Sangobeg Developments Limited Filleted accounts for Companies House (small and micro)

SANGOBEG DEVELOPMENTS LIMITED - Company Information

0 false false false false false false false false false true false false true false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC156804 2019-04-01 2020-03-31 SC156804 2020-03-31 SC156804 2019-03-31 SC156804 2019-03-31 SC156804 core:PlantMachinery 2019-04-01 2020-03-31 SC156804 core:FurnitureFittings 2019-04-01 2020-03-31 SC156804 bus:Director1 2019-04-01 2020-03-31 SC156804 core:PlantMachinery 2019-03-31 SC156804 core:FurnitureFittings 2019-03-31 SC156804 core:LandBuildings 2020-03-31 SC156804 core:PlantMachinery 2020-03-31 SC156804 core:FurnitureFittings 2020-03-31 SC156804 core:WithinOneYear 2020-03-31 SC156804 core:WithinOneYear 2019-03-31 SC156804 core:ShareCapital 2020-03-31 SC156804 core:ShareCapital 2019-03-31 SC156804 core:RevaluationReserve 2020-03-31 SC156804 core:RevaluationReserve 2019-03-31 SC156804 core:RetainedEarningsAccumulatedLosses 2020-03-31 SC156804 core:RetainedEarningsAccumulatedLosses 2019-03-31 SC156804 core:LandBuildings 2019-03-31 SC156804 core:PlantMachinery 2019-03-31 SC156804 core:FurnitureFittings 2019-03-31 SC156804 bus:SmallEntities 2019-04-01 2020-03-31 SC156804 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 SC156804 bus:FullAccounts 2019-04-01 2020-03-31 SC156804 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 SC156804 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31

COMPANY REGISTRATION NUMBER: SC156804

Sangobeg Developments Limited

Filleted Unaudited Financial Statements

31 March 2020

Sangobeg Developments Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		250,906	252,124

Current assets

Debtors	5	957	6,535
Cash at bank and in hand		12,919	16,366
		--------	--------
		13,876	22,901

Creditors: amounts falling due within one year	6	( 50,984)		( 53,056)
		--------		--------
Net current liabilities			( 37,108)	( 30,155)
			---------	---------
Total assets less current liabilities			213,798	221,969
			---------	---------
Net assets			213,798	221,969
			---------	---------

Capital and reserves

Called up share capital	2,000	2,000
Fair Value Reserve(Undistributable)	69,363	69,363
Profit and loss account	142,435	150,606
	---------	---------
Shareholders funds	213,798	221,969
	---------	---------

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 Section 1A of 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.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 February 2021 , and are signed on behalf of the board by:

Mr J Gibson
Director

Company registration number: SC156804

Sangobeg Developments Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 56 Torridon Road, Broughty Ferry, Dundee, DD5 3 JH.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Plant and Equipment	-	25% reducing balance
Fixtures and Fittings	-	10% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2019 and 31 March 2020	240,000	7,098	29,670	276,768
	---------	-------	--------	---------
Depreciation
At 1 April 2019	–	7,058	17,586	24,644
Charge for the year	–	10	1,208	1,218
	---------	-------	--------	---------
At 31 March 2020	–	7,068	18,794	25,862
	---------	-------	--------	---------
Carrying amount
At 31 March 2020	240,000	30	10,876	250,906
	---------	-------	--------	---------
At 31 March 2019	240,000	40	12,084	252,124
	---------	-------	--------	---------

The Company's investment properties were valued on an open market basis by the company directors at the year end.

5. Debtors

	2020	2019
	£	£
Trade debtors	–	428
Other debtors	957	6,107
	----	-------
	957	6,535
	----	-------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	32,650	35,028
Social security and other taxes	272	–
Other creditors	18,062	18,028
	--------	--------
	50,984	53,056
	--------	--------