Company registration number 01924367 (England and Wales)
SLEEKMADE PROPERTY CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SLEEKMADE PROPERTY CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SLEEKMADE PROPERTY CO LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
10,979
Investment property
4
51,438,501
35,640,922
51,438,501
35,651,901
Current assets
Debtors
5
21,401,797
22,640,524
Cash at bank and in hand
604,350
336,880
22,006,147
22,977,404
Creditors: amounts falling due within one year
6
(10,271,788)
(11,584,629)
Net current assets
11,734,359
11,392,775
Total assets less current liabilities
63,172,860
47,044,676
Creditors: amounts falling due after more than one year
7
(15,138,435)
(15,431,145)
Provisions for liabilities
(4,298,586)
(349,192)
Net assets
43,735,839
31,264,339
Capital and reserves
Called up share capital
100,000
100,000
Fair value reserves
8
23,999,738
12,151,553
Profit and loss reserves
19,636,101
19,012,786
Total equity
43,735,839
31,264,339
SLEEKMADE PROPERTY CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -

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

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 24 July 2025 and are signed on its behalf by:
Mr S Singh (Chairman)
Director
Company registration number 01924367 (England and Wales)
SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Sleekmade Property Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Castle Heights, 72 Maid Marian Way, Nottingham, NG1 6BJ.

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 investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
33% reducing balance

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.

1.4
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.

SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
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.

1.7
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 measured at transaction price including transaction costs.

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 and loans from fellow group companies are recognised at transaction price.

 

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.

1.8
Equity instruments

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.

2
Employees

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

2024
2023
Number
Number
Total
6
16
SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
54,854
65,726
10,454
131,034
Disposals
(54,854)
(65,726)
(10,454)
(131,034)
At 30 June 2024
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 July 2023
53,972
59,549
6,534
120,055
Eliminated in respect of disposals
(53,972)
(59,549)
(6,534)
(120,055)
At 30 June 2024
-
0
-
0
-
0
-
0
Carrying amount
At 30 June 2024
-
0
-
0
-
0
-
0
At 30 June 2023
882
6,177
3,920
10,979
4
Investment property
2024
£
Fair value
At 1 July 2023
35,640,922
Revaluations
15,797,579
At 30 June 2024
51,438,501

The fair value of the investment properties have been arrived at by the directors in reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
467,284
440,002
Other debtors
20,934,513
22,200,522
21,401,797
22,640,524
SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
As restated
£
£
Bank loans
350,000
865,947
Trade creditors
843,841
552,290
Corporation tax
558,156
842,159
Other taxation and social security
197,090
304,475
Other creditors
8,322,701
9,019,758
10,271,788
11,584,629

Bank loans are secured by fixed and floating charges over the company's properties.

7
Creditors: amounts falling due after more than one year
2024
2023
As restated
£
£
Bank loans and overdrafts
15,138,435
15,431,145

Bank loans are secured by fixed and floating charges over the company's properties.

8
Fair value reserves
2024
2023
As restated
£
£
At the beginning of the year
12,151,553
12,349,720
Non distributable profits in the year
11,848,185
(198,167)
At the end of the year
23,999,738
12,151,553
9
Related party transactions

At the year end, amounts owing from related parties totalled £20,297,234 (2023: £19,940,561) and amounts owed to related parties totalled £7,024,589 (2023: £5,920,848).

SLEEKMADE PROPERTY CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan to director
-
49,310
-
49,310
Loan to director
-
336,839
-
336,839
Loan to director
-
77,157
579
77,736
463,306
579
463,885

The above balances are included within other debtors.

11
Prior period adjustment

The comparative figures have been restated to reflect corrections for previously omitted entries in the financial statements relating to the disposal of investment property, interest on bank loan repayments, deferred taxation on fair value gains and corporation tax.

 

The table below sets out the figures previously reported and the effect of the restatement adjustment:

Changes to the balance sheet
As previously reported
Adjustment at 1 Jul 2022
Adjustment at 30 Jun 2023
As restated at 30 Jun 2023
£
£
£
£
Fixed assets
Investment properties
36,979,857
(1,063,935)
(275,000)
35,640,922
Creditors due within one year
Taxation
(934,933)
150,574
(362,275)
(1,146,634)
Creditors due after one year
Loans and overdrafts
(16,044,008)
1,080,789
(467,926)
(15,431,145)
Provisions for liabilities
Deferred tax
-
(349,192)
-
(349,192)
Net assets
32,551,304
(181,764)
(1,105,201)
31,264,339
Capital and reserves
Profit and loss reserves
32,451,304
(181,764)
(1,105,201)
31,164,339
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