Company registration number 05909061 (England and Wales)
SARRE PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 August 2024
Pages For Filing With Registrar
Sarre Properties Limited
SARRE PROPERTIES LIMITED
Contents
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
Sarre Properties Limited
SARRE PROPERTIES LIMITED
Balance Sheet
As At 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
162,146
162,146
Current assets
Debtors
5
17,333
17,018
Cash at bank and in hand
221
79
17,554
17,097
Creditors: amounts falling due within one year
6
(107,717)
(107,429)
Net current liabilities
(90,163)
(90,332)
Total assets less current liabilities
71,983
71,814
Provisions for liabilities
(8,469)
(8,469)
Net assets
63,514
63,345
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
7
24,300
24,300
Profit and loss reserves
39,213
39,044
Total equity
63,514
63,345

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
Mr N W E Baxter
Director
Company Registration No. 05909061
Sarre Properties Limited
SARRE PROPERTIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 August 2024
- 2 -
1
Accounting policies
Company information

Sarre Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Rental income

Turnover from operating leases (net of any incentives given to the lesees) is recognised on a straight-line basis over the lease term.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Sarre Properties Limited
SARRE PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
Taxation

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
Sarre Properties Limited
SARRE PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 August 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
162,146
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,333
17,018
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,620
1,560
Corporation tax
3,734
3,511
Other creditors
102,363
102,358
107,717
107,429
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
24,300
24,300

The non-distributable profits reserve comprises the revaluation of investment property less the deferred tax liability thereon. These funds were initially recognised through the profit and loss account however are not distributable to the shareholders.

8
Related party transactions

At the year end, a director owed the company £15,946 (2023: £15,731). Interest of £464 was charged on the outstanding balance during the year at an average rate of 2.25%.

 

At the year end, the company owed £99,810 (2023: £99,810) to Baxter Farms Limited, a company of which Mr N W E Baxter is also a director.

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