Sleekmade Property Co. Limited - Accounts to registrar (filleted) - small 18.2
Sleekmade Property Co. Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| SLEEKMADE PROPERTY CO. LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SLEEKMADE PROPERTY CO. LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 St John Street |
| Mansfield |
| Nottinghamshire |
| NG18 1QH |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| BALANCE SHEET |
| 30 JUNE 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Revaluation reserve | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| BALANCE SHEET - continued |
| 30 JUNE 2021 |
| 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. |
| 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 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 1. | STATUTORY INFORMATION |
| Sleekmade Property Co. Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention, modified for the revaluation of investment properties. |
| Significant judgements and estimates |
| The most significant estimate is as follows:- |
| Investment Properties: |
| The investment properties are shown at the most recent valuation. The director also reviews the investment properties annually and consider that the value shown in the financial statements is not materially different to the market value, therefore no depreciation has been provided. |
| The other significant judgements and estimates are detailed in the accounting policies. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost or valuation , net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
| Investment properties | 0% |
| Plant and equipment | 20% |
| Fixtures and fittings | 20% |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| 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. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
| Financial Instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2020 |
| Additions |
| At 30 June 2021 |
| DEPRECIATION |
| At 1 July 2020 |
| Charge for year |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2020 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Loans to connected parties | 310,205 | 84,721 |
| Wages control account | - | 17,741 |
| VAT | - | 67,571 |
| Amounts owed by related parties | 17,097,435 | 17,626,148 |
| Other debtors |
| Directors' current accounts | - | 8,139 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to related parties | 5,922,152 | 6,322,094 |
| Corporation tax |
| Social security and other taxes |
| VAT | 203,976 | - |
| Other creditors |
| Directors' current accounts | 1,092 | - |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Deferred income |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 16,945,361 | 18,588,962 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| The secured debts have a fixed charge over the freehold properties and a debenture over the assets in two related party companies, Parliament St Properties Ltd and Victoria Street Properties Ltd. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 100,000 | 100,000 |
| 12. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 July 2020 |
| Disposals | (209,673 | ) |
| At 30 June 2021 |
| SLEEKMADE PROPERTY CO. LIMITED (REGISTERED NUMBER: 01924367) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2021 |
| 13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 14. | RELATED PARTY DISCLOSURES |
| During the year the company received (2020 gave)gave financial assistance to related parties of £(128,772) (2020 - £1,674,047). |
| At the year end date the company was owed by related parties £17,097,435 (2020 - £17,636,148) |
| At the balance sheet date the company owed to related parties £5,922,152 (2020 - £6,322,094). |
| The remuneration of directors and key management was £Nil (2020 - £Nil) |