Company registration number 01913885 (England and Wales)
SLOANE AVENUE MANSIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SLOANE AVENUE MANSIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SLOANE AVENUE MANSIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,500,000
1,700,000
Current assets
Cash at bank and in hand
341,475
361,407
Creditors: amounts falling due within one year
5
(107,110)
(74,423)
Net current assets
234,365
286,984
Total assets less current liabilities
1,734,365
1,986,984
Provisions for liabilities
6
(337,718)
(387,718)
Net assets
1,396,647
1,599,266
Capital and reserves
Called up share capital
48,675
48,675
Share premium account
71,640
71,640
Non-distributable profits reserve
8
1,079,485
1,229,485
Distributable profit and loss reserves
9
196,847
249,466
Total equity
1,396,647
1,599,266

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

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

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Ting Kit Leung
Director
Company registration number 01913885 (England and Wales)
SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Sloane Avenue Mansions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 37 High Holborn, London, WC1V 6AA.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors have a reasonable expectation that the company has adequate resources for the foreseeable futuretrue and for a minimum period of 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company's financial statements.

 

1.3
Turnover

Turnover represents rents receivable for the period and lease extension income for the period excluding VAT.

 

1.4
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.

1.5
Cash and cash equivalents

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.

1.6
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 and officers (including directors) during the year was:

2024
2023
Number
Number
Directors
5
5
4
Investment property
2024
£
Fair value
At 1 January 2024
1,700,000
Revaluations
(200,000)
At 31 December 2024
1,500,000
SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investment property
(Continued)
- 5 -

The financial statements have been prepared under FRS 102. Investment property is recognised at market value with any aggregate surplus or deficit arising from changes in market value being recorded on the income statement. Year to year changes in the valuation are not treated as taxable by HMRC.

 

The market value of £1.5m for the freehold interest was valued by an independent surveyor, B R Maunder Taylor of Maunder Taylor. Mr B R Maunder Taylor is a Fellow of the Royal Institution of Chartered Surveyors.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
38,661
10,547
Other creditors
68,449
63,876
107,110
74,423
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
337,718
387,718
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
337,718
387,718
2024
Movements in the year:
£
Liability at 1 January 2024
387,718
Credit to profit or loss
(50,000)
Liability at 31 December 2024
337,718
SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,229,485
1,259,485
Non distributable reserve in the year
(150,000)
(30,000)
At the end of the year
1,079,485
1,229,485
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
249,466
205,796
Adjusted balance
249,466
205,796
(Loss)/profit for the year
(28,619)
13,670
Current year non-distributable reserve
150,000
30,000
Dividends declared and paid in the year
(177,000)
-
Dividends waived
3,000
-
At the end of the year
196,847
249,466
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
William Wan
Statutory Auditor:
Elliotts Shah
Date of audit report:
14 April 2025
SLOANE AVENUE MANSIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
11
Directors' transactions

During the year, total dividends of £177,000 were paid to the shareholders of the Company of which £10,000 was paid, in aggregate, to Directors in respect of their shareholdings in the Company.

 

 

12
Ultimate controlling party

In the opinion of Directors there is no Ultimate Controlling Party.

 

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