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Registration number: 12574199

SGF Lettings Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

SGF Lettings Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

SGF Lettings Ltd

Company Information

Directors

Mr S Fragapane

Mrs G Fragapane

Company secretary

Mr S Fragapane

Registered office

39 Oolite Road
Bath
BA2 2UU

Accountants

Baden-Lyle & Associates
39 Oolite Road
Bath
Somerset
BA2 2UU

 

SGF Lettings Ltd

(Registration number: 12574199)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6

6

Tangible assets

5

26,006

37,297

Investment property

27,332,664

27,332,664

 

27,358,676

27,369,967

Current assets

 

Debtors

6

966,384

969,742

Cash at bank and in hand

 

600,964

168,762

 

1,567,348

1,138,504

Prepayments and accrued income

 

37,125

37,125

Creditors: Amounts falling due within one year

7.1

(784,015)

(716,797)

Net current assets

 

820,458

458,832

Total assets less current liabilities

 

28,179,134

27,828,799

Creditors: Amounts falling due after more than one year

7.2

(6,845,819)

(7,015,819)

Accruals and deferred income

 

(8,588)

(11,785)

Net assets

 

21,324,727

20,801,195

Capital and reserves

 

Called up share capital

8

10,930

7,654

Share premium reserve

19,161,660

19,122,348

Retained earnings

2,152,137

1,671,193

Shareholders' funds

 

21,324,727

20,801,195

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

SGF Lettings Ltd

(Registration number: 12574199)
Abridged Balance Sheet as at 30 April 2024

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.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

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

Mr S Fragapane

Company secretary and director

 

SGF Lettings Ltd

Notes to the Unaudited Abridged 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:
39 Oolite Road
Bath
BA2 2UU

The principal place of business is:
1 Stoke Lane
Westbury-on-Trym
Bristol
BS9 3DP

These financial statements were authorised for issue by the Board on 27 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 abridged 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 abridged 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 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.

 

SGF Lettings Ltd

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

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.

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

Motor vehicles

straight line over 5 years

Furniture, fittings and equipment

straight line over 3 years

Investment property

Investment properties are initially recorded at cost and this is compared to fair value at each balance sheet date. Any unrealised gains or losses arising from changes in fair value are recognised in the profit and loss account. Deferred tax is provided on any unrealised gains at the rate expected to apply when the property is sold.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are initially recorded at cost and the directors review whether any revaluation or impairment to fair value is required at each balance sheet date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

Not depreciated unless value exceeds £100

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.

 

SGF Lettings Ltd

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

SGF Lettings Ltd

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

3

Staff numbers

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

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

6

At 30 April 2024

6

Amortisation

Carrying amount

At 30 April 2024

6

At 30 April 2023

6

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

5,659

42,034

3,050

50,743

At 30 April 2024

5,659

42,034

3,050

50,743

Depreciation

At 1 May 2023

3,460

7,953

2,033

13,446

Charge for the year

1,867

8,407

1,017

11,291

At 30 April 2024

5,327

16,360

3,050

24,737

Carrying amount

At 30 April 2024

332

25,674

-

26,006

At 30 April 2023

2,199

34,081

1,017

37,297

Investment properties

2024
£

At 1 May

27,332,664

 

SGF Lettings Ltd

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

The investment properties were acquired in the period to 30 April 2021 at market value as determined by an independent valuer. Based on market information the directors consider that this represents the fair value of the properties at the balance sheet date.

The last valuation carried out by Avison Young in the period to 30 April 2021 valued the property portfolio at £27,050,000

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £170,000 (2022 - £170,000).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,015,819 (2023 - £7,185,819).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

7,654

7,654

7,654

7,654

A Ordinary shares of £1 (2023 - £0) each

1,092

1,092

-

-

B Ordinary shares of £1 (2023 - £0) each

1,092

1,092

-

-

C Ordinary shares of £1 (2023 - £0) each

1,092

1,092

-

-

10,930

10,930

7,654

7,654

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £5.477 (2023 - £9.28) per each Ordinary shares

41,922

71,012

 

 
 

SGF Lettings Ltd

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

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £7,015,819 (2023 - £7,185,819). Handelsbanken PLC has security over properties in Bristol owned by the company being 54 Fremantle Road, 64-76 Horfield Road, 14 Bellevue, 100 Whiteladies Road, 276 Hotwells Road, 29 Aberdeen Road and 43 Belvoir Road.

11

Related party transactions

During the period, the company was charged rent and service charges of £37,500 by ALS Developments Ltd, a company of which both directors are shareholders and directors.

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

18,192

18,192

Post-employment benefits

240,000

-

258,192

18,192

 

SGF Lettings Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,192

18,192

Contributions paid to money purchase schemes

240,000

-

258,192

18,192

Summary of transactions with entities with joint control or significant interest

SGF Lettings Ltd rents office premises from ALS Developments Ltd; the directors of SGF Lettings Ltd are also directors and shareholders of ALS Developments Ltd
 

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Leases

37,500

2023

Entities with joint control or significant influence
£

Leases

40,500

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

959,503

959,503

Advanced

25,830

25,830

At end of period

985,333

985,333

2023

Entities with joint control or significant influence
£

Total
£

Advanced

959,503

959,503

At end of period

959,503

959,503

Terms of loans to related parties

 

SGF Lettings Ltd

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

The loan to ALS Developments Ltd is interest-free with no fixed repayment terms