SNG Westside Properties Ltd 11942523 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Letting and operating of real estate Digita Accounts Production Advanced 6.30.9574.0 true true 11942523 2023-05-01 2024-04-30 11942523 2024-04-30 11942523 core:CurrentFinancialInstruments 2024-04-30 11942523 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11942523 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11942523 core:FurnitureFittings 2024-04-30 11942523 bus:SmallEntities 2023-05-01 2024-04-30 11942523 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11942523 bus:FilletedAccounts 2023-05-01 2024-04-30 11942523 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11942523 bus:RegisteredOffice 2023-05-01 2024-04-30 11942523 bus:Director1 2023-05-01 2024-04-30 11942523 bus:Director2 2023-05-01 2024-04-30 11942523 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11942523 core:FurnitureFittings 2023-05-01 2024-04-30 11942523 countries:EnglandWales 2023-05-01 2024-04-30 11942523 2023-04-30 11942523 core:FurnitureFittings 2023-04-30 11942523 2022-05-01 2023-04-30 11942523 2023-04-30 11942523 core:CurrentFinancialInstruments 2023-04-30 11942523 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11942523 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11942523 core:FurnitureFittings 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 11942523

SNG Westside Properties Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

SNG Westside Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

SNG Westside Properties Ltd

Company Information

Directors

C Sanigar

J Sanigar

Registered office

The Mill Lower Ashley Road
Easton
Bristol
BS5 0YJ

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

SNG Westside Properties Ltd

(Registration number: 11942523)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

1,487

1,983

Investment property

5

 

950,000

950,000

   

951,487

951,983

Current assets

   

Debtors

6

10,100

 

100

Cash at bank and in hand

 

13,201

 

21,115

 

23,301

 

21,215

Creditors: Amounts falling due within one year

7

(14,034)

 

(14,962)

Net current assets

   

9,267

6,253

Total assets less current liabilities

   

960,754

958,236

Creditors: Amounts falling due after more than one year

7

 

(710,814)

(730,475)

Provisions for liabilities

 

(47,639)

(47,639)

Net assets

   

202,301

180,122

Capital and reserves

   

Called up share capital

100

 

100

Retained earnings

202,201

 

180,022

Shareholders' funds

   

202,301

180,122

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

SNG Westside Properties Ltd

(Registration number: 11942523)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

.........................................

J Sanigar
Director

 

SNG Westside Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Mill Lower Ashley Road
Easton
Bristol
BS5 0YJ

These financial statements were authorised for issue by the Board on 20 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SNG Westside Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SNG Westside Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

4,700

4,700

At 30 April 2024

4,700

4,700

Depreciation

At 1 May 2023

2,717

2,717

Charge for the year

496

496

At 30 April 2024

3,213

3,213

Carrying amount

At 30 April 2024

1,487

1,487

At 30 April 2023

1,983

1,983

5

Investment properties

2024
£

At 1 May

950,000

At 30 April

950,000

There has been no valuation of investment property by an independent valuer.

 

SNG Westside Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

10,100

100

 

10,100

100

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6,000

6,000

Taxation and social security

 

6,474

7,402

Accruals and deferred income

 

1,560

1,560

 

14,034

14,962

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

507,314

511,975

Other non-current financial liabilities

 

203,500

218,500

 

710,814

730,475

8

Related party transactions

At the balance sheet date the directors owed the company £10,000 (2023: nil). Loans to the directors are repayable within nine months of the year end and interest is only charged on loans above £10,000 at HMRC approved rates.

At the balance sheet date loans to the company, included in other creditors, were made by the following businesses under the control of the directors - £149,000 (2023: £164,000) from Sports Management Europe Ltd and £54,500 (2023: £54,500) from Bristol Boxing Ltd. No interest is charged on loans between the companies and there is no set repayment date.