Registration number:
S & G Properties (NO.2) Limited
for the Year Ended 30 September 2024
S & G Properties (NO.2) Limited
(Registration number: 7908468)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments in joint property syndicates |
127,178 |
107,590 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Non-distributable reserve |
1,063,673 |
1,063,673 |
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Total equity |
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For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
S & G Properties (NO.2) Limited
(Registration number: 7908468)
Balance Sheet as at 30 September 2024
Approved and authorised by the
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S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Investment in Joint Property Syndicates
Investments in syndicates are accounted for under the equity accounting method.
Going concern
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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2024 |
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At 1 October 23 |
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Additions |
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At 30 September 24 |
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There has been no valuation of investment property by an independent valuer.
The historical cost of the property is £173,871.
S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Investments in joint property syndicates |
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£ |
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Capital as at 1 October 2023 |
107,590 |
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Additions |
16,250 |
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Surplus/Deficit |
3,338 |
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At 30 September 2024 |
127,178 |
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Debtors |
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Current |
2024 |
2023 |
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Other debtors |
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S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 October 2023 |
At 30 September 2024 |
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G Klein |
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interest free unsecured loan repayable on demand |
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2023 |
At 1 October 2022 |
Advances to director |
At 30 September 2023 |
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G Klein |
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interest free unsecured loan repayable on demand |
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S & G Properties (NO.2) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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- |