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2023-08-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
SC571578
2023-08-01
2024-07-31
SC571578
2024-07-31
SC571578
2023-07-31
SC571578
2022-08-01
2023-07-31
SC571578
2023-07-31
SC571578
2022-07-31
SC571578
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2024-07-31
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SC571578
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2024-07-31
SC571578
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2023-08-01
2024-07-31
SC571578
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SC571578
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SC571578
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SC571578
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2023-07-31
SC571578
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SC571578
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SC571578
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SC571578
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2023-07-31
SC571578
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2024-07-31
SC571578
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2023-07-31
SC571578
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2024-07-31
SC571578
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SC571578
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SC571578
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2024-07-31
COMPANY REGISTRATION NUMBER:
SC571578
Sepang Properties Limited |
|
Filleted Unaudited Financial Statements |
|
Sepang Properties Limited |
|
Statement of Financial Position |
|
31 July 2024
Fixed assets
Tangible assets |
4 |
447,820 |
328,672 |
|
|
|
|
Current assets
Debtors |
5 |
1,442 |
419 |
Cash at bank and in hand |
4,548 |
22,262 |
|
------- |
-------- |
|
5,990 |
22,681 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
137,337 |
112,922 |
|
--------- |
--------- |
Net current liabilities |
131,347 |
90,241 |
|
--------- |
--------- |
Total assets less current liabilities |
316,473 |
238,431 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
199,520 |
148,495 |
|
|
|
|
Provisions |
26,781 |
18,955 |
|
--------- |
--------- |
Net assets |
90,172 |
70,981 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
2 |
2 |
Fair Value Reserve |
80,632 |
56,735 |
Profit and loss account |
9,538 |
14,244 |
|
-------- |
-------- |
Shareholders funds |
90,172 |
70,981 |
|
-------- |
-------- |
|
|
|
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 year ending 31 July 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 year 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
.
Sepang Properties Limited |
|
Statement of Financial Position (continued) |
|
31 July 2024
These financial statements were approved by the
board of directors
and authorised for issue on
10 March 2025
, and are signed on behalf of the board by:
Company registration number:
SC571578
Sepang Properties Limited |
|
Notes to the Financial Statements |
|
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB, Scotland.
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 directors consider that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
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.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents property rental amounts charged during the year.
Corporation tax and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset: No depreciation has been charge in the year of purchase.
|
Fixtures and fittings |
- |
20% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4.
Tangible assets
|
Investment property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 August 2023 |
328,257 |
649 |
328,906 |
Additions |
84,178 |
4,164 |
88,342 |
Revaluations |
31,722 |
– |
31,722 |
|
--------- |
------- |
--------- |
At 31 July 2024 |
444,157 |
4,813 |
448,970 |
|
--------- |
------- |
--------- |
Depreciation |
|
|
|
At 1 August 2023 |
– |
234 |
234 |
Charge for the year |
– |
916 |
916 |
|
--------- |
------- |
--------- |
At 31 July 2024 |
– |
1,150 |
1,150 |
|
--------- |
------- |
--------- |
Carrying amount |
|
|
|
At 31 July 2024 |
444,157 |
3,663 |
447,820 |
|
--------- |
------- |
--------- |
At 31 July 2023 |
328,257 |
415 |
328,672 |
|
--------- |
------- |
--------- |
|
|
|
|
The company directors valued the property at market value on 31 July 2024. Included in the carrying value above are revalued investment properties at a value of £444,157.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Investment property |
|
£ |
At 31 July 2024 |
|
Aggregate cost |
336,745 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
336,745 |
|
--------- |
|
|
At 31 July 2023 |
|
Aggregate cost |
252,567 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
252,567 |
|
--------- |
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
697 |
– |
Other debtors |
745 |
419 |
|
------- |
---- |
|
1,442 |
419 |
|
------- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
240 |
– |
Corporation tax |
– |
999 |
Other creditors |
137,097 |
111,923 |
|
--------- |
--------- |
|
137,337 |
112,922 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
199,520 |
148,495 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £199,520 (2023: £148,495) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans have been secured on the company properties.
8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
26,781 |
18,955 |
|
-------- |
-------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Revaluation of tangible assets |
26,781 |
18,955 |
|
-------- |
-------- |
|
|
|
9.
Directors' advances, credits and guarantees
The company was under the control of Mr and Mrs Turnbull throughout the current period.