2 2 SONS Real Estate Ltd 13402566 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 13402566 2023-06-01 2024-05-31 13402566 2024-05-31 13402566 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 13402566 core:Non-currentFinancialInstruments 2024-05-31 13402566 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 13402566 1 2024-05-31 13402566 2 2024-05-31 13402566 bus:SmallEntities 2023-06-01 2024-05-31 13402566 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 13402566 bus:FilletedAccounts 2023-06-01 2024-05-31 13402566 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13402566 bus:RegisteredOffice 2023-06-01 2024-05-31 13402566 bus:Director1 2023-06-01 2024-05-31 13402566 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13402566 countries:EnglandWales 2023-06-01 2024-05-31 13402566 1 2023-06-01 2024-05-31 13402566 2 2023-06-01 2024-05-31 13402566 2023-05-31 13402566 1 2023-05-31 13402566 2 2023-05-31 13402566 2022-06-01 2023-05-31 13402566 2023-05-31 13402566 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13402566 core:Non-currentFinancialInstruments 2023-05-31 13402566 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 13402566 1 2023-05-31 13402566 2 2023-05-31 13402566 1 2022-06-01 2023-05-31 13402566 2 2022-06-01 2023-05-31 13402566 1 2022-05-31 13402566 2 2022-05-31 xbrli:pure iso4217:GBP

Registration number: 13402566

SONS Real Estate Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

SONS Real Estate Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

SONS Real Estate Ltd

(Registration number: 13402566)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

440,000

445,000

Current assets

 

Cash at bank and in hand

 

243

394

Creditors: Amounts falling due within one year

5

(199,761)

(197,841)

Net current liabilities

 

(199,518)

(197,447)

Total assets less current liabilities

 

240,482

247,553

Creditors: Amounts falling due after more than one year

5

(268,988)

(268,972)

Net liabilities

 

(28,506)

(21,419)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(28,606)

(21,519)

Shareholders' deficit

 

(28,506)

(21,419)

For the financial year ending 31 May 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 


Mr S T Owers
Director

 

SONS Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
26-28 Southernhay East
Exeter
EX1 1NS

Principal activity

The principal activity of the company is that of property investment.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The directors acknowledge the net liabilities at the balance sheet date. Included in the profit and loss account is a fair value deficit of £12,481 that has arisen due to extensive renovations to the property in order to bring it into a habitable state, as well as a general decline in the UK property market. The directors assert that no further renovation works will be necessary and are confident that property prices will have picked up within 12 months of the financial statements being approved, resulting in a reversal of this deficit. Furthermore, included in creditors due within one year are amounts owed to the directors, and if it were not for these amounts the company would be solvent. The directors will continue to support the company until it returns to a solvent position. The financial statements have therefore been prepared on a going concern basis.

 

SONS Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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.

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.

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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

SONS Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 June

445,000

Additions

2,602

Fair value adjustments

(7,602)

At 31 May

440,000

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

 

SONS Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

675

650

Other creditors

199,086

197,191

199,761

197,841

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

268,988

268,972

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

268,988

268,972

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Director 1

(103,660)

354

(1,301)

(104,607)

Director 2

(93,533)

354

(1,301)

(94,480)

 

(197,193)

708

(2,602)

(199,087)

       

 

 

SONS Real Estate Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

8

Related party transactions (continued)

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Director 1

(102,795)

354

(1,219)

(103,660)

Director 2

(92,668)

354

(1,219)

(93,533)

(195,463)

708

(2,438)

(197,193)