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Company No: 04685191 (England and Wales)

SLOANES ESTATES SW LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SLOANES ESTATES SW LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SLOANES ESTATES SW LIMITED

BALANCE SHEET

As at 31 March 2024
SLOANES ESTATES SW LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,824 3,623
Investment property 4 3,710,000 3,695,000
3,714,824 3,698,623
Current assets
Debtors 5 25,090 646
Cash at bank and in hand 5,599 49,083
30,689 49,729
Creditors: amounts falling due within one year 6 ( 445,544) ( 787,805)
Net current liabilities (414,855) (738,076)
Total assets less current liabilities 3,299,969 2,960,547
Creditors: amounts falling due after more than one year 7 ( 2,024,455) ( 1,886,002)
Provision for liabilities ( 44,000) ( 4,600)
Net assets 1,231,514 1,069,945
Capital and reserves
Called-up share capital 8 200 200
Share premium account 1,158,748 1,158,748
Profit and loss account 72,566 ( 89,003 )
Total shareholders' funds 1,231,514 1,069,945

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sloanes Estates SW Limited (registered number: 04685191) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

B P Sloane
Director
SLOANES ESTATES SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SLOANES ESTATES SW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sloanes Estates SW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There is no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents rental income which is recognised evenly over the period to which the income relates.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2023 6,385 6,385
Additions 2,409 2,409
At 31 March 2024 8,794 8,794
Accumulated depreciation
At 01 April 2023 2,762 2,762
Charge for the financial year 1,208 1,208
At 31 March 2024 3,970 3,970
Net book value
At 31 March 2024 4,824 4,824
At 31 March 2023 3,623 3,623

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 3,695,000
Additions 35,613
Fair value movement 225,000
Disposals (245,613)
As at 31 March 2024 3,710,000

Valuation

The investment property was revalued by the director at 31 March 2024. No independent valuer was involved.

5. Debtors

2024 2023
£ £
Prepayments 25,090 646

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 422,635 673,137
Amounts owed to directors 1,259 82,282
Accruals 21,650 32,386
445,544 787,805

The bank loans are secured against the investment property of the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 2,024,455 1,886,002

The bank loans are secured against the investment property of the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100.00 100.00
9,080 Ordinary A shares of £ 0.01 each 90.80 90.80
770 Ordinary B shares of £ 0.01 each 7.70 7.70
10 Ordinary C shares of £ 0.01 each 0.10 0.10
10 Ordinary D shares of £ 0.01 each 0.10 0.10
10 Ordinary E shares of £ 0.01 each 0.10 0.10
10 Ordinary F shares of £ 0.01 each 0.10 0.10
10 Ordinary G shares of £ 0.01 each 0.10 0.10
10 Ordinary H shares of £ 0.01 each 0.10 0.10
10 Ordinary I shares of £ 0.01 each 0.10 0.10
10 Ordinary J shares of £ 0.01 each 0.10 0.10
10 Ordinary K shares of £ 0.01 each 0.10 0.10
10 Ordinary L shares of £ 0.01 each 0.10 0.10
10 Ordinary M shares of £ 0.01 each 0.10 0.10
10 Ordinary N shares of £ 0.01 each 0.10 0.10
10 Ordinary O shares of £ 0.01 each 0.10 0.10
10 Ordinary P shares of £ 0.01 each 0.10 0.10
10 Ordinary Q shares of £ 0.01 each 0.10 0.10
200.00 200.00

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Advanced to a director 44,238 0
Repaid to the company (44,238) 0

During the year, a loan was advanced to a director. Interest was charged at a rate of 2.25% and the loan was repayable on demand. The full amount was repaid before the balance sheet date.

10. Reserves

Included in the profit and loss reserve are non-distributable reserves of £180,000 (2023: £11,300) relating to unrealised gains on investment property, net of deferred tax.