ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

SUGARMAN PROPERTY INVESTMENTS LIMITED - Company Information

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Caseware UK (AP4) 2018.0.196 2018.0.196 2019-01-312019-01-312019-05-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-02-01 09962530 2018-02-01 2019-01-31 09962530 2017-02-01 2018-01-31 09962530 2019-01-31 09962530 2018-01-31 09962530 c:Director2 2018-02-01 2019-01-31 09962530 d:FreeholdInvestmentProperty 2019-01-31 09962530 d:FreeholdInvestmentProperty 2018-01-31 09962530 d:CurrentFinancialInstruments 2019-01-31 09962530 d:CurrentFinancialInstruments 2018-01-31 09962530 d:CurrentFinancialInstruments d:WithinOneYear 2019-01-31 09962530 d:CurrentFinancialInstruments d:WithinOneYear 2018-01-31 09962530 d:ShareCapital 2019-01-31 09962530 d:ShareCapital 2018-01-31 09962530 d:RetainedEarningsAccumulatedLosses 2019-01-31 09962530 d:RetainedEarningsAccumulatedLosses 2018-01-31 09962530 c:FRS102 2018-02-01 2019-01-31 09962530 c:AuditExempt-NoAccountantsReport 2018-02-01 2019-01-31 09962530 c:FullAccounts 2018-02-01 2019-01-31 09962530 c:PrivateLimitedCompanyLtd 2018-02-01 2019-01-31 09962530 d:EntityControlledByKeyManagementPersonnel1 2018-02-01 2019-01-31 09962530 d:EntityControlledByKeyManagementPersonnel1 2019-01-31 09962530 d:EntityControlledByKeyManagementPersonnel1 2018-01-31 09962530 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-02-01 2019-01-31 09962530 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2019-01-31 09962530 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-01-31 iso4217:GBP xbrli:pure

Registered number: 09962530









SUGARMAN PROPERTY INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2019
 
SUGARMAN PROPERTY INVESTMENTS LIMITED
REGISTERED NUMBER: 09962530

BALANCE SHEET
AS AT 31 JANUARY 2019

2019
2018
Note
£
£

Fixed assets
  

Investment property
 4 
1,816,934
1,816,934

  
1,816,934
1,816,934

Current assets
  

Cash at bank and in hand
 5 
58,953
93,270

  
58,953
93,270

Creditors: amounts falling due within one year
 6 
(1,953,652)
(1,982,646)

Net current liabilities
  
 
 
(1,894,699)
 
 
(1,889,376)

Total assets less current liabilities
  
(77,765)
(72,442)

  

Net liabilities
  
(77,765)
(72,442)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(77,865)
(72,542)

  
(77,765)
(72,442)


Page 1
 
SUGARMAN PROPERTY INVESTMENTS LIMITED
REGISTERED NUMBER: 09962530
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2019

The directors consider 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 Companies Act 2006.

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.

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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2019.




P Sugarman
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
SUGARMAN PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019

1.


General information

Sugarman Property Investments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 09962530. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The principal activity of the company is buying and selling of own real estate. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company incurred a loss for the period of £5,323, and the balance sheet disclosed a deficit of £77,765. The related parties with which the company is associated will continue to provide financial support to meet the companies liabilities and will not seek for repayment of the loan until the company has the availability of sufficient funds. On this basis, the financial statements have been prepared on a going concern basis.

 
2.3

Revenue

Revenue comprises of rental income which is recognised over the period to which it relates. 

 
2.4

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.6

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.

 
2.7

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 3
 
SUGARMAN PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2018
1,816,934



At 31 January 2019
1,816,934

The 2019 valuations were made by the directors, on an open market value for existing use basis.








5.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
58,953
93,270

58,953
93,270


Page 4
 
SUGARMAN PROPERTY INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019

6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Other creditors
1,950,400
1,979,850

Accruals and deferred income
3,252
2,796

1,953,652
1,982,646



7.


Related party transactions

At the year end the following amounts were due to the related parties.


2019
2018
£
£

Key management personnel
(62,694)
(62,479)
Entity under common control
(1,887,706)
(1,917,371)
(1,950,400)
(1,979,850)


8.


Controlling party

 The controlling party is the Sugarman Family by virtue of their shareholding. 

 
Page 5