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COMPANY REGISTRATION NUMBER: 00378307
SIDNEY MICHAEL LIMITED
Filleted Unaudited Financial Statements
31 March 2024
SIDNEY MICHAEL LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
233
Investments
6
3,500,467
3,500,467
------------
------------
3,500,467
3,500,700
Current assets
Debtors
7
1,452
Cash at bank and in hand
633,396
567,589
---------
---------
633,396
569,041
Creditors: amounts falling due within one year
8
58,731
58,806
---------
---------
Net current assets
574,665
510,235
------------
------------
Total assets less current liabilities
4,075,132
4,010,935
Provisions
Taxation including deferred tax
650,000
650,000
------------
------------
Net assets
3,425,132
3,360,935
------------
------------
Capital and reserves
Called up share capital
3,000
3,000
Fair value reserve
10
2,796,411
2,796,411
Other reserves
10
610
610
Profit and loss account
10
625,111
560,914
------------
------------
Shareholders funds
3,425,132
3,360,935
------------
------------
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 income and retained earnings has not been delivered.
For the 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 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 .
SIDNEY MICHAEL LIMITED
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 December 2024 , and are signed on behalf of the board by:
M S Rothberg
Director
Company registration number: 00378307
SIDNEY MICHAEL LIMITED
Notes to the Financial Statements
Year ended 31 March 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 48 Winnington Road, London, N2 0TY.
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 amount of rents receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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:
Equipment
-
33% straight line
Investments
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without any undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
699
699
----
----
Depreciation
At 1 April 2023
466
466
Charge for the year
233
233
----
----
At 31 March 2024
699
699
----
----
Carrying amount
At 31 March 2024
----
----
At 31 March 2023
233
233
----
----
6. Investments
Quoted investment
Investment property
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
467
3,500,000
3,500,467
----
------------
------------
Impairment
At 1 April 2023 and 31 March 2024
----
------------
------------
Carrying amount
At 31 March 2024
467
3,500,000
3,500,467
----
------------
------------
At 31 March 2023
467
3,500,000
3,500,467
----
------------
------------
The 2017 valuations were made by the directors, on an open market value for existing use basis.
7. Debtors
2024
2023
£
£
Other debtors
1,452
----
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
24,477
24,552
Other creditors
34,254
34,254
--------
--------
58,731
58,806
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
650,000
650,000
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
650,000
650,000
---------
---------
10. Reserves
Fair value reserve This non-distributable reserve is used to record increases in the fair value of freehold investment properties and decreases to the extent that such decreases relate to the increase on the same asset. The figure is stated net of the associated deferred tax liability. Profit and loss account This is the distributable reserve represented by the retained profit and loss.