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Registration number: 13287371

S&A Properties (Kent) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

S&A Properties (Kent) Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

S&A Properties (Kent) Ltd

(Registration number: 13287371)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

491

437

Investment property

5

1,935,667

1,925,000

 

1,936,158

1,925,437

Current assets

 

Debtors

6

316

540

Cash at bank and in hand

 

35,596

110,886

 

35,912

111,426

Creditors: Amounts falling due within one year

7

(368,268)

(394,865)

Net current liabilities

 

(332,356)

(283,439)

Total assets less current liabilities

 

1,603,802

1,641,998

Creditors: Amounts falling due after more than one year

7

(359,417)

(408,318)

Provisions for liabilities

(20,562)

(17,886)

Net assets

 

1,223,823

1,215,794

Capital and reserves

 

Called up share capital

8

104

104

Share premium reserve

1,170,194

1,170,194

Other reserves

95,334

71,663

Profit and loss account

(41,809)

(26,167)

Shareholders' funds

 

1,223,823

1,215,794

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 



 

Mrs S Kearney
Director

 

S&A Properties (Kent) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor,
Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

S&A Properties (Kent) Ltd

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

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

S&A Properties (Kent) Ltd

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

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 April 2023

499

499

Additions

232

232

At 31 March 2024

731

731

Depreciation

At 1 April 2023

62

62

Charge for the year

178

178

At 31 March 2024

240

240

Net book value

At 31 March 2024

491

491

At 31 March 2023

437

437

5

Investment property

2024
£

2023
£

At 1 April

1,925,000

2,334,217

Disposals

-

(249,217)

Fair value adjustments

10,667

(160,000)

At 31 March

1,935,667

1,925,000

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Debtors

2024
£

2023
£

Prepayments

316

540

316

540

 

S&A Properties (Kent) Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

324

216

Taxation and social security

1,370

328

Other creditors

5,000

5,000

Other loans

355,310

383,630

Accruals

6,264

5,691

368,268

394,865

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

359,417

408,318

359,417

408,318

Creditors include bank loans which are secured against the properties they relate to in the sum of £359,417 (2023 - £408,318). Of this amount £101,305 (2023 - £408,318) is repayable, other than by instalments, after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary A shares of £1 each

99

99

99

99

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £0.01 each

10

0.10

10

0.10

Ordinary D shares of £0.01 each

10

0.10

10

0.10

Ordinary E shares of £0.01 each

10

0.10

10

0.10

Ordinary F shares of £0.01 each

10

0.10

10

0.10

Ordinary G shares of £0.01 each

10

0.10

10

0.10

Ordinary H shares of £0.01 each

10

0.10

10

0.10

Ordinary I shares of £0.01 each

10

0.10

10

0.10

Ordinary J shares of £0.01 each

10

0.10

10

0.10

Ordinary K shares of £0.01 each

10

0.10

10

0.10

Ordinary L shares of £0.01 each

10

0.10

10

0.10

Ordinary M shares of £0.01 each

10

0.10

10

0.10

Ordinary N shares of £0.01 each

10

0.10

10

0.10

Ordinary O shares of £0.01 each

10

0.10

10

0.10

Ordinary P shares of £0.01 each

10

0.10

10

0.10

Ordinary Q shares of £0.01 each

10

0.10

10

0.10

 

252

103.50

252

103.50

 

S&A Properties (Kent) Ltd

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

9

Related party transactions

Directors’ loan

The directors provided the company with a loan on which no interest was charged.