REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Seivad Property Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
Seivad Property Limited |
Seivad Property Limited (Registered number: 10610944) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Seivad Property Limited |
Company Information |
for the year ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Stanley House |
49 Dartford Road |
Sevenoaks |
Kent |
TN13 3TE |
Seivad Property Limited (Registered number: 10610944) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 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. |
Seivad Property Limited (Registered number: 10610944) |
Statement of Financial Position - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Seivad Property Limited (Registered number: 10610944) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Seivad Property Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the rents receivable from the Investment Property, net of value added tax and rebates. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is initially recognised in the Income Statement. |
As this 'surplus' is not distributable to the shareholders, the surplus or deficit, net of the deferred tax provision relating to the revaluation, is transferred to the Fair Value Reserve. |
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. |
Seivad Property Limited (Registered number: 10610944) |
Notes to the Financial Statements - continued |
for the year ended 29 February 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Seivad Property Limited (Registered number: 10610944) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2018 | 11,644 |
Valuation in 2020 | 50,000 |
Valuation in 2021 | 25,000 |
Cost | 238,356 |
325,000 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2023 |
and 29 February 2024 |
8. | RELATED PARTY DISCLOSURES |
The directors had loaned the company £262,963 at 29 February 2024 [£293,180 at 28 February 2023]. This amount is repayable on demand, but the directors do not intend repaying the loans until the company is financially able to do so. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is the board of directors. |
The ultimate controlling party is |