0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-13 Sage Accounts Production Advanced 2023 - FRS102_2023 8,396,771 8,396,771 8,396,771 xbrli:pure xbrli:shares iso4217:GBP 14799460 2023-04-13 2024-03-31 14799460 2024-03-31 14799460 2023-04-12 14799460 bus:Director1 2023-04-13 2024-03-31 14799460 bus:Director2 2023-04-13 2024-03-31 14799460 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-13 2024-03-31 14799460 core:WithinOneYear 2024-03-31 14799460 core:AfterOneYear 2024-03-31 14799460 core:ShareCapital 2024-03-31 14799460 core:RetainedEarningsAccumulatedLosses 2024-03-31 14799460 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 14799460 bus:SmallEntities 2023-04-13 2024-03-31 14799460 bus:AuditExemptWithAccountantsReport 2023-04-13 2024-03-31 14799460 bus:SmallCompaniesRegimeForAccounts 2023-04-13 2024-03-31 14799460 bus:PrivateLimitedCompanyLtd 2023-04-13 2024-03-31 14799460 bus:FullAccounts 2023-04-13 2024-03-31
COMPANY REGISTRATION NUMBER: 14799460
SLASCO DEVELOPMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
SLASCO DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
Note
£
£
Fixed assets
Tangible assets
4
8,396,771
Current assets
Debtors
5
56,891
Cash at bank and in hand
29,486
---------
86,377
Creditors: amounts falling due within one year
6
3,502,221
-------------
Net current liabilities
3,415,844
-------------
Total assets less current liabilities
4,980,927
Creditors: amounts falling due after more than one year
7
5,049,940
-------------
Net liabilities
( 69,013)
-------------
Capital and reserves
Called up share capital
2
Profit and loss account
( 69,015)
---------
Shareholders deficit
( 69,013)
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SLASCO DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
Mr C J Scorer
Mr R Slabbert
Director
Director
Company registration number: 14799460
SLASCO DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 13 APRIL 2023 TO 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, East Sussex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's connected companies, company bankers and directors.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
4. Tangible assets
Freehold property
£
Cost
At 13 April 2023
Additions
8,396,771
-------------
At 31 March 2024
8,396,771
-------------
Depreciation
At 13 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
8,396,771
-------------
5. Debtors
31 Mar 24
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
28,000
Other debtors
28,891
---------
56,891
---------
6. Creditors: amounts falling due within one year
31 Mar 24
£
Trade creditors
29,762
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,469,961
Other creditors
2,498
-------------
3,502,221
-------------
7. Creditors: amounts falling due after more than one year
31 Mar 24
£
Bank loans and overdrafts
5,049,940
-------------
Bank loans totalling £5,049,940 are secured over the freehold properties of the company.
8. Directors' advances, credits and guarantees
As at 31 March 2024 the company owed the directors £698.