Company registration number 10774421 (England and Wales)
Sandwells Properties Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Sandwells Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Sandwells Properties Limited
Statement of financial position
as at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,364
60,364
Investment properties
4
719,216
447,986
Investments
5
124,581
142,379
904,161
650,729
Current assets
Debtors
6
71,543
Cash at bank and in hand
9,884
117,441
9,884
188,984
Creditors: amounts falling due within one year
7
(4,399)
(4,805)
Net current assets
5,485
184,179
Total assets less current liabilities
909,646
834,908
Creditors: amounts falling due after more than one year
8
(80,701)
Net assets
909,646
754,207
Capital and reserves
Called up share capital
9
20,000
20,000
Share premium account
157,000
157,000
Profit and loss reserves
732,646
577,207
Total equity
909,646
754,207
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
Sandwells Properties Limited
Statement of financial position (continued)
as at 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
D P Brook
Director
Company Registration No. 10774421
Sandwells Properties Limited
Notes to the financial statements
for the year ended 30 April 2024
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Turnover
Turnover represents amounts receivable for rents and services.
Turnover is recognised on a receipts basis.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Investment properties
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.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Sandwells Properties Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 and 30 April 2024
60,364
Depreciation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
60,364
At 30 April 2023
60,364
4
Investment property
2024
£
Fair value
At 1 May 2023
447,986
Additions
271,230
At 30 April 2024
719,216
Investment property comprises of UK residential freehold property. As the property was purchased during the prior year the directors consider that its cost is representative of its fair value at the period end.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
124,581
142,379
Sandwells Properties Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
5
Fixed asset investments
(continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
142,379
Valuation changes
(17,798)
At 30 April 2024
124,581
Carrying amount
At 30 April 2024
124,581
At 30 April 2023
142,379
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
16,419
Prepayments and accrued income
55,124
71,543
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,084
3,489
Accruals and deferred income
1,315
1,316
4,399
4,805
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
80,701
Sandwells Properties Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
2,000
2,000
2,000
2,000
B ordinary shares of £1 each
18,000
18,000
18,000
18,000
20,000
20,000
20,000
20,000
10
Company information
Sandwells Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spring House, 2 Black Horse Drive, Stainland, Halifax, West Yorkshire, HX4 9PH.