REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
FOR |
SLEJEM PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
FOR |
SLEJEM PROPERTIES LIMITED |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SLEJEM PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
BALANCE SHEET |
31st August 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
BALANCE SHEET - continued |
31st August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2024 |
1. | STATUTORY INFORMATION |
Slejem Properties Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12274826. The address of its registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is 90 North Street, Manchester, M8 8RA. |
The financial statements are prepared in Sterling, which is also the functional currency of the Company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. |
Turnover principally consists of income from the rental of commercial property. |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measure at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand. Bank borrowings and overdrafts are included in creditors. |
Investments |
Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investment comprise of a portfolio of listed shares. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investment |
£ |
COST OR VALUATION |
At 1st September 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
Charges | ( |
) |
Withdrawals | ( |
) |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st September 2023 |
Additions |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
5. | INVESTMENT PROPERTY - continued |
The investment properties were valued by the directors at 31st August 2024 and feel that it reflects the fair value. In arriving at the valuation figure consideration was given to the commercial values of properties in the locality and the valuation was on the market value basis only. The valuation thus represents the current value with the benefit of vacant possession. |
The value of the investment property if carried under the cost model would be £14,047,973 (2023 - £13,405,981). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Barclays Bank PLC registered a fixed charge over the property including land lying to the South-west of the Bury property held by the company on 11 December 2019. On 25 September 2023 this loan was repaid and the charge outstanding is to be satisfied post year end. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 2 | 2 |
SLEJEM PROPERTIES LIMITED (REGISTERED NUMBER: 12274826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
11. | RELATED PARTY DISCLOSURES |
Included in other creditors are amounts owed to the directors of the company of £7,485,911 (2023: £9,525,911). These amounts represent interest free loans that are unsecured and repayable on demand. |
At the year end, the company owed the following balances to a company under common control: |
Other creditors due within one year: £2,214,406 (2023: £Nil) |
Other creditors due after more than one year: £1,921,027 (2023: £Nil). |
Of the Other creditors balance listed above £2,135,433 (2023: £Nil) relates to an unsecured loan subject to interest at 2% per annum. During the year the company was charged interest on this loan of £37,203 (2023:£Nil). The remaining £2,000,000 represents an interest free loan repayable on demand. |
During the year, the company made the following transactions with a company under control: |
Rent received £386,000 (2023: £386,000) |