REGISTERED NUMBER: 09579138 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2025

for

SL Developments (Portsmouth) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Luongo

REGISTERED OFFICE:

c/o Ency Associates

Printware Court

Cumberland Business Centre

Portsmouth

Hampshire

PO5 1DS

REGISTERED NUMBER:

09579138 (England and Wales)

ACCOUNTANTS:

Ency Associates

Chartered Certified Accountants

Printware Court

Cumberland Business Centre

Northumberland Road

Portsmouth

Hampshire

PO5 1DS

FIXED ASSETS

Investment property

4

1,600,000

1,600,000

CURRENT ASSETS

Debtors

5

4,241

3,875

Cash at bank

6,284

6,675

10,525

10,550

CREDITORS

Amounts falling due within one year

6

320,467

236,348

NET CURRENT LIABILITIES

(309,942

)

(225,798

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,290,058

1,374,202

CREDITORS

Amounts falling due after more than one year

7

(492,115

)

(610,032

)

PROVISIONS FOR LIABILITIES

(125,288

)

(125,288

)

NET ASSETS

672,655

638,882

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

672,651

638,878

SHAREHOLDERS' FUNDS

672,655

638,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 3 November 2025 and were signed by:

A Luongo - Director

1.	STATUTORY INFORMATION

SL Developments (Portsmouth) Ltd is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable in respect of rental income from the investment properties owned, net of VAT where applicable.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

and 31 May 2025

1,600,000

NET BOOK VALUE

At 31 May 2025

1,600,000

At 31 May 2024

1,600,000

Fair value at 31 May 2025 is represented by:

£

Valuation in 2018

570,465

Cost

1,029,535

1,600,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Other debtors

4,241

3,875

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans and overdrafts

48,486

46,243

Taxation and social security

9,626

11,154

Other creditors

262,355

178,951

320,467

236,348

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans

492,115

610,032

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

298,171

425,061

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.25

31.5.24

£

£

Bank loans

540,601

656,275

Lloyds Bank PLC created charges dated 03 July 2017, 4 August 2017 and 22 February 2018 over the assets of the company, freehold property of 24 Merton Road, Southsea, and 26 Merton Road, Southsea respectively.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is A Luongo.