Sawgrass Property Investments Limited 03479783 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 03479783 2024-01-01 2024-12-31 03479783 2024-12-31 03479783 core:CurrentFinancialInstruments 2024-12-31 03479783 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03479783 core:Non-currentFinancialInstruments 2024-12-31 03479783 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 03479783 core:FurnitureFittingsToolsEquipment 2024-12-31 03479783 bus:SmallEntities 2024-01-01 2024-12-31 03479783 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03479783 bus:FilletedAccounts 2024-01-01 2024-12-31 03479783 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03479783 bus:RegisteredOffice 2024-01-01 2024-12-31 03479783 bus:CompanySecretary1 2024-01-01 2024-12-31 03479783 bus:Director1 2024-01-01 2024-12-31 03479783 bus:Director2 2024-01-01 2024-12-31 03479783 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03479783 core:FurnitureFittings 2024-01-01 2024-12-31 03479783 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 03479783 core:KeyManagementPersonnel 2024-01-01 2024-12-31 03479783 countries:EnglandWales 2024-01-01 2024-12-31 03479783 2023-12-31 03479783 core:FurnitureFittingsToolsEquipment 2023-12-31 03479783 2023-01-01 2023-12-31 03479783 2023-12-31 03479783 core:CurrentFinancialInstruments 2023-12-31 03479783 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03479783 core:Non-currentFinancialInstruments 2023-12-31 03479783 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03479783 core:FurnitureFittingsToolsEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 03479783

Sawgrass Property Investments Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sawgrass Property Investments Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sawgrass Property Investments Limited

Company Information

Directors

R Robson

D Robson

Company secretary

D L Lawrence-Smyth

Registered office

29 Highfield Road
Bromley
Kent
BR1 2JN

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Sawgrass Property Investments Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,204

1,607

Investment property

5

4,438,000

4,253,000

 

4,439,204

4,254,607

Current assets

 

Debtors

6

18,600

53,499

Cash at bank and in hand

 

177,351

267,408

 

195,951

320,907

Creditors: Amounts falling due within one year

7

(44,202)

(43,738)

Net current assets

 

151,749

277,169

Total assets less current liabilities

 

4,590,953

4,531,776

Creditors: Amounts falling due after more than one year

7

(1,469,795)

(1,469,795)

Provisions for liabilities

(630,882)

(584,733)

Net assets

 

2,490,276

2,477,248

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

2,489,276

2,476,248

Shareholders' funds

 

2,490,276

2,477,248

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sawgrass Property Investments Limited

Statement of Financial Position as at 31 December 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’.

The directors have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................

R Robson

Director

Company registration number: 03479783

 

Sawgrass Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
29 Highfield Road
Bromley
Kent
BR1 2JN

The principal activity of the company is that of property investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 December 2024 of £2,490,276. The company continues to receive rental income as demanded and meets its obligations as they fall due.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Revenue represents the total amount received or receivable by the company in respect of rental income (excluding VAT) in the ordinary course of the company's activities.

The company recognises rental income evenly over the period of the lease or licence.

 

Sawgrass Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Sawgrass Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 income statement 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023: 2).

 

Sawgrass Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

10,908

10,908

At 31 December 2024

10,908

10,908

Depreciation

At 1 January 2024

9,301

9,301

Charge for the year

403

403

At 31 December 2024

9,704

9,704

Carrying amount

At 31 December 2024

1,204

1,204

At 31 December 2023

1,607

1,607

5

Investment properties

Fair value

2024
£

At 1 January 2024

4,253,000

Fair value adjustments

185,000

At 31 December 2024

4,438,000

The investment properties are included at fair value at 31 December 2024 as estimated by the directors at an amount of £4,438,000 based upon their knowledge of the market.

6

Debtors

2024
£

2023
£

Trade debtors

7,778

6,521

Other debtors

10,822

46,978

18,600

53,499

 

Sawgrass Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

4,951

2,205

Taxation and social security

1,160

5,719

Accruals and deferred income

6,600

6,611

Other creditors

31,491

29,203

44,202

43,738

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank loans

1,469,795

1,469,795

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

Payable other than by instalments

312,112

312,112



The bank loans are secured by fixed charges over certain of the company's investment properties.

9

Transactions with directors

During the year an amount of £570 (2023: £40,451) was due from a director. Repayments of £40,451 were made in the year. Interest of £570 (2023: £451) is payable to the company at 2.25% per annum, there are no set terms in place.

10

Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £2,404,841 (2023: £2,266,091) is non-distributable.