Snowcroft Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03780171 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

FOR

SNOWCROFT PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

5

DIRECTORS:

L Browne O'Sullivan

P O'Sullivan

M A O'Sullivan

J G O'Sullivan

SECRETARY:

L Browne O'Sullivan

REGISTERED OFFICE:

Heritage House

73 Bredgar Rd

Upper Holloway

London

N19 5BS

REGISTERED NUMBER:

03780171 (England and Wales)

ACCOUNTANTS:

Newman Morris Limited

Chartered Accountants

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

ASSETS

FIXED ASSETS

Tangible assets

4

11,143

12,146

Investment property

5

21,860,000

21,485,000

21,871,143

21,497,146

CURRENT ASSETS

Debtors

6

621,975

577,090

Cash at bank and in hand

215,524

231,526

837,499

808,616

22,708,642

22,305,762

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

7

100

100

Fair value reserve

8

8,321,535

8,131,413

Retained earnings

8

3,879,791

3,599,305

SHAREHOLDER FUNDS

12,201,426

11,730,818

PROVISIONS FOR LIABILITIES

9

1,139,168

1,103,045

CREDITORS

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

10

584,390

523,134

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

11

8,783,658

8,948,765

22,708,642

22,305,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 21 July 2020 and were signed on its behalf by:

M A O'Sullivan - Director

J G O'Sullivan - Director

1.	STATUTORY INFORMATION

Snowcroft Properties Limited 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 the rental income net of Value Added Tax from the properties. Turnover is

recognised over the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially

recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on

revaluation is recognise in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted

for as tangible fixed assets.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 November 2018

51,125

Additions

964

At 31 October 2019

52,089

DEPRECIATION

At 1 November 2018

38,979

Charge for year

1,967

At 31 October 2019

40,946

NET BOOK VALUE

At 31 October 2019

11,143

At 31 October 2018

12,146

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2018

21,485,000

Additions

184,877

Revaluations

190,123

At 31 October 2019

21,860,000

NET BOOK VALUE

At 31 October 2019

21,860,000

At 31 October 2018

21,485,000

Investment property comprises freehold residential property, which are stated at fair value bases of a

valuation by the director. The valuation was made on an open market value basis by reference to

market evidence of transaction prices for similar properties.

Fair value at 31 October 2019 is represented by:

£

Valuation in 2019

190,123

Cost

21,669,877

21,860,000

Investment property was valued on an open market value basis on by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

128,286

128,286

Sundry debtor

814

2,187

Directors' current accounts

480,555

432,929

Prepayments

12,320

13,688

621,975

577,090

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary share capital issued

and fully paid

1

100

100

8.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 November 2018

3,599,305

8,131,413

11,730,718

Profit for the year

700,609

-

700,609

Dividends

(230,000

)

-

(230,000

)

Reserve transfer

(190,123

)

190,122

(1

)

At 31 October 2019

3,879,791

8,321,535

12,201,326

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

1,139,168

1,103,045

Deferred

tax

£

Balance at 1 November 2018

1,103,045

Provided during year

36,123

Balance at 31 October 2019

1,139,168

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts (see note 12)

162,608

159,135

Trade creditors

105,980

124,480

Tax

122,246

52,378

Social security and other taxes

1,687

1,794

Tenant Deposits

114,569

105,276

Key deposits

1,040

935

Accrued expenses

76,260

74,676

Rent advance

-

4,460

584,390

523,134

Bank loans of £162,608 (2018: £159,135) are secured by a fixed charge against the investment

properties to which they relate.

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans (see note 12)

8,783,658

8,948,765

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

8,133,225

8,312,228

Repayable by instalments

Bank loans more 5 yr by instal

650,433

636,537

Bank loans totalling £3,254,306 (2018: £3,415,914) are secured by a fixed charge against the

investment properties to which they relate. Other bank loans totalling £5,691,960 (2018: £5,691,960)

are subject to personal guarantees by the directors.

12.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Bank loans

162,608

159,135

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

8,133,225

8,312,228

Repayable by instalments

Bank loans more 5 yr by instal

650,433

636,537

13.	DIRECTORS TRANSACTIONS

The following advances and credits to directors subsisted during the years ended 31 October 2019 and

31 October 2018:

2019

2018

£

£

L Browne O'Sullivan

Balance outstanding at start of year

111,262

111,262

Amounts advanced

4,450

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

115,712

111,262

P O'Sullivan

Balance outstanding at start of year

110,965

110,965

Amounts advanced

4,438

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

115,403

110,965

M A O'Sullivan

Balance outstanding at start of year

113,653

120,201

Amounts advanced

35,005

99,371

Amounts repaid

-

(105,919

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

148,658

113,653

J G O'Sullivan

Balance outstanding at start of year

97,049

107,617

Amounts advanced

3,733

3,733

Amounts repaid

-

(14,301

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

100,782

97,049

Interest on loans to directors have been charged at 4% (2018: 4%).

14.	RELATED PARTY TRANSACTIONS

Total purchases from an entity of which the directors hold a significant interest were £nil during the

year (2018: £155,880).

Total purchases from an entity under the control of the directors were £63,500 during the year (2018:

£65,000).

As at 31 October 2019 the company owed £49,480 (2018: £69,480) to an entity of which the

directors hold a significant interest.

As at 31 October 2019 the company owed £56,500 (2018: £55,000) to an entity under the control of

the directors.

The balance as at the year end and included within trade creditors was £105,980 (2018: £124,480).