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Company No: 13474811 (England and Wales)

SIVADA RESIDENTIAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SIVADA RESIDENTIAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SIVADA RESIDENTIAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
SIVADA RESIDENTIAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,000,000 1,012,500
1,000,000 1,012,500
Current assets
Debtors 4 52,822 31,462
Cash at bank and in hand 5 8,843 2,469
61,665 33,931
Creditors: amounts falling due within one year 6 ( 429,337) ( 386,072)
Net current liabilities (367,672) (352,141)
Total assets less current liabilities 632,328 660,359
Creditors: amounts falling due after more than one year 7 ( 583,490) ( 581,995)
Provision for liabilities 8, 9 ( 22,963) ( 22,963)
Net assets 25,875 55,401
Capital and reserves
Called-up share capital 2 2
Revaluation reserve 68,890 68,890
Profit and loss account ( 43,017 ) ( 13,491 )
Total shareholders' funds 25,875 55,401

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sivada Residential Limited (registered number: 13474811) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A S Davis
Director

24 March 2025

SIVADA RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SIVADA RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sivada Residential Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 3 Brooks Parade, Green Lane, Ilford, IG3 9RT, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,012,500
Disposals (12,500)
As at 30 June 2024 1,000,000

Valuation

A full market valuation of investment property was completed by the directors on 30/06/2024

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 920,647 920,647

4. Debtors

2024 2023
£ £
Trade debtors 52,822 31,462

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 8,843 2,469

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 417,921 378,421
Accruals 11,416 7,651
429,337 386,072

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans (secured) 583,490 581,995

The mortgage is secured by a first legal and fixed charge over the investment property

8. Provision for liabilities

2024 2023
£ £
Deferred tax 22,963 22,963

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 22,963) 0
Charged to the Statement of Income and Retained Earnings 0 ( 22,963)
At the end of financial year ( 22,963) ( 22,963)