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REGISTERED NUMBER: 01201116












Report of the Directors and

Financial Statements

for the Year Ended 29 February 2024

for

Sherman Securities Limited

Sherman Securities Limited (Registered number: 01201116)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Report of the Directors 2

Statement of Comprehensive Income 3

Statement of Financial Position 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


Sherman Securities Limited

Company Information
for the Year Ended 29 February 2024







Directors: D Sherman
Mrs S V Hopkins
Miss E C Sherman





Secretary: D Sherman





Registered office: 20 South Ealing Road
Ealing
London
W5 4QA





Registered number: 01201116





Accountants: GKP Partnership
Chiswick Gate
598- 608 Chiswick High Road
London
W4 5RT

Sherman Securities Limited (Registered number: 01201116)

Report of the Directors
for the Year Ended 29 February 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

Directors
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

D Sherman
Mrs S V Hopkins
Miss E C Sherman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





D Sherman - Director


15 November 2024

Sherman Securities Limited (Registered number: 01201116)

Statement of Comprehensive Income
for the Year Ended 29 February 2024

29.2.24 28.2.23
£    £   

Turnover 500,304 431,551

Cost of sales (55,254 ) (17,761 )
Gross profit 445,050 413,790

Administrative expenses (110,455 ) (86,778 )
334,595 327,012

Other operating income - 19,400
Operating profit 334,595 346,412

Interest receivable and similar income 38,847 2,422
Profit before taxation 373,442 348,834

Tax on profit (91,463 ) (62,592 )
Profit for the financial year 281,979 286,242

Other comprehensive income
Investment properties
Retained earnings - non distributable
Income tax relating to other
comprehensive income

-

-
Other comprehensive income for the
year, net of income tax

-

-
Total comprehensive income for the
year

281,979

286,242

Sherman Securities Limited (Registered number: 01201116)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £   
Assets

Fixed assets
Tangible assets 3 - -
Investment properties 4 7,081,660 7,051,110
7,081,660 7,051,110

Current assets
Stocks 2,633 2,633
Debtors 5 34,813 23,416
Investments 6 1,345,766 -
Cash at bank 1,123,866 2,111,955
2,507,078 2,138,004
9,588,738 9,189,114

Capital, reserves and liabilities

Capital and reserves
Called up share capital 7 1,000 1,000
Retained earnings - non
distributable 8 4,476,168 4,445,618
Retained earnings 4,395,992 4,141,103
Shareholders' funds 8,873,160 8,587,721

Creditors 9 715,578 601,393
9,588,738 9,189,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sherman Securities Limited (Registered number: 01201116)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





D Sherman - Director


Sherman Securities Limited (Registered number: 01201116)

Statement of Changes in Equity
for the Year Ended 29 February 2024

Retained
Called up earnings
share Retained - non Total
capital earnings distributable equity
£    £    £    £   
Balance at 1 March 2022 1,000 3,887,564 4,450,018 8,338,582

Changes in equity
Dividends - (32,703 ) - (32,703 )
Total comprehensive income - 286,242 - 286,242
Revaluation reserve decrease - - (4,400 ) (4,400 )
Balance at 28 February 2023 1,000 4,141,103 4,445,618 8,587,721

Changes in equity
Dividends - (27,090 ) - (27,090 )
Total comprehensive income - 281,979 - 281,979
Revaluation reserve increase - - 30,550 30,550
Balance at 29 February 2024 1,000 4,395,992 4,476,168 8,873,160

Sherman Securities Limited (Registered number: 01201116)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Investment properties
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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

3. Tangible fixed assets
Motor
vehicles
£   
Cost or valuation
At 1 March 2023
and 29 February 2024 7,000
Depreciation
At 1 March 2023
and 29 February 2024 7,000
Net book value
At 29 February 2024 -
At 28 February 2023 -

Cost or valuation at 29 February 2024 is represented by:

Motor
vehicles
£   
Cost 7,000

Sherman Securities Limited (Registered number: 01201116)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. Investment properties
Total
£   
Fair value
At 1 March 2023 7,051,110
Revaluations 30,550
At 29 February 2024 7,081,660
Net book value
At 29 February 2024 7,081,660
At 28 February 2023 7,051,110

Investment properties were valued on an open market basis by D A Sherman FRICS.

5. Debtors: amounts falling due within one year
29.2.24 28.2.23
£    £   
Trade debtors 16,615 21,700
Prepayments 18,198 1,716
34,813 23,416

6. Current asset investments
29.2.24 28.2.23
£    £   
Gilts 1,345,766 -

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
126 Ordinary A £1 126 126
99 Ordinary B £1 99 99
449 Ordinary C £1 449 449
126 Ordinary D £1 126 126
100 Ordinary E £1 100 100
100 Ordinary F £1 100 100
1,000 1,000

8. Reserves
Retained
earnings
- non
distributable
£   
At 1 March 2023 4,445,618
Revaluation reserve increase 30,550

At 29 February 2024 4,476,168

Sherman Securities Limited (Registered number: 01201116)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. Creditors: amounts falling due within one year
29.2.24 28.2.23
£    £   
Trade creditors 4,003 1,618
Tax 91,463 62,592
Social security and other taxes 399 399
VAT 6,316 6,463
Other creditors 159,068 94,629
Directors' current accounts 449,295 430,658
Accrued expenses 5,034 5,034
715,578 601,393

10. Related party disclosures

Sherman Securities Limited had the following related party transactions with D A S Executive Pension Scheme which is a self-administered pension fund with the following as trustees and members: D A Sherman, E Sherman and S Hopkins.

Sherman Securities Limited charged D A S Executive Pension Scheme £4,975 in respect of insurance premiums recharged.