Registered number: 09515314
Sarnia (Office) Properties Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2024
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Sarnia (Office) Properties Limited
Registered number: 09515314
Balance sheet
As at 31 March 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The members have not required the Company to obtain an audit.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 March 2025.
The notes on pages 3 to 6 form part of these financial statements.
Page 1
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Sarnia (Office) Properties Limited
Statement of changes in equity
For the year ended 31 March 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Statement of changes in equity
For the year ended 31 March 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 6 form part of these financial statements.
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Page 2
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Sarnia (Office) Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
Sarnia (Office) Properties Limited ("the company") is a private company limited by shares and was incorporated in England with the registration number 09515314. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The principal activity of the company is that of property investment.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 3
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Sarnia (Office) Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Investments in subsidiary companies
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Freehold investment property
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 4
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Sarnia (Office) Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
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Amounts owed by group undertakings
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Called up share capital not paid
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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300 (2023 - 300) Ordinary shares of £1.00 each
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Profit and loss account
The Profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shares that have been issued by the company.
Page 5
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Sarnia (Office) Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
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Related party transactions
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During the year the company paid interim dividends of £Nil (2023: £30,000) to the directors.
During the year the company was owed an amount of £2,243,136 (2023: £Nil), from Oxlo Residential Developments Limited. A company which Sarnia (Office) Properties Limted has full ownership of.
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The company is controlled by its directors.
Page 6
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