Company Registration No. 01789447 (England and Wales)
SANDKOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SANDKOT LIMITED
COMPANY INFORMATION
Director
Mr V S Kotecha
Secretary
Mrs P S Kotecha
Company number
01789447
Registered office
Suite 3, Sycamore House
1 Woodside Road
Amersham
Bucks
HP6 6AA
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
SANDKOT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SANDKOT LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SANDKOT LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 8 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sandkot Limited for the year ended 31 March 2024 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Sandkot Limited and state those matters that we have agreed to state to the Board of Directors of Sandkot Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sandkot Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sandkot Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sandkot Limited. You consider that Sandkot Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sandkot Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
27 November 2024
SANDKOT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
Investment properties
4
9,372,893
9,553,270
9,372,893
9,553,271
Current assets
Debtors
5
94,963
89,924
Cash at bank and in hand
167,402
158,513
262,365
248,437
Creditors: amounts falling due within one year
6
(197,158)
(161,410)
Net current assets
65,207
87,027
Total assets less current liabilities
9,438,100
9,640,298
Creditors: amounts falling due after more than one year
7
(4,291,491)
(3,825,570)
Provisions for liabilities
9
(349,798)
(513,736)
Net assets
4,796,811
5,300,992
Capital and reserves
Called up share capital
10
9,500
9,500
Other reserve - non distributable
11
1,924,216
2,608,706
Capital redemption reserve
500
500
Profit and loss reserve - distributable
12
2,862,595
2,682,286
Total equity
4,796,811
5,300,992
The directortrue of the company has taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the director's report within the financial statements.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SANDKOT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
Mr V S Kotecha
Director
Company Registration No. 01789447
SANDKOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Sandkot Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Sycamore House, 1 Woodside Road, Amersham, Bucks, HP6 6AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rental and service charges from residential and commercial properties. Turnover is recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% on a straight line basis
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.
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
SANDKOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors, loans from bank and related parties.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loan from related parties 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and the movement in the deferred tax due to the adjustment to the revaluation of the properties.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SANDKOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
12,937
Disposals
(12,937)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
12,936
Eliminated in respect of disposals
(12,936)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
1
4
Investment property
2024
£
Fair value
At 1 April 2023
9,553,270
Additions
591,938
Revaluations
(772,315)
At 31 March 2024
9,372,893
The fair value of the investment properties have been arrived at on the basis of the valuation carried out at 31 March 2024 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
SANDKOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,674
13,996
Other debtors
76,289
75,928
94,963
89,924
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
80,736
100,386
Trade creditors
45,447
4,286
Corporation tax
34,399
32,181
Other creditors
36,576
24,557
197,158
161,410
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,128,660
2,189,747
Other creditors
2,162,831
1,635,823
4,291,491
3,825,570
The bank loans of £2,209,396 (2023: £2,290,133) are secured by a fixed charge over company's investment properties.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,085,716
1,788,204
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
349,798
513,736
SANDKOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
349,798
-
Revaluations
-
513,736
349,798
513,736
2024
Movements in the year:
£
Liability at 1 April 2023
513,736
Credit to profit or loss
(163,938)
Liability at 31 March 2024
349,798
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,500
9,500
9,500
9,500
11
Other reserve
2024
2023
£
£
At beginning of year
2,608,706
1,969,863
Deferred tax on fairvalue of investment properties
87,825
(101,157)
Fair value adjustment on investment properties
(772,315)
740,000
At end of year
1,924,216
2,608,706
12
Reserves
The only movements in reserves for the year ended 31 March 2024 is loss for the year and for 31 March 2023 is profit for the year.
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