Company registration number 08324508 (England and Wales)
SAVVY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SAVVY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SAVVY PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,035,000
1,035,000
Current assets
Debtors
5
426,075
424,864
Cash at bank and in hand
23,746
34,476
449,821
459,340
Creditors: amounts falling due within one year
6
(24,389)
(59,376)
Net current assets
425,432
399,964
Total assets less current liabilities
1,460,432
1,434,964
Creditors: amounts falling due after more than one year
7
(1,300,540)
(1,274,114)
Net assets
159,892
160,850
Capital and reserves
Called up share capital
100
100
Other reserves
220,561
220,561
Profit and loss reserves
(60,769)
(59,811)
Total equity
159,892
160,850
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 24 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
Mr Sanjay Nandwani
Director
Company Registration No. 08324508
SAVVY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MAY 2024
- 2 -
1
Accounting policies
Company information
Savvy Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 David Mews, London, W1U 6EQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
SAVVY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
SAVVY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MAY 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 25 May 2023 and 24 May 2024
1,035,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at by the Director, it is he belief that the valuation is correct as at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
There is a fixed and floating charge held as security over the investment properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
475
1,515
Amounts due from group undertakings
400,600
398,349
Amounts due from connacted companies
25,000
25,000
426,075
424,864
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
36,900
Corporation tax
3,267
3,267
Other creditors
21,122
19,209
24,389
59,376
The bank borrowings are secured by a fixed and floating charge over the assets of the company.
SAVVY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MAY 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
318,788
292,402
Other creditors
981,752
981,712
1,300,540
1,274,114
The bank borrowings are secured by a fixed and floating charge over the assets of the company.
8
Financial commitments, guarantees and contingent liabilities
A fixed and floating charge and a negative pledge has been made against the company, in favour of the following party:
Lloyds Bank PLC
9
Related party transactions
Included in other debtors at the year end is £347,750 (2023: £347,750) owed by Evergreen Estates Limited, £25,000 (2023: £25,000) owed by Epsom Estates Limited, £10,000 (2023: £10,000) owed by Eme Estates Limited, £2,250 (2023: £nil) owed by Emporium Estates Limited, and £36,250 (2021: £36,250) owed by Wonder Wembley Ltd (previously known as Wembley Estates Limited), all of which are companies related by virtue of common control.
Included in long term creditors at the year end is £981,752 (2023: £981,712) owed to Wonder Investments Limited (fellow subsidiary). There are no terms as to repayment or interest on this loan.
Included in debtors at the year end is £4,350 (2023: £4,350) relating to trading loans with Wonder Investments Limited.
10
Directors' transactions
Included in other debtors at the year end is an amount of £413 (2023: £nil) due from the director. There are no terms of interest or repayment in respect of this balance.
11
Parent company
The parent company of Savvy Properties Limited is Wonder Estates Group Limited and its registered office is 14 David Mews, London, W1U 6EQ.