Sydenham Commercial Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC118621 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Sydenham Commercial Property Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D Griffin

Mrs S C Griffin

SECRETARY:

Mrs S C Griffin

REGISTERED OFFICE:

Flat 1/1

11 Great Western Terrace

Glasgow

G12 0UP

REGISTERED NUMBER:

SC118621 (Scotland)

ACCOUNTANTS:

Douglas Home & Co Ltd

Chartered Accountants

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

4

-

-

Investment property

5

1,385,000

1,813,000

1,385,000

1,813,000

CURRENT ASSETS

Debtors

6

61,050

165,000

Cash at bank

256,923

97,135

317,973

262,135

CREDITORS

Amounts falling due within one year

7

228,231

294,523

NET CURRENT ASSETS/(LIABILITIES)

89,742

(32,388

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,474,742

1,780,612

CAPITAL AND RESERVES

Called up share capital

200

200

Revaluation reserve

8

89,796

517,796

Retained earnings

1,384,746

1,262,616

SHAREHOLDERS' FUNDS

1,474,742

1,780,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2021 and were signed on its behalf by:

D Griffin - Director

1.	STATUTORY INFORMATION

Sydenham Commercial Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 October 2019

and 30 September 2020

958

DEPRECIATION

At 1 October 2019

and 30 September 2020

958

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

1,813,000

Revaluations

(428,000

)

At 30 September 2020

1,385,000

NET BOOK VALUE

At 30 September 2020

1,385,000

At 30 September 2019

1,813,000

Fair value at 30 September 2020 is represented by:

£

Valuation in 2000

174,419

Valuation in 2014

143,377

Valuation in 2017

200,000

Valuation in 2020

(428,000

)

Cost

1,295,204

1,385,000

If investment properties had not been revalued they would have been included at the following historical cost:

30/9/20

30/9/19

£

£

Cost

1,295,204

1,295,204

Investment properties were valued on an open market basis on 8 August 2014 by Shepherd Chartered Surveyors .

6.

DEBTORS

30/9/20

30/9/19

£

£

Amounts falling due within one year:

Trade debtors

46,050

-

Amounts falling due after more than one year:

Other debtors

15,000

165,000

Aggregate amounts

61,050

165,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/20

30/9/19

£

£

Tax

39,820

32,020

VAT

15,432

9,291

Directors' current accounts

149,654

227,567

Deferred income

20,712

23,095

Accrued expenses

2,613

2,550

228,231

294,523

8.

RESERVES

Revaluation

reserve

£

At 1 October 2019

517,796

Investment revaluation

(428,000

)

At 30 September 2020

89,796

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019:

30/9/20

30/9/19

£

£

D Griffin

Balance outstanding at start of year

(108,941

)

(116,233

)

Amounts advanced

64,360

83,542

Amounts repaid

(25,000

)

(76,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(69,581

)

(108,941

)

Mrs S C Griffin

Balance outstanding at start of year

(118,627

)

(103,648

)

Amounts advanced

64,454

62,621

Amounts repaid

(25,900

)

(77,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(80,073

)

(118,627

)