Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-312025-05-16truefalse2023-11-01falseOS11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08266936 2023-11-01 2024-10-31 08266936 2022-11-01 2023-10-31 08266936 2024-10-31 08266936 2023-10-31 08266936 c:Director1 2023-11-01 2024-10-31 08266936 d:FreeholdInvestmentProperty 2024-10-31 08266936 d:FreeholdInvestmentProperty 2023-10-31 08266936 d:CurrentFinancialInstruments 2024-10-31 08266936 d:CurrentFinancialInstruments 2023-10-31 08266936 d:Non-currentFinancialInstruments 2024-10-31 08266936 d:Non-currentFinancialInstruments 2023-10-31 08266936 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 08266936 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 08266936 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 08266936 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 08266936 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 08266936 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 08266936 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 08266936 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 08266936 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-10-31 08266936 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 08266936 d:ShareCapital 2024-10-31 08266936 d:ShareCapital 2023-10-31 08266936 d:RetainedEarningsAccumulatedLosses 2024-10-31 08266936 d:RetainedEarningsAccumulatedLosses 2023-10-31 08266936 c:OrdinaryShareClass1 2023-11-01 2024-10-31 08266936 c:OrdinaryShareClass1 2024-10-31 08266936 c:FRS102 2023-11-01 2024-10-31 08266936 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 08266936 c:FullAccounts 2023-11-01 2024-10-31 08266936 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08266936 e:PoundSterling 2023-11-01 2024-10-31 08266936 d:FreeholdInvestmentProperty d:PreviouslyStatedAmount 2023-10-31 08266936 d:FreeholdInvestmentProperty d:PriorPeriodIncreaseDecrease 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08266936









SIENNA REAL ESTATE LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
SIENNA REAL ESTATE LTD
REGISTERED NUMBER: 08266936

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024


As restated

2024

2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
3,854,511
3,854,511

Current assets
  

Stocks
 5 
10,084,340
12,854,392

Debtors: amounts falling due within one year
 6 
56,076
320,338

Cash at bank and in hand
 7 
16,504
8,490

  
10,156,920
13,183,220

Creditors: amounts falling due within one year
 8 
(4,134,258)
(3,199,650)

Net current assets
  
 
 
6,022,662
 
 
9,983,570

Total assets less current liabilities
  
9,877,173
13,838,081

Creditors: amounts falling due after more than one year
 9 
(7,768,381)
(9,416,419)

  

Net assets
  
2,108,792
4,421,662


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
2,108,692
4,421,562

  
2,108,792
4,421,662


Page 1

 
SIENNA REAL ESTATE LTD
REGISTERED NUMBER: 08266936
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

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 16 May 2025.




V Kakkar
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Sienna Real Estate Ltd is a company limited by shares, incorporated in England and Wales. The address of the registered office is 11th Floor, The Mille, 1000 Great West Road, Brentford, TW8 9DW.
The company specialises in property developments and letting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in in the Statement of comprehensive income within 'other operating income'.

Page 3

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 4

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Investment property

Investment properties are properties held to earn rent and capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of the investment properties are included in the Statement of comprehensive income in the year in which they arise.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023 (as previously stated)
12,843,369


Prior year adjustment
(8,988,858)


At 1 November 2023 (as restated)
3,854,511



At 31 October 2024
3,854,511

The 2024 valuations were made by the director, who is not a property professional, on an open market value for existing use basis.







5.


Stocks

As restated
2024
2023
£
£

Property stock
10,084,340
12,854,392

10,084,340
12,854,392


Property 1 – Darlington
As part of his triennial review, the director has considered the property market and his current intention is to sell the retail park to another developer to complete the works and realise their full value. As such the director has considered the net realisable value of the property and has reduced its carrying value to £5m. 
The reduction in value has been accounted for in the 2024 accounts as the reduction reflects the decision by the director in the current year to change the sales strategy. These conditions did not exist as 31 October 2023, and therefore the director has reduced the value in the year-ended 31 October 2024. This has resulted in an increase to cost of sales of £1,502,487.
Property 2 – Canterbury
During the year-ended 31 October 2024, the large unit became vacant. Furthermore, a smaller unit now needs significant work and it is likely that a reduced rental income may be obtained in future. The director has therefore considered the net realisable value of the stock and reduced its value to £1m. These conditions did not exist at 31 October 2023, and therefore the director has reduced the value in the year-ended 31 October 2024. This has resulted in an increase to cost of sales of £1,486,372.

