Silverfin false false 30/04/2024 01/05/2023 30/04/2024 S Frew 04/11/2019 20 November 2024 The principal activity of the Company during the financial year was that of property investment. 12296679 2024-04-30 12296679 bus:Director1 2024-04-30 12296679 2023-04-30 12296679 core:CurrentFinancialInstruments 2024-04-30 12296679 core:CurrentFinancialInstruments 2023-04-30 12296679 core:Non-currentFinancialInstruments 2024-04-30 12296679 core:Non-currentFinancialInstruments 2023-04-30 12296679 core:ShareCapital 2024-04-30 12296679 core:ShareCapital 2023-04-30 12296679 core:RevaluationReserve 2024-04-30 12296679 core:RevaluationReserve 2023-04-30 12296679 core:RetainedEarningsAccumulatedLosses 2024-04-30 12296679 core:RetainedEarningsAccumulatedLosses 2023-04-30 12296679 2022-04-30 12296679 bus:OrdinaryShareClass1 2024-04-30 12296679 2023-05-01 2024-04-30 12296679 bus:FilletedAccounts 2023-05-01 2024-04-30 12296679 bus:SmallEntities 2023-05-01 2024-04-30 12296679 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 12296679 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12296679 bus:Director1 2023-05-01 2024-04-30 12296679 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 12296679 2022-05-01 2023-04-30 12296679 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 12296679 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 12296679 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12296679 (England and Wales)

SANBORNE LETTINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SANBORNE LETTINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SANBORNE LETTINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SANBORNE LETTINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 68,252 0
Investment property 3 1,868,226 1,779,263
1,936,478 1,779,263
Current assets
Debtors 4 0 11,000
Cash at bank and in hand 102 1,126
102 12,126
Creditors: amounts falling due within one year 5 ( 355,401) ( 376,859)
Net current liabilities (355,299) (364,733)
Total assets less current liabilities 1,581,179 1,414,530
Creditors: amounts falling due after more than one year 6 ( 1,260,198) ( 1,209,621)
Provision for liabilities 7 ( 69,834) ( 47,593)
Net assets 251,147 157,316
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 209,501 142,779
Profit and loss account 41,546 14,437
Total shareholder's funds 251,147 157,316

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sanborne Lettings Limited (registered number: 12296679) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Frew
Director

20 November 2024

SANBORNE LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SANBORNE LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sanborne Lettings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 15 Santos Road, London, SW18 1NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.

The Company made a profit of £93,831 during the year and had net current liabilities of £355,299 and net assets of £251,147.

As with any business, the Company relies upon the availability of working capital and generation of profits and cash in future to meet its liabilities as they fall due. There are also borrowings of £344,698 due to its parent and other related party entities. The Company is reliant on the ongoing support from its directors which the directors have confirmed.

As a result, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,779,263
Fair value movement 88,963
As at 30 April 2024 1,868,226

4. Debtors

2024 2023
£ £
Other debtors 0 11,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to group undertakings 344,698 373,053
Taxation and social security 0 1,105
Obligations under finance leases and hire purchase contracts 7,703 0
Other creditors 3,000 2,701
355,401 376,859

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 50,577 0
Other creditors 1,209,621 1,209,621
1,260,198 1,209,621

The bank loan is secured over the investment property.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 47,593) ( 12,771)
Charged to the Profit and Loss Account ( 22,241) ( 34,822)
At the end of financial year ( 69,834) ( 47,593)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100