REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
THE SISTERS ESTATE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
THE SISTERS ESTATE LIMITED |
THE SISTERS ESTATE LIMITED (REGISTERED NUMBER: 10612609) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE SISTERS ESTATE LIMITED |
COMPANY INFORMATION |
for the Year Ended 28 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Greenbank House |
141 Adelphi Street |
Preston |
Lancashire |
PR1 7BH |
THE SISTERS ESTATE LIMITED (REGISTERED NUMBER: 10612609) |
BALANCE SHEET |
28 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE SISTERS ESTATE LIMITED (REGISTERED NUMBER: 10612609) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2024 |
1. | STATUTORY INFORMATION |
The Sisters Estate Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, loans and bank balances, are initially measured at transaction price, and are subsequently carried at cost. Basic financial liabilities, which include creditors, loans and borrowings, are initially recognised at transaction price, and are subsequently carried at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE SISTERS ESTATE LIMITED (REGISTERED NUMBER: 10612609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
The directors consider the market values of the investment properties as at 28 February 2024 to be not materially different to their original cost to the company. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed £6,224,100 (2023: £6,344,100) to companies controlled by the directors. The company paid consultancy fees totalling £30,000 (2023: £nil) to these companies during the year. |
During the year the company made donations totalling £115,000 (2023: £5,660) to The Matliwala Family Charitable Trust, of which both the directors of the company are also trustees of the charity. |
8. | GOING CONCERN |
Although the company has substantial net assets at the balance sheet date, it has net current liabilities, meaning it is unable to pay its creditors as and when they fall due. The company continues to trade through the support of its bankers and creditors. |