Registered number
09385460
Slick Properties Limited
Filleted Accounts
31 March 2024
Slick Properties Limited
Registered number: 09385460
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,430,607 8,482,560
Current assets
Debtors 4 268,435 333,755
Cash at bank and in hand 18,451 21,737
286,886 355,492
Creditors: amounts falling due within one year 5 (6,908,328) (5,460,803)
Net current liabilities (6,621,442) (5,105,311)
Total assets less current liabilities 5,809,165 3,377,249
Creditors: amounts falling due after more than one year 6 (674,114) (749,892)
Provisions for liabilities (1,000,000) (373,200)
Net assets 4,135,051 2,254,157
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 3,449,200 1,456,800
Profit and loss account 685,751 797,257
Shareholders' funds 4,135,051 2,254,157
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I M Jain
Director
Approved by the board on 12 December 2024
Slick Properties Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, modified to include some assets at the revalued amount and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rent and other service charge received or receivable, net of discounts and value added taxes. Turnover comprises of rent and other charges receivable under the tenancy and lease agreement and is recognised when they are due.
Tangible fixed assets - Plant and machinery
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Tangible fixed assets - investment property
Land and building include freehold property and is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Freehold land and building - residential letting Freehold land and building - commercial letting Plant and machinery Total
£ £ £ £
Cost
At 1 April 2023 4,824,151 3,639,401 63,129 8,526,681
Additions 1,443,351 1,317,248 17,000 2,777,599
Surplus on revaluation 1,175,849 - - 1,175,849
At 31 March 2024 7,443,351 4,956,649 80,129 12,480,129
Depreciation
At 1 April 2023 - - 44,121 44,121
Charge for the year - - 5,401 5,401
At 31 March 2024 - - 49,522 49,522
Net book value
At 31 March 2024 7,443,351 4,956,649 30,607 12,430,607
At 31 March 2023 4,824,151 3,639,401 19,008 8,482,560
4 Debtors 2024 2023
£ £
Debtors and prepayment 7,240 1,425
Corporation tax recoverable 43,007 -
Directors account 218,188 332,330
268,435 333,755
Directors' account remain overdrawn during the year. Interest at the rate of 2.25% is charged on the amount outstanding.
Interest amounting to £7,000 has been charged to the directors which have been paid back to the company.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan repayable within 12 months 112,766 112,766
Creditors 86,701 295,024
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,655,078 4,948,622
Taxation and social security costs 52,868 104,391
Corporation tax 915 -
6,908,328 5,460,803
6 Loan 2024 2023
£ £
Bank loan
Amounts payable otherwise than by instalment falling due for payment after more than five years 674,114 749,892
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 1,456,800 1,271,800
Gain on revaluation of land and buildings 2,619,200 250,000
Deferred taxation arising on the revaluation of land and buildings (626,800) (65,000)
At 31 March 2024 3,449,200 1,456,800
8 Other information
Slick Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: Outer Ground Floor, Paxton Terrace no.8 Grosvenor Road London SW1V 3DA
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