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Registration number: 13283413

SSLW Properties Limited

Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

SSLW Properties Limited

Contents

Company Information

1

Abridged Statement of Financial Position

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

SSLW Properties Limited

Company Information

Directors

S C K Woodcock

S L Woodcock

Registered office

Oast Cottage Stoke Road
Hoo
Rochester
ME3 9NR

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

SSLW Properties Limited

(Registration number: 13283413)
Abridged Statement of Financial Position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

5,839

8,344

Investment property

5

250,000

189,782

 

255,839

198,126

Current assets

 

Debtors

1,089

444

Cash at bank and in hand

 

9,985

6,811

 

11,074

7,255

Creditors: Amounts falling due within one year

(84,820)

(81,572)

Total assets less current liabilities

 

182,093

123,809

Creditors: Amounts falling due after more than one year

6

(121,770)

(125,646)

Provisions for liabilities

(15,055)

-

Net assets/(liabilities)

 

45,268

(1,837)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

45,266

(1,839)

Shareholders' funds/(deficit)

 

45,268

(1,837)

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.

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been 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 Income Statement.

 

SSLW Properties Limited

(Registration number: 13283413)
Abridged Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................

S C K Woodcock

Director

 

SSLW Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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:
Oast Cottage Stoke Road
Hoo
Rochester
ME3 9NR

The principal activity of the company is that of property investment.

These financial statements were authorised for issue by the Board on 21 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' Section 1A and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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, and are presented in Sterling, which is the functional currency of the company.

Going concern

The company made a profit for the year ended 31 March 2024, and had net assets at that date amounting to £45,268 including cash at bank of £9,985, but had net current liabilities amounting to £73,746.

In determining whether the company remains a going concern, the directors have considered the impact of the cost of living crisis. The company has simple affairs, minimal expenditure, and few fixed overheads. At 31 March 2024 an amount of £72,131 was due to a director who has agreed not to call for repayment until such time that the company has sufficient working capital.

As such, after making enquiries, the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in connection with property rental in the ordinary course of the company's activities. Turnover is shown net of rebates and discounts.

The company recognises rental income evenly over the period of the lease or licence.

 

SSLW Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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 and fittings

5 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by by the directors based upon an informal professional valuation. 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 profit or loss.

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.

 

SSLW Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

SSLW Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
 £

Cost

At 1 April 2023 (as restated)

12,523

At 31 March 2024

12,523

Depreciation

At 1 April 2023 (as restated)

4,179

Charge for the year

2,505

At 31 March 2024

6,684

Carrying amount

At 31 March 2024

5,839

At 31 March 2023 (as restated)

8,344

5

Investment properties

Fair value

2024
£

At 1 April 2023

189,782

Fair value adjustments

60,218

At 31 March 2024

250,000

The investment property is reflected at fair value as estimated by the directors at an amount of £250,000 based upon an informal professional valuation.

6

Creditors

Bank borrowings amounting to £130,036 (2023: £133,902) are secured by a fixed charge over the investment property shown in note 5.

7

Prior period adjustment

During the year the directors identified that certain expenses and balance sheet items had not been accurately reflected in prior periods. It is not practicable to disclose the effect of each error. The errors have been adjusted in the current year and the comparatives have been restated. Net assets at 31 March 2023 are £8,648 lower (2022: £10,787 higher) than previously stated, and profit for the year ended 31 March 2023 is £542 (2022: £10,787) higher than previously stated.