SSSD Property Limited 30/11/2019 iXBRL

SSSD PROPERTY LIMITED - Company Information

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Company registration number: 04586031

SSSD Property Limited

Unaudited filleted financial statements

30 November 2019

Paish Tooth Limited

35 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

SSSD Property Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

SSSD Property Limited

Directors and other information


	Directors	S J Brisk
		S Brisk
		D A Brisk
		S A Brisk


	Secretary	S Brisk


	Company number	04586031


	Registered office	35 Rodney Road
		Cheltenham
		Gloucestershire
		GL50 1HX


	Accountants	Paish Tooth Limited
		35 Rodney Road
		Cheltenham
		Gloucestershire
		GL50 1HX

SSSD Property Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of SSSD Property Limited

Year ended 30 November 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SSSD Property Limited for the year ended 30 November 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of SSSD Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SSSD Property Limited and state those matters that we have agreed to state to the board of directors of SSSD Property Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SSSD Property Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that SSSD Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SSSD Property Limited. You consider that SSSD Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SSSD Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Paish Tooth Limited

Chartered Certified Accountants

35 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

30 October 2020

SSSD Property Limited

Statement of financial position

30 November 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	4	423		498
Investments	5	1,075,000		1,075,000
		_______		_______
			1,075,423		1,075,498

Current assets
Debtors	6	4,016		6,035
Cash at bank and in hand		9,532		8,666
		_______		_______
		13,548		14,701
Creditors: amounts falling due
within one year	7	( 166,043)		( 206,932)
		_______		_______
Net current liabilities			( 152,495)		( 192,231)
			_______		_______
Total assets less current liabilities			922,928		883,267

Creditors: amounts falling due
after more than one year	8		( 248,263)		( 248,193)

Provisions for liabilities			( 80)		( 85)

			_______		_______
Net assets			674,585		634,989
			_______		_______

Capital and reserves
Called up share capital	9		202		202
Revaluation reserve			240,489		240,489
Repairs contingency fund			10,320		10,320
Profit and loss account			423,574		383,978
			_______		_______
Shareholders funds			674,585		634,989
			_______		_______

For the year ending 30 November 2019 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 October 2020 , and are signed on behalf of the board by:

S J Brisk

Director

Company registration number: 04586031

SSSD Property Limited

Notes to the financial statements

Year ended 30 November 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Rodney Road, Cheltenham, Gloucestershire, GL50 1HX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15 %	reducing balance
Computer equipment	-	33.3 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Tangible assets

	Fixtures, fittings and equipment	Computer equipment	Total
	£	£	£
Cost
At 1 December 2018 and 30 November 2019	4,119	1,882	6,001
	_______	_______	_______
Depreciation
At 1 December 2018	3,621	1,882	5,503
Charge for the year	75	-	75
	_______	_______	_______
At 30 November 2019	3,696	1,882	5,578
	_______	_______	_______
Carrying amount
At 30 November 2019	423	-	423
	_______	_______	_______
At 30 November 2018	498	-	498
	_______	_______	_______

5. Investments

	Investment property	Total
	£	£
Cost
At 1 December 2018	1,075,000	1,075,000
At 1 December 2018 and 30 November 2019	1,075,000	1,075,000
	_______	_______
Impairment
At 1 December 2018	-	-
At 1 December 2018 and 30 November 2019	-	-
	_______	_______
Carrying amount
At 30 November 2019	1,075,000	1,075,000
	_______	_______
At 30 November 2018	1,075,000	1,075,000
	_______	_______

Investments held at valuation

In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment property	Total
	£	£
At 30 November 2019
Aggregate cost	834,511	834,511
Aggregate depreciation	-	-
	_______	_______
Carrying amount	834,511	834,511
	_______	_______

At 30 November 2018
Aggregate cost	834,511	834,511
Aggregate depreciation	-	-
	_______	_______
Carrying amount	834,511	834,511
	_______	_______

6. Debtors

	2019	2018
	£	£
Trade debtors	3,334	5,957
Other debtors	682	78
	_______	_______
	4,016	6,035
	_______	_______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	439	571
Corporation tax	9,349	16,234
Social security and other taxes	1,782	1,818
Other creditors	154,473	188,309
	_______	_______
	166,043	206,932
	_______	_______

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	248,263	248,193
	_______	_______

The bank loan is secured on the underlying assets.

Included within creditors: amounts falling due after more than one year is an amount of £ 248,263 (2018 £ 248,193 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary A shares shares of £ 1.00 each	2	2	2	2
Ordinary B shares shares of £ 1.00 each	100	100	100	100
Ordinary C shares shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______
	202	202	202	202
	_______	_______	_______	_______

10. Controlling party

The company is controlled by the directors and shareholders.