Sandpalm Properties Limited - Period Ending 2018-03-31

Sandpalm Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 02388626

Sandpalm Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Sandpalm Properties Limited

Company Information

Directors

R J Scott L A Scott

Registered office

3 Milner Road Westcliff Bournemouth Dorset BH4 8AD

Accountants

PKF Francis Clark Chartered Accountants Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Page 1

Sandpalm Properties Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	3,315	2,845
Investment property	5	2,649,106	2,649,106
		2,652,421	2,651,951
Current assets
Stocks	6	2,686,279	3,115,909
Debtors	7	22,501	27,622
Cash at bank and in hand		1,278,935	636,669
		3,987,715	3,780,200
Creditors: Amounts falling due within one year	8	(3,285,056)	(3,224,921)
Net current assets		702,659	555,279
Total assets less current liabilities		3,355,080	3,207,230
Provisions for liabilities		(663)	(567)
Net assets		3,354,417	3,206,663
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		3,353,417	3,205,663
Total equity		3,354,417	3,206,663

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Sandpalm Properties Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 December 2018 and signed on its behalf by:
 

......................................... R J Scott Director

Company Registration Number: 02388626

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Sandpalm Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3 Milner Road
Westcliff
Bournemouth
Dorset
BH4 8AD

These financial statements were authorised for issue by the Board on 18 December 2018.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

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.

The financial statements are presented in Sterling (£).

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of properties and rental income received from holiday lets.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Sandpalm Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance basis
Fixtures and fittings	25% reducing balance basis
Motor vehicles	25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

Sandpalm Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 4).

Page 6

Sandpalm Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	9,701	12,808	4,055	26,564
Additions	1,447	128	-	1,575
At 31 March 2018	11,148	12,936	4,055	28,139
Depreciation
At 1 April 2017	7,859	12,043	3,817	23,719
Charge for the year	822	223	60	1,105
At 31 March 2018	8,681	12,266	3,877	24,824
Carrying amount
At 31 March 2018	2,467	670	178	3,315
At 31 March 2017	1,842	765	238	2,845

5	Investment properties

	2018 £
At 1 April	2,649,106

There has been no valuation of investment property by an independent valuer.

6

Stocks

	2018 £	2017 £
Work in progress	2,686,279	3,115,909

Page 7

Sandpalm Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2018

7

Debtors

	2018  £	2017  £
Trade debtors	19,374	15,196
Other debtors	977	7,104
Prepayments	2,150	5,322
	22,501	27,622

8

Creditors

Creditors: amounts falling due within one year

	2018  £	2017  £
Due within one year
Trade creditors	7,453	19,338
Social security and other taxes	-	1,467
Other creditors	3,220,297	3,153,474
Accrued expenses	3,125	2,488
Corporation tax	54,181	48,154
	3,285,056	3,224,921

9	Related party transactions

Summary of transactions with other related parties

R J Scott and L A Scott
 At the balance sheet date the amount due to R J Scott and L A Scott was £3,213,639 (2017 - £3,147,714).
 

Page 8