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Registration number: 13037513

SLSM Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

SLSM Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

SLSM Limited

Company Information

Directors

Mr S L Sowden-Mardell

Mrs J E M Mardell

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SLSM Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SLSM Limited for the year ended 30 November 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of SLSM Limited, as a body, in accordance with the terms of our engagement letter dated 11 April 2024. Our work has been undertaken solely to prepare for your approval the accounts of SLSM Limited and state those matters that we have agreed to state to the Board of Directors of SLSM Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SLSM Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SLSM Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SLSM Limited. You consider that SLSM Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SLSM 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 accounts.

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

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

7 May 2025

 

SLSM Limited

(Registration number: 13037513)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,301

5,962

Investment property

5

210,000

185,000

 

215,301

190,962

Current assets

 

Debtors

6

509

118

Cash at bank and in hand

 

1,198

270

 

1,707

388

Creditors: Amounts falling due within one year

7

(44,790)

(43,538)

Net current liabilities

 

(43,083)

(43,150)

Total assets less current liabilities

 

172,218

147,812

Creditors: Amounts falling due after more than one year

7

(120,246)

(120,246)

Provisions for liabilities

(9,734)

(5,237)

Net assets

 

42,238

22,329

Capital and reserves

 

Called up share capital

100

100

Other reserves

40,696

20,446

Retained earnings

1,442

1,783

Shareholders' funds

 

42,238

22,329

For the financial year ending 30 November 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.

 

SLSM Limited

(Registration number: 13037513)
Balance Sheet as at 30 November 2024

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.

Approved and authorised by the Board on 7 May 2025 and signed on its behalf by:
 

.........................................
Mr S L Sowden-Mardell
Director

 

SLSM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

SLSM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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

Other tangible assets

20% straight line

Furniture, fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SLSM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

SLSM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

2,075

5,662

7,737

Additions

320

762

1,082

At 30 November 2024

2,395

6,424

8,819

Depreciation

At 1 December 2023

752

1,023

1,775

Charge for the year

566

1,177

1,743

At 30 November 2024

1,318

2,200

3,518

Carrying amount

At 30 November 2024

1,077

4,224

5,301

At 30 November 2023

1,323

4,639

5,962

5

Investment properties

2024
£

At 1 December

185,000

Fair value adjustments

25,000

At 30 November

210,000

The 2024 valuation was undertaken by the directors, at fair value based on their knowledge of the local property market.
There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Other debtors

58

-

Prepayments and accrued income

451

118

Total current trade and other debtors

509

118

 

SLSM Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

2024
£

2023
£

Due within one year

Other creditors

43,460

42,698

Accrued expenses

1,330

840

44,790

43,538

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

120,246

120,246

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

120,246

120,246

Included within loans and borrowings is £120,246 (2023 - £120,246) on which security has been given by way of a fixed charge over the assets of the company.