S.D.W. Property Limited Accounts

S.D.W. Property Limited Accounts

S.D.W. PROPERTY LIMITED - Company Information

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S.D.W. Property Limited Filleted Accounts Cover
S.D.W. Property Limited
Company No. 10574827
Information for Filing with The Registrar
30 September 2019
S.D.W. Property Limited Balance Sheet Registrar
at
30 September 2019
Company No.
10574827
Notes
2019
2018
£
£
Fixed assets
Tangible assets
3
6,600799
Investment property
4
905,000359,939
911,600360,738
Current assets
Debtors
5
5,7608,334
Cash at bank and in hand
458130
6,2188,464
Creditors: Amount falling due within one year
6
(53,713)
(32,496)
Net current liabilities
(47,495)
(24,032)
Total assets less current liabilities
864,105336,706
Creditors: Amounts falling due after more than one year
7
(752,855)
(326,008)
Provisions for liabilities
Deferred taxation
9
(17,161)
-
Net assets
94,08910,698
Capital and reserves
Called up share capital
100100
Other reserves
10
67,617-
Profit and loss account
10
26,37210,598
Total equity
94,08910,698
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the 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 accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 31 July 2020
And signed on its behalf by:
D.J. Walsh
Director
31 July 2020
S.D.W. Property Limited Notes to the Accounts Registrar
for the year ended 30 September 2019
1
General information
Its registered number is: 10574827
Its registered office is:
453 Carr Place
Walton Summit Centre
Bamber Bridge
Preston
PR5 8AU
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.
Going concern
As at 30 September 2019, the Company's net current liabilities amounted to £47,495 (2018 - £24,032). This factor would clearly affect the Company's ability to continue trading. The Company is dependant upon the continued financial support of the Directors. In view of this the Directors consider it appropriate to prepare the accounts on a going concern basis.
2
Accounting policies
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
3 yrs / 15% Reducing Balance
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 October 2018
-1,1981,198
Additions
7,750-7,750
At 30 September 2019
7,7501,1988,948
Depreciation
At 1 October 2018
-399399
Charge for the year
1,5503991,949
At 30 September 2019
1,5507982,348
Net book values
At 30 September 2019
6,2004006,600
At 30 September 2018
-799799
4
Investment property
Freehold Investment Property
£
Valuation
At 1 October 2018
359,939
Additions
461,584
Revaluation
83,477
At 30 September 2019
905,000
The investment properties were revalued on 30 September 2019, by the company's directors.
5
Debtors
2019
2018
£
£
Trade debtors
5,760706
Prepayments and accrued income
-7,628
5,7608,334
6
Creditors:
amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
27,26916,608
Trade creditors
15,3591,230
Other taxes and social security
5,6833,547
Accruals and deferred income
5,40211,111
53,71332,496
7
Creditors:
amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
481,254218,727
Other loans
-7,184
Loans from directors
271,601100,097
752,855326,008
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
372,179
152,295
372,179152,295
The bank loans are secured on properties owned by the Company.
8
Creditors: secured liabilities
2019
2018
£
£
The aggregate amount of secured liabilities included within creditors
508,523235,335
9
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Total
£
£
Charge to the profit and loss account for the period
17,161
17,161
At 30 September 2019
17,161
17,161
2019
2018
£
£
Accelerated capital allowances
1,300-
Revaluation of land and buildings
15,861-
17,161-
10
Reserves
Revaluation Reserve
Total other reserves
£
£
Movement on revaluation reserve
83,478
83,478
Deferred taxation
(15,861)
(15,861)
At 30 September 2019
67,61767,617
Other reserves relate to the non-distributable reserves arising from the revaluation of the Company's Investment Properties during the year.
Profit and loss account includes all current and prior period retained profits and losses.
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