Page 6

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
56,076
62,067

Amounts owed by group undertakings
-
258,271

56,076
320,338



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,504
8,490

16,504
8,490



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
31,121
921

Amounts owed to group undertakings
3,973,294
2,927,184

Corporation tax
-
94,711

Other taxation and social security
98,603
51,951

Other creditors
-
112,993

Accruals and deferred income
21,240
1,890

4,134,258
3,199,650


Bank loans are secured by a legal charge and mortgage over the assets of the company.

Page 7

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
7,768,381
9,416,419

7,768,381
9,416,419


Bank loans are secured by a legal charge and mortgage over the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
3,333
13,333

Amounts falling due after more than 5 years

Bank loans
7,755,048
9,393,086

7,778,381
9,426,419



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



12.


Prior year adjustment

The prior year accounts have been restated to reclassify two properties with a value of £8,988,858 from investment properties to stock following the director’s triannual review of the properties. 
Both properties were purchased during the year-ended 31 October 2021 with the intention to develop the properties, attract suitable tenants, and then sell the properties. Accordingly, both properties were appropriately capitalised as stock.
 
Page 8

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.Prior year adjustment (continued)

The restatement is in response to an erroneous reclassification of these properties by the Company’s previous external accountant from stock to investment properties in the October 2022 accounts. The director considers the 2022 reclassification of both properties as investment properties as inappropriate as his intended use of the properties has always been for short-term development rather than for long term investment. 
Since acquiring the properties, the director has undertaken marketing activities, feasibility studies, and held multiple tenant discussions, all demonstrating that the properties were held with the intention of developing and selling the properties. Further specific details on each of the properties are provided below.
The director has identified these errors in his triennial review of his property portfolio, and has restated the 2023 accounts accordingly. This restatement aligns the financial statements with the actual use and intentions regarding these properties, ensuring compliance with the applicable accounting standards.
The impact of the prior year adjustment has reduced investment properties by £8,899,858 with a corresponding increase to stock, There has been no effect of the Statement of comprehensive income, or to gross or net assets as a result of this restatement.
Property 1 – Darlington
The property was purchased for £6,502,487 and was valued at cost in the October 2022 and October 2023 accounts.
Following the purchase, the company undertook a feasibility and marketing study. This valued the property between £3.4m (for vacant possession) and £7.7m (assuming the proposed development scheme had been fully completed and all units had been pre-let on commercial lease terms). 
 
Since then, the director has sought suitable tenants to enable him to exit the property with a maximum return.
The director therefore considers that the decision implemented by the previous accountants to transfer the property to investment property was incorrect and has restated the 2023 accounts accordingly.
Property 2 – Canterbury
The property was purchased for £2,486,372 and was valued at cost in the October 2022 and October 2023 accounts.
The initial intention was to secure a long-term tenant and exit the property with a maximum return as the market conditions were favourable at the point of purchase. Unfortunately, despite many attempts to attract suitable tenants for the units (and, in the year-ended 31 October 2024, coming close to securing a deal with a restaurant) the director has been unable to secure a tenant for the large unit.
The director’s current strategy is to fill the empty space with a long term covenant at a decent yield and go to market with a view to achieve a sale of the site in full.
The director has therefore considers that the decision implemented by the previous accountants to transfer the property to investment property was incorrect and has restated the 2023 accounts accordingly.

Page 9

 
SIENNA REAL ESTATE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Related party transactions

Included within other creditors is an amount due to the director of £Nil (2023 - £112,993). The loan is interest-free and repayable on demand.
 
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, not to disclose any transactions between the company and its wholly owned subsidiaries.
 
Included within debtors due within one year is an amount of £Nil (2023 - £47,100) due from companies under common control.


14.


Controlling party

The immediate and ultimate parent undertaking is Sunny Asset Management Limited, a company incorporated in England and Wales.
 
The ultimate controlling party of the company is its directordirector by virtue of his 100% shareholding in the parent undertaking.

 
Page 10