Registered number
11165392
SRL Estates Ltd
Unaudited Filleted Accounts
31 January 2024
SRL Estates Ltd
Registered number: 11165392
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 - 24,539
Investment property 5 2,612,267 2,139,183
2,612,267 2,163,722
Current assets
Debtors 6 6,650 164,954
Cash at bank and in hand 467 2,265
7,117 167,219
Creditors: amounts falling due within one year 7 (616,127) (569,002)
Net current liabilities (609,010) (401,783)
Total assets less current liabilities 2,003,257 1,761,939
Creditors: amounts falling due after more than one year 8 (1,681,775) (1,425,168)
Provisions for liabilities (66,349) (61,160)
Net assets 255,133 275,611
Capital and reserves
Called up share capital 2 2
Fair value reserve 10 199,046 260,734
Profit and loss account 56,085 14,875
Shareholder's funds 255,133 275,611
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 his 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.
Mr S R Lazenby
Director
Approved by the board on 31/10/2024.
SRL Estates Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Statutory information
SRL Estates Ltd is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 11165392
Registered office: Beech House
78 Cleasby Road
Menston
Ilkley
LS29 6HN
The presentation currency of the financial statements is the Pound Sterling, which is the functional
currency of the company, rounded to the nearest £1.
2 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover
Turnover represents rents received and receivable, excluding VAT.
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:
Leasehold improvements over the lease term of 5 years
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
2 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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.
Leased assets
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Leasehold improvements
£
Cost
At 1 February 2023 77,401
Disposals (77,401)
At 31 January 2024 -
Depreciation
At 1 February 2023 52,862
Charge for the year 1,739
On disposals (54,601)
At 31 January 2024 -
Net book value
At 31 January 2024 -
At 31 January 2023 24,539
5 Investment property
Total
£
Fair value
At 1 February 2023 2,139,183
Additions 529,584
Revaluation (56,500)
At 31 January 2024 2,612,267
Historical cost
At 1 February 2023 1,817,288
At 31 January 2024 2,346,873
The investment property was valued on an open market basis on 31 January 2024 by the
director.
6 Debtors 2024 2023
£ £
Trade debtors - 156,500
Prepayments and accrued income - 1,804
Other debtors 6,650 6,650
6,650 164,954
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,186 11,620
Trade creditors 80,064 165,193
Accruals and deferred income 53,432 44,031
Director's current account 431,795 326,502
Taxation and social security costs 31,901 15,003
Other creditors 7,749 6,653
616,127 569,002
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,681,775 1,425,168
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,650,387 1,387,207
Secured bank loans 1,680,852 1,436,789
Bank loans are secured over the properties to which they relate.
10 Fair value reserve 2024 2023
£ £
At 1 February 2023 260,734 260,734
Reserve transfer (61,688) -
At 31 January 2024 199,046 260,734
11 Leasing agreements Non-cancellable
operating leases
2024 2023
Minimum lease payments falling due as follows: £ £
Within one year - 5,700
Between one and five years - -
In more than five years - -
- 5,700
12 Related party transactions
During the period £398,353 (2023: £136,084) was advanced from and £293,060 (2023: £113,414) was repaid to the director of the company. An amount of £431,795 (2023: £326,502) remained due to the director at the year end.
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