Company registration number 12023926 (England and Wales)
SBO CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SBO CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SBO CAPITAL LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30 November 2023
23 November 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
493,167
-
0
Current assets
Debtors
4
350
-
0
Cash at bank and in hand
4,058
200
4,408
200
Creditors: amounts falling due within one year
5
(218,705)
-
0
Net current (liabilities)/assets
(214,297)
200
Total assets less current liabilities
278,870
200
Creditors: amounts falling due after more than one year
6
(300,000)
-
0
Net (liabilities)/assets
(21,130)
200
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(21,330)
-
0
Total equity
(21,130)
200

For the financial Period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr S Ogunlaja
Director
Company registration number 12023926 (England and Wales)
SBO CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

SBO Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

1.1
Reporting period

These financial statements are prepared for the period from 24 November 2022 to 30 November 2023 with the comparatives being for the period from 1 January 2021 to 23 November 2022.

 

1.2
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.

1.3
Turnover

Turnover is derived from the rental of property and is recognised evenly over the period the properties are let.

1.4
Investment property

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include 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.

SBO CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
-
0
-
0
SBO CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 24 November 2022
-
0
Additions
493,167
At 30 November 2023
493,167

The historical cost of the company's investment property as at the balance sheet date was £492,400.

 

The fair value of the investment properties have been arrived at on the basis of a valuation carried out at year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
350
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
218,705
-
0
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
300,000
-
0
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
100
100
100
100
200
200
200
200

The Ordinary 'A' and Ordinary 'B' shares rank pari passu in all respects except with the declaration of dividends, whereby a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of share.

SBO CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 5 -
8
Related party transactions

Included within Other creditors is an amount of £214,629 which is a loan from the directors. This amount has been provided interest free, unsecured and is effectively repayable on demand.

 

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