wholly-owned group undertakings
The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
Other related parties
At the balance sheet date, companies under common control owed the Company £83,901 (2023: £88,940) in respect of non-interest bearing amounts, which are repayable on demand and have no fixed date of repayment, and licence fees and management charges payable.
|
The immediate parent undertaking is Sentpark Capital Limited, a company incorporated under the UK Companies Act 2016 and whose registered office is located at Sheldon House, 904/910 High Road, London, N12 9RW.
Sentpark Capital Limited is the parent undertaking of the smallest group to consolidate these financial statements. Copies of consolidated group financial statements for Sentpark Capital Limited are not publicly available on the grounds of exemption available under the Companies Act 2006 for small groups and companies.
|
|