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Registration number: 03296484

S. L. L. Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

S. L. L. Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

S. L. L. Properties Limited

Company Information

Directors

Mr D A Day

Mr P E Day

Company secretary

Mr P E Day

Registered office

Regency House
Regent Road
Kirkdale
Liverpool
L5 9SR

 

S. L. L. Properties Limited

(Registration number: 03296484)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,792

2,475

Investment property

6

9,517,000

9,517,000

Investments

7

-

201

 

9,518,792

9,519,676

Current assets

 

Debtors

8

617,101

526,105

Cash at bank and in hand

 

2,536,081

3,961,152

 

3,153,182

4,487,257

Creditors: Amounts falling due within one year

9

(380,297)

(1,264,172)

Net current assets

 

2,772,885

3,223,085

Total assets less current liabilities

 

12,291,677

12,742,761

Creditors: Amounts falling due after more than one year

9

(1,645,423)

(2,189,423)

Provisions for liabilities

(160,640)

(160,348)

Net assets

 

10,485,614

10,392,990

Capital and reserves

 

Called up share capital

10

322

322

Share premium reserve

5,939,802

5,939,802

Retained earnings

4,545,490

4,452,866

Shareholders' funds

 

10,485,614

10,392,990

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.

 

S. L. L. Properties Limited

(Registration number: 03296484)
Balance Sheet as at 31 May 2024 (continued)

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 Profit and Loss Account.

Approved and authorised by the Board on 10 March 2025 and signed on its behalf by:
 

.........................................
Mr D A Day
Director

 

S. L. L. Properties Limited

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:
Regency House
Regent Road
Kirkdale
Liverpool
L5 9SR
United Kingdom

These financial statements were authorised for issue by the Board on 10 March 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 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.

Revenue recognition

Turnover represents the rent receivable and other income as per the terms of the lease for the year, net of Value Added Tax.

Revenue is recognised when rents are receivable less any voids in the period.

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.

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.

Deferred tax liabilities are generally recognised for all timing differences and defered tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

S. L. L. Properties Limited

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

2

Accounting policies (continued)

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

Fixtures, fittings & equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors Mr D A Day and Mr P A Day. 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 the profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activties.

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.

Trade debtors

Trade debtors are amounts due from customers for rent due 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.

 

S. L. L. Properties Limited

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

2

Accounting policies (continued)

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.

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.

 

S. L. L. Properties Limited

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

2

Accounting policies (continued)

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 and loans from fellow group companies, 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.

3

Staff numbers

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

 

S. L. L. Properties Limited

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

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

683

728

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

15,543

15,543

At 31 May 2024

15,543

15,543

Depreciation

At 1 June 2023

13,068

13,068

Charge for the year

683

683

At 31 May 2024

13,751

13,751

Carrying amount

At 31 May 2024

1,792

1,792

At 31 May 2023

2,475

2,475

6

Investment properties

2024
£

At 1 June

9,517,000

At 31 May

9,517,000

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

In the opinion of the directors, the investment properties are included in the financial statements at fair value and are reviewed at the end of each financial year.

The historical cost of the properties was £11,479,378.

 

S. L. L. Properties Limited

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

7

Investments

2024
£

2023
£

Investments

-

201

Shares in group undertakings

£

Cost or valuation

At 1 June 2023

201

Impairment loss

Impairment loss

201

Carrying amount

At 31 May 2024

-

At 31 May 2023

201

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Regency Stock Trading Limited

England and Wales

Ordinary shares

100%

100%

SLL Residential Limited

England and Wales

Ordinary shares

100%

100%

Waterloo Canalside Developments Limited

England and Wales

Ordinary shares

100%

100%

Regency Stock Trading Limited was dissolved on 26 November 2024.

 

S. L. L. Properties Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

243,103

157,596

Amounts owed by group undertakings and undertakings in which the company has a participating interest

187,276

185,949

Prepayments

7,630

77,093

Other debtors

179,092

105,467

 

617,101

526,105

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

144,000

907,161

Trade creditors

 

11,906

120,840

Taxation and social security

 

41,305

22,647

Accruals and deferred income

 

179,819

212,757

Other creditors

 

3,267

767

 

380,297

1,264,172

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

1,645,423

2,189,423

 

S. L. L. Properties Limited

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

100 Ordinary A Shares of £1 each

100

100

100

100

24 Ordinary B Shares of £1 each

24

24

24

24

66 Ordinary C Shares of £1 each

66

66

66

66

66 Ordinary D Shares of £1 each

66

66

66

66

66 Ordinary E Shares of £1 each

66

66

66

66

322

322

322

322

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

602

3,612

Later than one year and not later than five years

-

602

602

4,214

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,185 (2023 - £9,013).

 

S. L. L. Properties Limited

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

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,645,423

2,189,423

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

763,161

Other borrowings

144,000

144,000

144,000

907,161

The bank borrowings were paid off in full on 23 November 2023. As at 31 May 2024 Companies House had not been updated and still showed that the bank had a first legal charge dated 19th June 2009 over the freehold land and buildings at 34-58 Babington Lane, Derby, in respect of the bank borrowings which were fully repaid on 23 November 2023. Companies House was updated on 14 February 2025 to show that the charge has been satisfied.

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

50,000