REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SANDS REALTY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SANDS REALTY LIMITED |
SANDS REALTY LIMITED (REGISTERED NUMBER: 09055705) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SANDS REALTY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
LONDON |
W2 1HY |
SANDS REALTY LIMITED (REGISTERED NUMBER: 09055705) |
BALANCE SHEET |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
SANDS REALTY LIMITED (REGISTERED NUMBER: 09055705) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Sands Realty Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are prepared on a going concern basis. The directors believe this to be appropriate on the basis that they have received assurances from the creditors that they will not require the repayment of advances made by them to the company until the company has adequate funds to remain solvent. |
Preparation of consolidated financial statements |
The financial statements contain information about Sands Realty Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents rents receivable and sale of property net of VAT. |
Rendering of services |
Income is recognised at the date of exchange. |
Stocks |
Stocks comprise the cost of acquiring development property and all associated costs. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
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. |
SANDS REALTY LIMITED (REGISTERED NUMBER: 09055705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Current asset investments |
Current asset investments are stated at the lower of cost and net realisable value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
The company's loan to a third party is secured by way of a first legal charge on the property held by the third party. |
5. | CURRENT ASSET INVESTMENTS |
31.5.24 | 31.5.23 |
£ | £ |
Unlisted investments | 2 | 2 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
SANDS REALTY LIMITED (REGISTERED NUMBER: 09055705) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
8. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owes £132,117 (2023 - £131,970) to Thameway Ltd, £34,000 (2023 - £34,000) to James Laurence Ltd. £3,638 (2023 - £5,000) to JNR Properties LLP and £12,000 (2023 - £12,000) to JIN Properties LLP. The director Mr J Fawcett has an interest in these entities. |
At the balance sheet date the company owes £230,000 (2023 - £410,000) to Sands Finance Ltd. This loan is interest free. The director J Billig is a director of Sands Finance Ltd. |
At the balance sheet date the company owes £97,761 (2023 - £249,761) to the director J Fawcett.This loan is interest free. |
At the balance sheet date the company is owed £506,500 (2023 - £506,500) by Sands Finance Ltd. The director J Billig is a director of Sands Finance Ltd. |