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REGISTERED NUMBER: 04350646 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Sovereign Assets Limited

Sovereign Assets Limited (Registered number: 04350646)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sovereign Assets Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: E Madden





SECRETARY: Mrs C Madden





REGISTERED OFFICE: 20 Gloucester Road
Twickenham
Middlesex
TW2 6NE





REGISTERED NUMBER: 04350646 (England and Wales)






Sovereign Assets Limited (Registered number: 04350646)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 575,000 575,000

CURRENT ASSETS
Cash at bank 15,881 39,255

CREDITORS
Amounts falling due within one year 5 176,634 7,160
NET CURRENT (LIABILITIES)/ASSETS (160,753 ) 32,095
TOTAL ASSETS LESS CURRENT
LIABILITIES

414,247

607,095

CREDITORS
Amounts falling due after more than one
year

6

-

200,150
NET ASSETS 414,247 406,945

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 7 368,843 368,843
Retained earnings 7 45,402 38,100
SHAREHOLDERS' FUNDS 414,247 406,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Sovereign Assets Limited (Registered number: 04350646)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 26 November 2024 and were signed by:





E Madden - Director


Sovereign Assets Limited (Registered number: 04350646)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sovereign Assets 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 as modified by the revaluation of certain assets.

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.

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.

Government grants
Included within other income is an amount for grants receivable from the Government under the Coronavirus Job Retention Scheme.

Investment properties
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is accordance with the FRSSE which, unlike Schedule 4 to the Companies Act 1985, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the act is required in order to give a true and fair view.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Sovereign Assets Limited (Registered number: 04350646)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 575,000
NET BOOK VALUE
At 31 March 2024 575,000
At 31 March 2023 575,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2014 283,000
Valuation in 2016 70,000
Cost 222,000
575,000

If Investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 222,000 222,000

Investment properties were valued on an open market basis on 1 October 2016 by Gordon McCullogh and Foxtons .

The three investment properties were revalued as follows:
249 Powder Mill Lane valuation £375,000- Source Foxtons Twickenham on 1st October 2016
15a Cowane St valuation £90,000 - Source Gordon McCullogh 0n 1 October 2016
15c Cowane St valuation £105,000 - Source Gordon McCullogh 0n 1 October 2016

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 2 -
Taxation and social security 2,181 1,570
Other creditors 174,451 5,590
176,634 7,160

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 200,150

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 200,150

Sovereign Assets Limited (Registered number: 04350646)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 38,100 368,843 406,943
Profit for the year 9,302 9,302
Dividends (2,000 ) (2,000 )
At 31 March 2024 45,402 368,843 414,245

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Directors have loaned the company adequate funds to settle all mortgages. Mortgages were settled in November 2023. The company now owns the three investment properties outright.