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Company Registration No. 05954848 (England and Wales)
SWEENEY ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2024
Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE
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COMPANY INFORMATION
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Chartered Certified Accountants
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CONTENTS
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Notes to the Financial Statements
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SWEENEY ESTATES LIMITED
REGISTERED NUMBER:05954848
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BALANCE SHEET
AS AT 31 AUGUST 2024
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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SWEENEY ESTATES LIMITED
REGISTERED NUMBER:05954848
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BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The directors consider 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 directors acknowledge their 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 profit and loss account 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 9 May 2025.
___________________________
J P Sweeney
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Sweeney Estates Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is 3 Conqueror court, Spilsby Road, Harold Hill, Romford, Essex, RM3 8SB.
2.Accounting policies
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Basis of preparation of financial statements
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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 financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the total invoice value of rent receivable during the year.
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Foreign currency translation
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Transactions in currency other than pounds sterling are recorded at the rates of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Investment properties are carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable, real estate, adjusted if necessary for any difference in the nature, location or condition of the specified asset. No depreciation is provided. Changes in fair value are recognised in profit and loss.
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Freehold investment properties
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At the balance sheet date, the directors consider the carrying amount of the investment properties approximate to their fair value.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to related undertaking
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Analysis of the maturity of loans is given below:
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Payable after more than 1 year
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The bank loan represents a mix of interest only and repayment mortgages. The banks have mortgage debentures over investment properties of the company
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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The provision for deferred taxation is made up as follows:
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Revaluation of investment properties
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Allotted, called up and fully paid
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10 A Ordinary share shares of £1.00 each
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90 B Ordinary shares shares of £1.00 each
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Post balance sheet events
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There were no events since the year end which materially affected the company.
The company is owned and controlled by the directors and their family members .
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