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REGISTERED NUMBER: 02220849 (England and Wales)












Unaudited Financial Statements for the Year Ended 30 April 2024

for

Sorrel Commercial Properties Limited

Sorrel Commercial Properties Limited (Registered number: 02220849)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Sorrel Commercial Properties Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M Spare
Mrs Y P Spare



SECRETARY: Mrs Y P Spare



REGISTERED OFFICE: 41 Lichfield Bonds
Cross Keys
Lichfield
Staffordshire
WS13 6FP



REGISTERED NUMBER: 02220849 (England and Wales)



ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB



BANKERS: HSBC
15 Uttoxeter Road
Mickleover
Derbyshire
DE3 0DA

Sorrel Commercial Properties Limited (Registered number: 02220849)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 496,512 511,095

CURRENT ASSETS
Debtors 5 837,032 950,889
Cash at bank 65,193 16,298
902,225 967,187
CREDITORS
Amounts falling due within one year 6 31,481 44,599
NET CURRENT ASSETS 870,744 922,588
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,367,256

1,433,683

CAPITAL AND RESERVES
Called up share capital 7 200,000 200,000
Retained earnings 1,167,256 1,233,683
SHAREHOLDERS' FUNDS 1,367,256 1,433,683

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





M Spare - Director


Sorrel Commercial Properties Limited (Registered number: 02220849)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Sorrel Commercial Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans from directors
Any loans from the directors to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Sorrel Commercial Properties Limited (Registered number: 02220849)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 May 2023
and 30 April 2024 888,841
DEPRECIATION
At 1 May 2023 377,746
Charge for year 14,583
At 30 April 2024 392,329
NET BOOK VALUE
At 30 April 2024 496,512
At 30 April 2023 511,095

Included in cost of land and buildings is freehold land of £ 159,755 (2023 - £ 159,755 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,750 2,625
Amounts owed by related parties 834,000 948,000
Prepayments 282 264
837,032 950,889

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - (1 )
Tax 28,951 -
Directors' current accounts - 42,190
Accrued expenses 2,530 2,410
31,481 44,599

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200,000 Ordinary £1 200,000 200,000

Sorrel Commercial Properties Limited (Registered number: 02220849)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. RELATED PARTY DISCLOSURES

During the year rents were received of £114,000 (2023 - £114,000) from SRM Industries Limited - a company in which Mr & Mrs Spare are directors. The debtor owed to Sorrel Commercial Properties Limited at the balance sheet date was £152,000 (2023 - £266,000).

During the year the company made a loan totalling £nil (2023 - £nil) to Sorrel Properties Limited - a company in which Mr & Mrs Spare are directors and shareholders. The amount owing at the balance sheet date was £682,000 (2023 - £682,000).