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 |