Company Registration No. 09777322 (England and Wales)
SIBC Developments (London) Limited
Unaudited accounts
for the year ended 30 September 2020
SIBC Developments (London) Limited
Unaudited accounts
Contents
SIBC Developments (London) Limited
Company Information
for the year ended 30 September 2020
Directors
Ian Keith Brookes
Peter Richard Jarvis
Company Number
09777322 (England and Wales)
Registered Office
Ventura Park Road
Tamworth
Staffs
B78 3HL
Accountants
Merit Accounting Limited
Unit 18
Pebble Close
Tamworth
Staffs
B77 4RD
SIBC Developments (London) Limited
Statement of financial position
as at 30 September 2020
Investment property
600,000
516,553
Cash at bank and in hand
3,878
2,125
Creditors: amounts falling due within one year
(1,950)
(3,250)
Net current assets
5,590
5,576
Total assets less current liabilities
605,590
522,129
Creditors: amounts falling due after more than one year
(600,971)
(523,719)
Provisions for liabilities
Deferred tax
(33,541)
(17,686)
Net liabilities
(28,922)
(19,276)
Called up share capital
100
100
Revaluation reserve
142,992
75,400
Profit and loss account
(172,014)
(94,776)
Shareholders' funds
(28,922)
(19,276)
For the year ending 30 September 2020 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2020 and were signed on its behalf by
Ian Keith Brookes
Director
Company Registration No. 09777322
SIBC Developments (London) Limited
Notes to the Accounts
for the year ended 30 September 2020
SIBC Developments (London) Limited is a private company, limited by shares, registered in England and Wales, registration number 09777322. The registered office is Ventura Park Road, Tamworth, Staffs, B78 3HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The turnover recognised within the financial statements relates to rents received from investment properties.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 October 2019
516,553
Net gain from fair value adjustments
83,447
At 30 September 2020
600,000
Accrued income and prepayments
350
3,672
SIBC Developments (London) Limited
Notes to the Accounts
for the year ended 30 September 2020
6
Creditors: amounts falling due within one year
2020
2019
7
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
449,250
378,400
Other creditors
151,721
145,319
8
Deferred taxation
2020
2019
Revaluation of investment property
33,541
17,686
Provision at start of year
17,686
6,548
Charged to other comprehensive income
15,855
11,138
Provision at end of year
33,541
17,686
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 0 (2019: 0).
