Registered number: 06272363
SANDAL ESTATES NO.1 LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2024
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SANDAL ESTATES NO.1 LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SANDAL ESTATES NO.1 LIMITED
FOR THE YEAR ENDED 30 JUNE 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sandal Estates No.1 Limited for the year ended 30 June 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Sandal Estates No.1 Limited in accordance with the terms of our engagement letter dated 28 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Sandal Estates No.1 Limited and state those matters that we have agreed to state to the director of Sandal Estates No.1 Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sandal Estates No.1 Limited and its director for our work or for this report.
It is your duty to ensure that Sandal Estates No.1 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sandal Estates No.1 Limited. You consider that Sandal Estates No.1 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Sandal Estates No.1 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Fraser Russell Limited
77 Francis Road
Edgbaston
B16 8SP
28 March 2025
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SANDAL ESTATES NO.1 LIMITED
REGISTERED NUMBER: 06272363
BALANCE SHEET
AS AT 30 JUNE 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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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers 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 director acknowledges his 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 Company has opted not to file the statement of comprehensive income 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 28 March 2025.
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SANDAL ESTATES NO.1 LIMITED
REGISTERED NUMBER: 06272363
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The notes on pages 4 to 10 form part of these financial statements.
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Sandal Estates No.1 Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration of 06272363. The address of the registered office is 77 Francis Road, Birmingham, England, B16 8SP.
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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:
The financial statements has been prepared on a going concern basis which assumes that the company will continue to receive support from creditors and the director as and when required.
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
Investment property is carried at fair value determined annually by external valuers 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.
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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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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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.
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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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Current tax on profits for the year
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Taxation on profit on ordinary activities
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
4.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Freehold investment property
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The 2024 valuations were made by 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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Amounts owed by group related parties
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Cash and cash equivalents
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Creditors: Amounts falling due within one year
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Amounts owed to related parties
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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SANDAL ESTATES NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Related party transactions
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Khalid Hussain is the sole directors and shareholders of the company.
During the year, the directo provided loans of £9,140 to the company. At 30 June 2024, the Company owed £842 (2023: £9,982) to the directors, which is included in other creditors due within one year.
During the year, the company did have any transactions with Clough Development Limited. At 30 June 2024, Clough Development Limited owed £296,224 (2023: 296,224) to Sandal Estates No 1 Limited, which is included in debtors due within one year.
During the year, the company did have any transactions with Wickersley Homes Limited. At 30 June 2024, Sandal Estates No.1 Limited owed £60,107 (2023: £60,107) to Wickersley Homes Limited, which is included in creditors due within one year.
During the year, the company did have any transactions with Birkdale Properties Limited. At 30 June 2024, Sandal Estates No.1 Limited owed £413,762 (2023: £413,762) to Birkdale Properties Limited, which is included in creditors due within one year.
During the year, the company did have any transactions with Infinity Estates Limited. At 30 June 2024, Infinity Estates Limited owed £344,248 (2023: £344,248) to Sandal Estates No.1 Limited, which is included in debtors due within one year.
During the year, the company did have any transactions with Fairleigh Constructions limited. At 30 June 2024, the Company owed £118,850 (2023: £118,850) to Fairleigh Constructions Limited, which is included in other creditors due within one year.
The above balance is payable on demand and therefore there are no significant differences between the
value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet.
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During the year, the company was under the control of Khalid Hussain, who is both the director and shareholder of the company.
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