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COMPANY REGISTRATION NUMBER: 13173775
S D S HOMES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
S D S HOMES LTD
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
676,839
513,200
Current assets
Cash at bank and in hand
673
1,140
Creditors: amounts falling due within one year
5
385,931
204,633
---------
---------
Net current liabilities
385,258
203,493
---------
---------
Total assets less current liabilities
291,581
309,707
Creditors: amounts falling due after more than one year
6
153,334
153,334
---------
---------
Net assets
138,247
156,373
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
182,092
182,092
Profit and loss account
( 44,845)
( 26,719)
---------
---------
Shareholders funds
138,247
156,373
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S D S HOMES LTD
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr D James
Director
Company registration number: 13173775
S D S HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plas Nantcol, Llanbedr, Gwynedd, LL45 2PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the rental income received from investment property.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 March 2023
500,000
15,541
515,541
Additions
165,619
165,619
---------
--------
---------
At 29 February 2024
665,619
15,541
681,160
---------
--------
---------
Depreciation
At 1 March 2023
2,341
2,341
Charge for the year
1,980
1,980
---------
--------
---------
At 29 February 2024
4,321
4,321
---------
--------
---------
Carrying amount
At 29 February 2024
665,619
11,220
676,839
---------
--------
---------
At 28 February 2023
500,000
13,200
513,200
---------
--------
---------
Investment property was valued on an open market basis on 28 February 2024 by the directors.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,560
4,560
Trade creditors
1,101
1,380
Other creditors
380,270
198,693
---------
---------
385,931
204,633
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
153,334
153,334
---------
---------
The loan is secured via a charge on the investment property .
7. Related party transactions
The company received loans of £9,000 from S D James Ltd, £20,000 from D T R Homes Ltd and £8,500 from S D E James Properties Ltd, companies in which the director Mr David James has a controlling interest. The balance due as at 31 March 2024 was £37,500 (2023: £Nil) and is included in other creditors. This loan is interest free and repayable on demand.
8. Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern. The director has confirmed his willingness to support the company for a period of twelve months from the date of these financial statements, to enable the company to continue on this basis