Company registration number 03753290 (England and Wales)
SIDELAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SIDELAR LIMITED
COMPANY INFORMATION
Directors
I Rankin
B Rankin
Secretary
Ian Rankin
Company number
03753290
Registered office
5th Floor
Ship Canal House
98 King Street
Manchester
United Kingdom
M2 4WU
Accountants
Azets
Ship Canal House
98 King Street
Manchester
M2 4WU
SIDELAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SIDELAR LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
233,783
233,783
Current assets
Cash at bank and in hand
33,180
38,885
Creditors: amounts falling due within one year
4
(689)
(1,011)
Net current assets
32,491
37,874
Total assets less current liabilities
266,274
271,657
Provisions for liabilities
(44,653)
(44,653)
Net assets
221,621
227,004
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
6
140,874
140,874
Profit and loss reserves
80,647
86,030
Total equity
221,621
227,004

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

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

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 members have 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 by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
I Rankin
Director
Company Registration No. 03753290
SIDELAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Sidelar Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ship Canal House, 98 King Street, Manchester, United Kingdom, M2 4WU.

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. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any impairment losses. Depreciation is not provided for in respect of freehold land as the residual value is anticipated to be at least equal to its market value.

 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

 

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.

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. Financial assets classified as receivable within one year are not amortised.

SIDELAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities including creditors are initially recognised at transaction price. 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.

1.5
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.

1.6
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.

 

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
Employees

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

2024
2023
Number
Number
Total
2
2
SIDELAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Freehold land
Computer equipment
Total
£
£
£
Cost or valuation
At 1 October 2023 and 30 September 2024
233,783
608
234,391
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
0
608
608
Carrying amount
At 30 September 2024
233,783
-
0
233,783
At 30 September 2023
233,783
-
0
233,783

A revaluation gain of £201,970 has been recognised during a prior period on the freehold land owned by the company. The valuation was made by the directors, having taken appropriate professional advice into consideration.

If revalued assets were stated on an historical cost basis rather than a valuation basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
45,951
45,951
Accumulated depreciation
-
-
Carrying value
45,951
45,951
The revaluation surplus is dislosed in note 8.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due to group undertakings
47
13
Other taxation and social security
(897)
(541)
Other creditors
1,539
1,539
689
1,011

 

5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
SIDELAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Called up share capital
2024
2023
£
£
(Continued)
- 5 -
6
Revaluation reserve
2024
2023
£
£
At the beginning of the year
140,874
154,859
Other movements
-
(13,985)
At the end of the year
140,874
140,874

The revaluation reserve is not distributable.

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