| So Tsang Properties Ltd |
| Registered number: |
11798267 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,934,275 |
|
|
1,172,771 |
|
| Current assets |
| Debtors |
4 |
|
188 |
|
|
670 |
| Cash at bank and in hand |
|
|
6,634 |
|
|
192,591 |
|
|
|
6,822 |
|
|
193,261 |
|
| Creditors: amounts falling due within one year |
5 |
|
(451,142) |
|
|
(296,595) |
|
| Net current liabilities |
|
|
|
(444,320) |
|
|
(103,334) |
|
| Total assets less current liabilities |
|
|
|
1,489,955 |
|
|
1,069,437 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,146,974) |
|
|
(729,168) |
|
|
|
| Net assets |
|
|
|
342,981 |
|
|
340,269 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
4 |
|
|
4 |
| Revaluation reserve |
8 |
|
|
349,725 |
|
|
349,725 |
| Profit and loss account |
|
|
|
(6,748) |
|
|
(9,460) |
|
| Shareholders' funds |
|
|
|
342,981 |
|
|
340,269 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| A Tsang |
| Director |
| Approved by the board on 15 March 2025 |
|
| So Tsang Properties Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received for rental income. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
0% |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
(including unpaid Directors) |
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 January 2024 |
1,172,771 |
|
Additions |
761,504 |
|
At 31 December 2024 |
1,934,275 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
1,934,275 |
|
At 31 December 2023 |
1,172,771 |
|
|
|
|
|
|
|
|
|
|
|
The revaluation took place on 31 December 2020 by Pygott & Crone Commercial. The valuer is a RICS registered valuer. |
|
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Other debtors |
188 |
|
670 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Corporation tax |
609 |
|
6,062 |
|
Other creditors |
450,533 |
|
290,533 |
|
|
|
|
|
|
451,142 |
|
296,595 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
1,146,974 |
|
729,168 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,146,974 |
|
607,368 |
|
|
|
|
|
|
|
|
|
|
Paratus Amc Limited and Onesavings Bank PLC hold security over the assets of the company. |
|
|
| 8 |
Revaluation reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
349,725 |
|
349,725 |
|
|
At 31 December 2024 |
349,725 |
|
349,725 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Other information |
|
|
So Tsang Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
68a Carlton Road |
|
Nottingham |
|
NG3 2AP |