Sheridan Keane Real Estate Investment - Accounts to registrar (filleted)

REGISTERED NUMBER: SC383839 (Scotland)

Sheridan Keane Real Estate Investment

Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Sheridan

Mrs V J Sheridan

C Keane

Mrs J Keane

P J Ford

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC383839 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

600 Gorgie Road

Edinburgh

EH11 3XP

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

50,537

70,071

50,537

70,071

CURRENT ASSETS

Debtors

6

184,996

433,394

Cash at bank and in hand

550,182

156,337

735,178

589,731

CREDITORS

Amounts falling due within one year

7

424,484

381,895

NET CURRENT ASSETS

310,694

207,836

TOTAL ASSETS LESS CURRENT LIABILITIES

361,231

277,907

CREDITORS

Amounts falling due after more than one
year

8

(64,311

)

(122,537

)

PROVISIONS FOR LIABILITIES

(12,530

)

(16,930

)

NET ASSETS

284,390

138,440

CAPITAL AND RESERVES

Called up share capital

104

Retained earnings

284,286

138,336

284,390

138,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by:

S G Sheridan - Director

1.	STATUTORY INFORMATION

Sheridan Keane Real Estate Investment Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director's going concern assessment includes a period of at least 12 months from the date of signing of these financial statements

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover represents net invoiced property commission, excluding value added tax.

Revenue is recognised when the service has been provided and all obligations to the customers under the agreement have been fulfilled.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Computer & office equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

2,400

Disposals

(2,400

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

2,400

Eliminated on disposal

(2,400

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

127,038

Additions

1,865

At 31 December 2024

128,903

DEPRECIATION

At 1 January 2024

56,967

Charge for year

21,399

At 31 December 2024

78,366

NET BOOK VALUE

At 31 December 2024

50,537

At 31 December 2023

70,071

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

75,249

DEPRECIATION

At 1 January 2024

15,050

Charge for year

15,050

At 31 December 2024

30,100

NET BOOK VALUE

At 31 December 2024

45,149

At 31 December 2023

60,199

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

1,302

212,463

Amounts owed by group undertakings

109,828

Other debtors

73,866

111,103

184,996

433,394

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

50,000

Hire purchase contracts (see note 9)

8,226

Amounts owed to group undertakings

61,994

138,508

Taxation and social security

281,568

143,011

Other creditors

22,696

42,150

424,484

381,895

Included within other creditors is a loan from the directors. The balance is unsecured and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans

20,833

70,833

Hire purchase contracts (see note 9)

43,478

51,704

64,311

122,537

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

8,226

Between one and five years

43,478

51,704

59,930

Non-cancellable

operating leases

2024

2023

£

Within one year

32,895

30,080

Between one and five years

17,869

37,633

50,764

67,713

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

70,833

120,833

The Bank of Scotland Plc holds a bond and floating charge over the assets of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is a directors loan balance of £620 (2023 - £2,663).

12.	RELATED PARTY DISCLOSURES

DIVIDENDS

During the year dividends of £412,067 (2023 - £1,262,230) were paid to the shareholders and their related companies.