Registered number
11338197
SOVEREIGN & LAVENDER LIMITED
Filleted Accounts
31 May 2024
SOVEREIGN & LAVENDER LIMITED
Registered number: 11338197
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 682,837 682,837
Current assets
Debtors 4 2,750 2,750
Cash at bank and in hand 37,400 28,100
40,150 30,850
Creditors: amounts falling due within one year 5 (8,744) (6,851)
Net current assets 31,406 23,999
Total assets less current liabilities 714,243 706,836
Creditors: amounts falling due after more than one year 6 (676,976) (676,976)
Net assets 37,267 29,860
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,167 29,760
Shareholders' funds 37,267 29,860
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Petra Exton
Director
Approved by the board on 15 October 2024
SOVEREIGN & LAVENDER LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises rental income.
Tangible fixed assets
No depreciation is provided in respect of Land and Buildings.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 682,837
At 31 May 2024 682,837
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 682,837
At 31 May 2023 682,837
4 Debtors 2024 2023
£ £
Other debtors 2,750 2,750
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,552 2,988
Director's Loan Account 732 420
Other creditors 3,460 3,443
8,744 6,851
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 676,976 676,976
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 676,976 676,976
The loan is an interest free loan from The Joe Wilkinson Company Limited a company under
common control.
There are no specific terms relating to the repayment of the loan.
8 Other information
SOVEREIGN & LAVENDER LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
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