REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
SV & TB Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
SV & TB Ltd |
SV & TB Ltd (Registered number: 11340639) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SV & TB Ltd |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
80 Woodrush Way |
Romford |
Essex |
RM6 5BL |
SV & TB Ltd (Registered number: 11340639) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SV & TB Ltd (Registered number: 11340639) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
SV & TB Ltd (Registered number: 11340639) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
SV & TB Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis, notwithstanding the fact that there is a net current asset of £19,767 (2023: deficit of t£13,231) on the balance sheet. The Directors, having made appropriate enquiries, are satisfied that the company will receive continued support from the company's ultimate shareholders and the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements.The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts receivable for rent and services. Rent is recognised for the period for which it is due. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
SV & TB Ltd (Registered number: 11340639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price.Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SV & TB Ltd (Registered number: 11340639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The company's investment property consists mainly of flats and the properties are measured at fair value. The valuation is carried out by the directors using observable market prices and yield basis. The property values can fluctuate upwards as well as downwards and would be adjusted as necessary, for any changes in the condition of the assets. |
The current year yield was 5.88% (2023: 5.74%) and the value of the properties have generally remained stagnant in the past 12 months. Therefore in the opinion of the directors, the fair value of investment properties, as at the balance sheet date, are not significantly different to their net book value. |
. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors | ( |
) |
Other creditors |
Directors' current accounts | 98,566 | 98,566 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans (see note 8) |
SV & TB Ltd (Registered number: 11340639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year or on demand: |
BBLS Loan | 4,700 | 5,522 |
Amounts falling due between one and two years: |
BBLS Loan 1-2 years | 4,700 | 5,522 |
Amounts falling due between two and five years: |
BBLS Loan 2-5 years | 24,281 | 28,529 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 3,358,363 | 3,358,204 |
The company received bounce back loan of £47,500 from Metro Bank in July 2020, due to uncertainties relating to COVID19 pandemic. This loan is supported by the UK government and repayable by instalment within Ten year from the date of the draw down. The loan was interest free for the first 12 months and no repayments were required to be made within the first 12 months from the date of draw down. At the balance sheet date the amount owed to Metro Bank was £33,681. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank Loans | 3,358,363 | 3,358,204 |
The bank loans are secured by way of fixed charge over all the properties or undertakings of the company and negative pledges. |
SV & TB Ltd (Registered number: 11340639) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | RELATED PARTY DISCLOSURES |
Included in creditors amounts falling due within one year is loan of £ 98,566 (2023: £98,566) owed by the company to its directors.These loan amounts are interest free and payable on demand. |