Company registration number 05110787 (England and Wales)
SHELDON PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SHELDON PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
SHELDON PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,879
6,916
Investment property
4
1,609,250
1,570,000
1,615,129
1,576,916
Current assets
Stocks
352,964
337,964
Debtors
5
62,854
94,380
Cash at bank and in hand
2,411
844
418,229
433,188
Creditors: amounts falling due within one year
6
(587,946)
(758,295)
Net current liabilities
(169,717)
(325,107)
Total assets less current liabilities
1,445,412
1,251,809
Creditors: amounts falling due after more than one year
7
(737,865)
(505,066)
Net assets
707,547
746,743
Capital and reserves
Called up share capital
100
100
Share premium account
703,937
703,937
Profit and loss reserves
3,510
42,706
Total equity
707,547
746,743
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
SHELDON PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr G R Sheldon
Director
Company registration number 05110787 (England and Wales)
SHELDON PROPERTY DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
100
703,937
129,005
833,042
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(86,299)
(86,299)
Balance at 28 February 2023
100
703,937
42,706
746,743
Year ended 29 February 2024:
Loss and total comprehensive income
-
-
(39,196)
(39,196)
Balance at 29 February 2024
100
703,937
3,510
707,547
SHELDON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Sheldon Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Back Lapstone Road, MILLOM, LA18 4BZ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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% reducing balance
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.
1.4
Investment properties
Investment property, which is property 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. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are the work in progress to date on development projects comprising the purchase cost of the property and costs incurred on rennovation. Attributable profit is only recognised where the ultimate profit can be calculated with reasonable certainty.
SHELDON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the tax currently payable. Deferred tax does not arise.
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
9,910
Depreciation and impairment
At 1 March 2023
2,994
Depreciation charged in the year
1,037
At 29 February 2024
4,031
Carrying amount
At 29 February 2024
5,879
At 28 February 2023
6,916
SHELDON PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 March 2023
1,570,000
Revaluations
39,250
At 29 February 2024
1,609,250
The valuation of the properties is based on directors' assessment.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
420
420
Other debtors
62,434
93,960
62,854
94,380
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
24,320
232,041
Trade creditors
43,171
24,971
Other creditors
520,455
501,283
587,946
758,295
Other creditors include amounts of £161,334 (2023 - £171,140) due to the directors and £261,508 (2023 - £225,547) due to connected companies. No interest has been charged.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
737,865
505,066