ACCOUNTS - Final Accounts

Creditors: Amounts falling due within one year

SOLLAND PROPERTIES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-02-282021-02-282022-05-232falseNo description of principal activity22020-03-01truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02103532 2020-03-01 2021-02-28 02103532 2019-03-01 2020-02-29 02103532 2021-02-28 02103532 2020-02-29 02103532 c:Director1 2020-03-01 2021-02-28 02103532 d:Buildings 2021-02-28 02103532 d:Buildings 2020-02-29 02103532 d:Buildings d:ShortLeaseholdAssets 2020-03-01 2021-02-28 02103532 d:CurrentFinancialInstruments 2021-02-28 02103532 d:CurrentFinancialInstruments 2020-02-29 02103532 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 02103532 d:CurrentFinancialInstruments d:WithinOneYear 2020-02-29 02103532 d:ShareCapital 2021-02-28 02103532 d:ShareCapital 2020-02-29 02103532 d:RetainedEarningsAccumulatedLosses 2021-02-28 02103532 d:RetainedEarningsAccumulatedLosses 2020-02-29 02103532 c:FRS102 2020-03-01 2021-02-28 02103532 c:AuditExempt-NoAccountantsReport 2020-03-01 2021-02-28 02103532 c:FullAccounts 2020-03-01 2021-02-28 02103532 c:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28 02103532 d:WithinOneYear 2021-02-28 02103532 d:WithinOneYear 2020-02-29 iso4217:GBP xbrli:pure

Registered number: 02103532

SOLLAND PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2021

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2021


	2021	2021	2020	2020
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	5	230,028		162,274
Cash at bank and in hand		3,566		4,134
		233,594		166,408
Creditors: amounts falling due within one year	6	(262,087)		(195,931)
Net current liabilities			(28,493)		(29,523)

Net liabilities			(28,493)		(29,523)

Capital and reserves
Called up share capital	601,000	601,000
Profit and loss account	(629,493)	(630,523)
	(28,493)	(29,523)

SOLLAND PROPERTIES LIMITED

REGISTERED NUMBER: 02103532

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 May 2022.

A Solland

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SOLLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.	General information

Solland Properties Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London NW3 5JS. The address of its principal place of business is 61 South Audley Street, Mayfair, London W1K 2QP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the financial year end the company's liabilities exceeded its assets. These accounts are prepared on the going concern basis given the continuing financial support from the company's creditors and shareholders.

2.3

Currency

The company's functional and presentational currency is GBP.

2.4

Loan interest

Loan interest payable is recognised in the statement of income and retained earnings over the term of the loan.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property

straight line over the lease term

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

SOLLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	Tangible fixed assets

		Land and buildings
		£
	Cost or valuation
	At 1 March 2020	52,914
	At 28 February 2021	52,914
	Depreciation
	At 1 March 2020	52,914
	At 28 February 2021	52,914
	Net book value
	At 28 February 2021	-
	At 29 February 2020	-

Page 3

SOLLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Debtors


					2021	2020
					£	£


Amounts owed by group undertakings	130,959	137,574
Other debtors	87	-
Prepayments and accrued income	98,982	24,700
	230,028	162,274

Trade creditors	4,333	-
Other taxation and social security	3,556	3,556
Other creditors	196,023	187,500
Accruals and deferred income	58,175	4,875
	262,087	195,931

Included in other creditors is a loan of £187,500 (2020: £187,500) which is secured on the company's leasehold property.

	Total commitments	1,880,832	2,065,832
		1,880,832	2,065,832

Page 4

SOLLAND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Related party transactions

The company was due a management fee of £60,054 (2020: £276,972) from its parent company, Solland Limited, in respect of the year. In addition, the company received interest of £6,980 (2020: £30,844) from its parent company in respect of a loan made to the parent company. At the reporting date the parent company owed £130,959 (2020: £137,574) by way of loan account and £70,054 (2020: £10,000) by way of accrued management fees.

Page 5