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Company No: 13300409 (England and Wales)

SANDY LODGE DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SANDY LODGE DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SANDY LODGE DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
SANDY LODGE DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,235 0
1,235 0
Current assets
Stocks 4 1,730,029 1,228,007
Debtors 5 102,469 28,911
Cash at bank and in hand 17,984 35,939
1,850,482 1,292,857
Creditors: amounts falling due within one year 6 ( 2,032,181) ( 1,404,104)
Net current liabilities (181,699) (111,247)
Total assets less current liabilities (180,464) (111,247)
Provision for liabilities 0 27,837
Net liabilities ( 180,464) ( 83,410)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 180,564 ) ( 83,510 )
Total shareholders' deficit ( 180,464) ( 83,410)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sandy Lodge Developments Limited (registered number: 13300409) were approved and authorised for issue by the Director on 24 March 2025. They were signed on its behalf by:

Mr J J Fabby
Director
SANDY LODGE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SANDY LODGE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Sandy Lodge Developments 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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The balance sheet shows net liabilities at 31 March 2024 of £180,464. The reported deficit is supported by structured debt from third parties and loans from directors or entities under their control. Since the year end, the company has disposed of a number of completed properties allowing for the repayment of associated development debt. The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements and have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from this date. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents proceeds from the sale of development property and is stated net of VAT and is recognised on completion of the underlying sale contract.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow moving or defective items where appropriate.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 Balance Sheet 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 the director 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2023 0 0
Additions 1,300 1,300
At 31 March 2024 1,300 1,300
Accumulated depreciation
At 01 April 2023 0 0
Charge for the financial year 65 65
At 31 March 2024 65 65
Net book value
At 31 March 2024 1,235 1,235
At 31 March 2023 0 0

4. Stocks

2024 2023
£ £
Stocks 1,730,029 1,228,007

5. Debtors

2024 2023
£ £
Deferred tax asset 58,880 0
Other debtors 43,589 28,911
102,469 28,911

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 206,725 75,446
Amounts owed to director 11,023 771
Other loans (secured) 1,762,116 1,294,022
Accruals and deferred income 49,744 29,923
CIS withheld 2,573 3,942
2,032,181 1,404,104

Other loans includes £1,314,907 (2023 £886,813) which is secured.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Guberno Limited - loan account 302,209 307,209
Guberno Limited - trade creditor 119,973 15,480
Guberno Capital Limited - loan account 45,050 0
P Butterly, C N S Butterly & P J Butterly - loan account 99,950 99,950

Guberno Limited and Guberno Capital Limited are companies under the control of Mr J J Fabby. Mr J J Fabby has given a personal guarantee of £200,000 in support of the company's borrowings.