Registered number
04676726
SHEEDY PROPERTIES LIMITED
Filleted Accounts
29 February 2024
SHEEDY PROPERTIES LIMITED
Registered number: 04676726
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 503 670
Investments 4 1,937,483 1,937,483
1,937,986 1,938,153
Current assets
Cash at bank and in hand 4,134 10,254
Creditors: amounts falling due within one year 5 (483,800) (477,434)
Net current liabilities (479,666) (467,180)
Total assets less current liabilities 1,458,320 1,470,973
Creditors: amounts falling due after more than one year 6 (1,173,615) (1,201,831)
Provisions for liabilities (6,440) (6,471)
Net assets 278,265 262,671
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 27,045 27,045
Profit and loss account 251,120 235,526
Shareholders' funds 278,265 262,671
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 K M Sheedy
Director
Approved by the board on 31 October 2024
SHEEDY PROPERTIES LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified by revaluation of investments, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover includes rents receivable in the year and the sale of property bought for resale.
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 over its expected useful life, as follows:
Plant and machinery 25% per annum reducing balance basis
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 13,202
At 29 February 2024 13,202
Depreciation
At 1 March 2023 12,532
Charge for the year 167
At 29 February 2024 12,699
Net book value
At 29 February 2024 503
At 28 February 2023 670
4 Investments
Other
investments
£
Cost
At 1 March 2023 1,937,483
At 29 February 2024 1,937,483
Historical cost
At 1 March 2023 1,904,094
At 29 February 2024 1,904,094
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 1,254 1,218
Corporation tax 3,690 3,547
Other creditors - directors' loan accounts 478,856 472,669
483,800 477,434
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,173,615 1,201,831
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,173,615 1,201,831
Secured bank loans 1,173,615 1,201,831
The loans are secured by fixed charges over the company's investment properties.
8 Profit and loss account non-distributable 2024 2023
£ £
At 1 March 2023 27,045 27,045
At 29 February 2024 27,045 27,045
9 Events after the reporting date
There were no events after the reporting date which woud affect the user's understanding of these accounts.
10 Contingent liabilities
There were no contingent liabilities in existence at the year end.
11 Controlling party
The directors and their spouses own 100% of the issued ordinary share capital of the company.
12 Other information
SHEEDY PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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