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Registration number: 10976769

SB Properties & Design Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SB Properties & Design Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

SB Properties & Design Limited

(Registration number: 10976769)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

500,000

1,039,061

Debtors

5

949

3,580

Cash at bank and in hand

 

461,375

3,053

 

962,324

1,045,694

Creditors: Amounts falling due within one year

6

(1,252,456)

(1,233,386)

Net liabilities

 

(290,132)

(187,692)

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

(290,332)

(187,892)

Shareholders' deficit

 

(290,132)

(187,692)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 17 June 2025
 


Mr E Schil-Barbier
Director

 

SB Properties & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is property development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis following the continued support from the company's directors for the forseeable future.

 

SB Properties & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks still in development are measured at cost. Completed properties are measured at the lower of cost and estimated selling price less selling costs.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

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

4

Stocks

2024
£

2023
£

Work in progress

500,000

1,039,061

 

SB Properties & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Debtors

2024
£

2023
£

Prepayments

949

3,580

949

3,580

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

24

27

Accruals and deferred income

2,716

3,643

Other creditors

1,249,716

1,229,716

1,252,456

1,233,386

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Other payments made to company by director
£

At 30 September 2024
£

Director loan

(1,229,715)

(20,000)

(1,249,715)

       
     

 

 

SB Properties & Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Related party transactions (continued)

2023

At 1 October 2022
£

Other payments made to company by director
£

At 30 September 2023
£

Director loan

(1,179,715)

(50,000)

(1,229,715)

 

Directors' loans are repayable on demand.