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COMPANY REGISTRATION NUMBER: 03536728
SRM Investments Limited
Filleted Unaudited Financial Statements
29 September 2024
SRM Investments Limited
Statement of Financial Position
29 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
1,000,000
850,000
Investment
5
1
1
------------
---------
1,000,001
850,001
Current assets
Debtors
6
2,299
Cash at bank and in hand
10,277,476
9,896,183
-------------
------------
10,277,476
9,898,482
Creditors: amounts falling due within one year
7
9,693,678
9,599,849
-------------
------------
Net current assets
583,798
298,633
------------
------------
Total assets less current liabilities
1,583,799
1,148,634
Creditors: amounts falling due after more than one year
8
1,138,690
1,060,364
Provisions
Taxation including deferred tax
77,592
30,469
Accruals and deferred income
6,000
5,000
------------
------------
Net assets
361,517
52,801
------------
------------
Capital and reserves
Called up share capital
200
200
Revaluation reserve
559,766
409,766
Profit and loss account
( 198,449)
( 357,165)
---------
---------
Shareholders funds
361,517
52,801
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SRM Investments Limited
Statement of Financial Position (continued)
29 September 2024
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
M Au-Yeung
Director
Company registration number: 03536728
SRM Investments Limited
Notes to the Financial Statements
Year ended 29 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Devonshire House, 582 Honeypot Lane, Stanmore, Middlesex, HA7 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The loans within the company are provided by the directors, who will not ask for repayment in the foreseeable future. The directors therefore consider it appropriate that the financial statements are prepared on a going concern basis.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Investment properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities(effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciation. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation, and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Investment properties
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 30 September 2023
850,000
4,332
854,332
Revaluations
150,000
150,000
------------
-------
------------
At 29 September 2024
1,000,000
4,332
1,004,332
------------
-------
------------
Depreciation
At 30 September 2023 and 29 September 2024
4,332
4,332
------------
-------
------------
Carrying amount
At 29 September 2024
1,000,000
1,000,000
------------
-------
------------
At 29 September 2023
850,000
850,000
------------
-------
------------
The valuation of the investment property was carried out by the directors on an open market value basis. In the directors' opinion the value of the property on 29 September 2024 was £1,000,000. No depreciation is provided in respect of these properties. On a historical cost basis these would have been included at an original cost of £409,765 (2023 : £409,765).
5. Investment
Unlisted Investment
£
Cost
At 30 September 2023 and 29 September 2024
1
----
Impairment
At 30 September 2023 and 29 September 2024
----
Carrying amount
At 29 September 2024
1
----
At 29 September 2023
1
----
Unlisted investment represents a holding of one share of £0.75 in City Quay (London) Limited, which holds the headlease of the investment property held by the company.
6. Debtors
2024
2023
£
£
Other debtors
2,299
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
93,561
25,577
Other creditors
9,600,117
9,574,272
------------
------------
9,693,678
9,599,849
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,138,690
1,060,364
------------
------------
Analysis of loans 2024 2023 £ £ Not wholly repayable within five years other than by instalments 1,138,690 1,060,364 Wholly repayable within five years 9,600,117 9,574,572 The loans in total amounted to £10,738,807 (2023 £10,634,936) Other creditors comprise a debenture and three long term loans. The debenture is due for repayments after six years. Interest accrues at the rate of 2% above the HSBC Bank base rate, and the debenture is secured by a charge over the investment property. The long term loans are due for repayment after five years. Interest accrues at the rate of 2% above the HSBC bank base rate, and the loans are unsecured.
9. The following loans have been received from the directors:
The following loans have been received from the directors:
Mortgage with interest
2024 2023
£ £
S Au-Yeung 65,959 61,422
R Au-Yeung 196,517 183,001
M Au-Yeung 310,782 289,404
Mortgage debenture in total amounted to £573,258 (2023 - £533,827)
The original mortgage debenture totalled £220,000. Every year, the interest due is compounded into the outstanding balance.
Long Term Loan with interest
2023 2023
£ £
S Au-Yeung 221,908 206,644
R Au-Yeung 88,651 82,553
M Au-Yeung 254,871 237,340
Long Term Loan in total amounted to £565,430 (2023 - £526,537)
Short Term Loan
2024 2023
£ £
S Au-Yeung 5,363,396 5,363,396
R Au-Yeung 2,192,660 2,192,660
M Au-Yeung 2,044,061 2,018,516
The short term loans in total amounted to £9,600,117 (2023 - £9,574,572). These loans are flexible and do not bear interest.
10. Related party transactions
The company was under the control of the Au-Yeung family,throughout the current and previous year. The Au-Yeung family are the directors and majority shareholders of the company.