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Sandi Residential Investments Limited
Financial Statements
For The Year Ended 30 September 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13606915
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 320,000 315,421
320,000 315,421
CURRENT ASSETS
Debtors 5 2,712 2,938
Cash at bank and in hand 4,686 757
7,398 3,695
Creditors: Amounts Falling Due Within One Year 6 (106,109 ) (106,795 )
NET CURRENT ASSETS (LIABILITIES) (98,711 ) (103,100 )
TOTAL ASSETS LESS CURRENT LIABILITIES 221,289 212,321
Creditors: Amounts Falling Due After More Than One Year 7 (224,745 ) (224,745 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,145 ) -
NET LIABILITIES (4,601 ) (12,424 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Other reserves 3,434 -
Profit and Loss Account (8,135 ) (12,524 )
SHAREHOLDERS' FUNDS (4,601) (12,424)
Page 1
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For the year ending 30 September 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Sandi
Director
6 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sandi Residential Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13606915 . The registered office is 25 Selborne Road, Sidcup, DA14 4QP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have confirmed that they will continue to support the company until such time as it is profitable.
2.3. Turnover
Turnover represents amounts receivable in respect of rent charges from tenants for the year.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 October 2023 315,421
Revaluation 4,579
As at 30 September 2024 320,000
Net Book Value
As at 30 September 2024 320,000
As at 1 October 2023 315,421
Cost or valuation as at 30 September 2024 represented by:
Investment Properties
£
At valuation 320,000
320,000
Investment property comprises £320,000 (2023: £315,421). The fair value of the investment property has been arrived at by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
5. Debtors
2024 2023
£ £
Due within one year
Deferred tax current asset 2,712 2,938
2,712 2,938
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 960 960
Directors' loan accounts 105,149 105,835
106,109 106,795
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 224,745 224,745
224,745 224,745
The loan is secured by a fixed charge over the property at Flat 13 Hamlet House, created on 20 May 2022.  The charge contains a negative pledge.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Profit and loss reserves - this reserve records retained earnings and accumulated losses.
Other reserves - this reserve records the fair value adjustments made to the investment properties and such reserves remain non-distributable.
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