Registered number
11724703
Sarela Properties Ltd
Filleted Accounts
31 December 2023
Sarela Properties Ltd
Registered number: 11724703
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 210 272
Investments 4 529,785 505,000
529,995 505,272
Current assets
Debtors 5 505 471
Cash at bank and in hand 1,198 1,914
1,703 2,385
Creditors: amounts falling due within one year 7 (147,565) (115,196)
Net current liabilities (145,862) (112,811)
Total assets less current liabilities 384,133 392,461
Creditors: amounts falling due after more than one year 8 (207,372) (210,430)
Provisions for liabilities (47,622) (38,306)
Net assets 129,139 143,725
Capital and reserves
Called up share capital 1 1
Profit and loss account 129,138 143,724
Shareholder's funds 129,139 143,725
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Miss A S Doran
Director
Approved by the board on 28 October 2024
Sarela Properties Ltd
Notes to the Accounts
for the year ended 31 December 2023
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rental property income.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 308
At 31 December 2023 308
Depreciation
At 1 January 2023 36
Charge for the year 62
At 31 December 2023 98
Net book value
At 31 December 2023 210
At 31 December 2022 272
4 Investments
Other
investments
£
Cost
At 1 January 2023 505,000
Additions 31,785
Revaluation (7,000)
At 31 December 2023 529,785
5 Debtors 2023 2022
£ £
Other debtors 505 471
6 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (7,000) -
Unlisted investments - 47,664
(7,000) 47,664
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,951 2,843
Directors loan account 114,722 104,699
Trade creditors 27,704 5,704
Taxation and social security costs 176 -
Other creditors 2,012 1,950
147,565 115,196
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 207,372 210,430
9 Other information
Sarela Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Parkside South
Sunderland
United Kingdom
SR3 3RA
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