Registration number:
SDT Properties 2017 Limited
for the Year Ended 31 August 2024
SDT Properties 2017 Limited
Contents
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Company Information |
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Director's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
SDT Properties 2017 Limited
Company Information
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Director |
S A Dawodu-Talabi |
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Registered office |
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SDT Properties 2017 Limited
Director's Report for the Year Ended 31 August 2024
The director presents her report and the financial statements for the year ended 31 August 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is property investment
Small companies provision statement
This report has 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 by the
Director
SDT Properties 2017 Limited
Profit and Loss Account for the Year Ended 31 August 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
10,824 |
7,754 |
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Interest payable and similar expenses |
( |
( |
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Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
SDT Properties 2017 Limited
(Registration number: 10809464)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(27,196) |
(22,554) |
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Shareholders' deficit |
(27,096) |
(22,454) |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
SDT Properties 2017 Limited
(Registration number: 10809464)
Balance Sheet as at 31 August 2024
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
Director
SDT Properties 2017 Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
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Share capital |
Retained earnings |
Total |
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At 1 September 2023 |
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( |
( |
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Loss for the year |
- |
( |
( |
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At 31 August 2024 |
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( |
( |
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Share capital |
Retained earnings |
Total |
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At 1 September 2022 |
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( |
( |
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Loss for the year |
- |
( |
( |
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At 31 August 2023 |
100 |
(22,554) |
(22,454) |
SDT Properties 2017 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
SDT Properties 2017 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Investment property
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.
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Investment properties |
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2024 |
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At 1 September |
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At 31 August |
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There has been no valuation of investment property by an independent valuer.
Investment properties was valued on an open market value basis on 31 August 2024 by the director.
SDT Properties 2017 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Debtors |
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Current |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Creditors include bank loans which are secured on the property as a first charge of £476,953 (2023 - £289,453).
Creditors include bank loans repayable by instalments of £476,953 (2023 - £289,453) due after more than five years.
Creditors due in more than one year include other loans of £10,000 (2023 - £20,000).
SDT Properties 2017 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Related party transactions |
Included in other creditors, there is a director's loan account balance of £89,058 (2023: £79,558).
SDT Properties 2017 Limited
Detailed Profit and Loss Account for the Year Ended 31 August 2024
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2024 |
2023 |
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Turnover |
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Other revenue |
223 |
263 |
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Rental income from investment property |
28,720 |
22,150 |
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Commissions receivable |
- |
3,123 |
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28,943 |
25,536 |
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Cost of sales |
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Direct costs |
4,911 |
4,540 |
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Establishment costs |
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Ground rent and service charges |
(5,555) |
(3,743) |
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Insurance |
(300) |
- |
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Repairs and maintenance |
(823) |
- |
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(6,678) |
(3,743) |
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General administrative expenses |
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Sundry expenses |
(1,947) |
(732) |
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Finance charges |
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Abortive costs |
(3,576) |
(5,000) |
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Bank charges |
(84) |
(84) |
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Remortgage costs |
(923) |
(3,683) |
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(4,583) |
(8,767) |
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Operating profit |
10,824 |
7,754 |
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Interest payable and similar charges |
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Bank loan interest payable |
15,465 |
15,664 |
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Other loan interest |
1 |
12,000 |
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15,466 |
27,664 |
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Loss before tax |
(4,642) |
(19,910) |