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Registered number: 11210295









S & N PROPERTY HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
S & N PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER: 11210295

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
                                                                           Note
£
£

Fixed assets
  

Investment property
 4 
210,000
210,000

Current assets
  

Debtors: amounts falling due within one year
 5 
4
4

Cash at bank and in hand
  
3,055
5,581

  
3,059
5,585

Creditors: amounts falling due within one year
 6 
(53,762)
(56,315)

Net current liabilities
  
 
 
(50,703)
 
 
(50,730)

Total assets less current liabilities
  
159,297
159,270

Creditors: amounts falling due after more than one year
 7 
(114,422)
(114,422)

  

Net assets
  
44,875
44,848


Capital and reserves
  

Called up share capital 
  
4
4

Revaluation reserve
  
44,679
44,679

Profit and loss account
  
192
165

  
44,875
44,848


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
S & N PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER: 11210295
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 November 2024.

R Nightingill
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
S & N PROPERTY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

S & N Property Holdings Limited ("the Company") is a private Company limited by shares, incorporated in England and Wales. Its registered office is 19 Grange Road, Aveley, Essex, RM15 4ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
S & N PROPERTY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 4

 
S & N PROPERTY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
210,000



At 29 February 2024
210,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
165,321
165,321


5.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
4
4



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Corporation tax
779
846

Other creditors
51,795
55,069

Accruals and deferred income
1,188
400

53,762
56,315


Page 5

 
S & N PROPERTY HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
114,422
114,422

114,422
114,422


The Company has an interest only mortgage of £114,422 (2023 - £114,422).
The loan is secured by a debenture over the investment property held by the Company.


8.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
114,422
114,422



9.


Related party transactions

At the year end, the Company owed the directors £51,795 (2023 - £55,069).

 
Page 6