ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 10963130

SDH ESTATES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

SDH ESTATES LIMITED

COMPANY INFORMATION

Director	S J D De Haan


Registered number	10963130


Registered office	Eighth Floor
	6 New Street Square
	New Fetter Lane
	London
	EC4A 3AQ


Accountants	Rawlinson & Hunter LLP
	Chartered Accountants
	Eighth Floor
	6 New Street Square
	New Fetter Lane
	London
	EC4A 3AQ

SDH ESTATES LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 - 12

SDH ESTATES LIMITED

REGISTERED NUMBER: 10963130

BALANCE SHEET

AS AT 30 SEPTEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		67,992		10,642
			67,992		10,642
Current assets
Stocks	5	2,487,058		2,438,210
Debtors: amounts falling due within one year	6	73,687		62,062
Cash at bank and in hand	7	3,170		63,149
		2,563,915		2,563,421
Creditors: amounts falling due within one year	8	(2,198,746)		(2,438,615)
Net current assets			365,169		124,806
Total assets less current liabilities			433,161		135,448
Creditors: amounts falling due after more than one year	9		(667,995)		(327,473)

Net liabilities			(234,834)		(192,025)

Capital and reserves
Called up share capital	13	100	100
Other reserves	14	53,838	53,838
Profit and loss account	14	(288,772)	(245,963)
		(234,834)	(192,025)

Page 1

SDH ESTATES LIMITED

REGISTERED NUMBER: 10963130

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue and were signed on its behalf by:

S J D De Haan

Director

Date: 26 September 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2


		SDH ESTATES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2022	100	-	(150,693)	(150,593)
Comprehensive income for the year
Loss for the year	-	-	(95,270)	(95,270)
Capital contribution	-	53,838	-	53,838
Total comprehensive income for the year	-	53,838	(95,270)	(41,432)

At 1 October 2023	100	53,838	(245,963)	(192,025)
Comprehensive income for the year
Loss for the year	-	-	(42,809)	(42,809)
Total comprehensive income for the year	-	-	(42,809)	(42,809)
At 30 September 2024	100	53,838	(288,772)	(234,834)

The notes on pages 4 to 12 form part of these financial statements.

Page 3

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.	General information

SDH Estates Limited is a private company, limited by shares, incorporated in England and Wales with registration number 10963130. The registered office address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of the director, who has provided confirmation of his intention to provide such financial support as is neccessary for the company to continue its operations for the foreseeable future and at least 12 months from the date of signing of the financial statements.

Page 4

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	4 years straight line
Motor vehicles	-	7 years straight line
Office equipment	-	4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks of properties held for resale are valued at the lower of cost and net realisable value.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 7

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost or valuation
At 1 October 2023	10,844	-	5,470	16,314
Additions	-	67,014	-	67,014
At 30 September 2024	10,844	67,014	5,470	83,328
Depreciation
At 1 October 2023	2,937	-	2,735	5,672
Charge for the year on owned assets	2,711	5,585	1,368	9,664
At 30 September 2024	5,648	5,585	4,103	15,336
Net book value
At 30 September 2024	5,196	61,429	1,367	67,992
At 30 September 2023	7,907	-	2,735	10,642

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Motor vehicles	61,429	-
	61,429	-

5.	Stocks
		2024	2023
		£	£

	Stock of properties	2,487,058	2,438,210

Page 8

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	7,200	-
Other debtors	38,579	12,103
Prepayments and accrued income	27,908	49,959
	73,687	62,062

7.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	3,170	63,149

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	631,358	1,044,436
Trade creditors	71,871	17,321
Other taxation and social security	3,361	-
Obligations under finance lease and hire purchase contracts	7,186	-
Other creditors	1,474,938	1,369,016
Accruals and deferred income	10,032	7,842
	2,198,746	2,438,615

The remaining bank loan of £631,358 (2023 - £1,044,436) includes accrued interest at a rate of 4.5% per annum above the Bank of England Base Rate, and is secured by a registered charge over the properties.

Page 9

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	336,998	72,213
Other loans	281,291	255,260
Net obligations under finance leases and hire purchase contracts	49,706	-
	667,995	327,473

The additional £336,998 bank loan (2023 - £72,213) is secured by a registered charge over the property and includes accrued interest at a rate of 1.15% to 31 July 2024 and 2.50% thereafter.

Amounts falling due within one year
Bank loans	631,358	1,044,436
Amounts falling due 1-2 years
Bank loans	336,998	72,213
Other loans	281,291	255,260

On 12 July 2021 a loan facility of £1.3m was made available by Coutts & Co, of which £631,358 has been utilised as at the balance sheet date (2023 - £1,044,436). Interest accrues at a rate equivalent to 4.5% per annum above the Bank's Base Rate. Interest is compounded quarterly on the final business day of March, June, September and December. The loan is repayable once the final property sale is completed and is anticipated to be repaid within 12 months of the year end. The loan is secured by a fixed and floating charge over the remaining property.
On 20 July 2023 an additional loan facility of £610,000 was made available by Portman Structured Finance Limited, of which £336,998 has been utlitised as at the balance sheet date (2023 - £72,213). Interest accrues at 1.15% per month until 31 July 2024 and 2.5% per month thereafter.
In July 2023 a further loan facility of £305,000 was taken out with a related party. During 2023 £305,000 was drawn down. The loan is interest free and shall be repayable following completion of the property sale and no later than the repayment of the Portman Structured Finance loan.

Page 10

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Within one year	7,185	-
Between 1-5 years	49,706	-
	56,891	-

12.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	3,170	63,149

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

13.	Share capital
		2024	2023
		£	£

Authorised, allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1 each	100	100

14.

Reserves

Other reserves

The £281,291 (2023 - £255,260) “Other loans” included in Note 9 relates to a loan of £305,000 (2023 - £305,000) from a related party, which is interest free, and shall be repayable following completion of the sale thereof and no later than the repayment of the Portman Structured Finance loan. As the loan has been provided at below market rate, FRS102 requires the loan to be measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost using the effective interest method. The directors have assessed the market rate of interest to be 4.5% above Bank of England base rate on the date of each drawdown. The difference between the book value and the fair value on each drawdown is recognised as a capital contribution in other reserves. The capital contribution amounted to £53,838 for the year ended 30 September 2023.

Page 11

SDH ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.	Related party transactions
	Included within Note 9 is a loan of £281,291 (2023 - £255,260) which was taken out from a related party. As the loan has been provided below market value, an adjustment has been made to reflect fair value as detailed in Note 14.

Page 12