Sheltone Properties Limited - Period Ending 2021-03-31

Sheltone Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Sheltone Properties Limited

Company Information

Directors

N S Byre S R Byre

Company secretary

N S Byre

Registered office

Lawford House Albert Place London N3 1QA

Accountants

Sterlings Ltd Lawford House Albert Place London N3 1QA

Sheltone Properties Limited

(Registration number: 01523533)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Investment property	5	441,395	441,395
Current assets
Debtors	6	6,665	4,660
Cash at bank and in hand		52,509	54,504
		59,174	59,164
Creditors: Amounts falling due within one year	7	(504,806)	(505,213)
Net current liabilities		(445,632)	(446,049)
Net liabilities		(4,237)	(4,654)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(4,337)	(4,754)
Shareholders' deficit		(4,237)	(4,654)

For the financial year ending 31 March 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 February 2022 and signed on its behalf by:
 

......................................... N S Byre Company secretary and director

Sheltone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lawford House
Albert Place
London
N3 1QA
England

The principal place of business is:
5 Savoy Court
London
NW3 7NF

These financial statements were authorised for issue by the Board on 14 February 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Revenue represents rent receivable, net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Sheltone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Sheltone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2020	1,665	1,665
At 31 March 2021	1,665	1,665
Depreciation
At 1 April 2020	1,665	1,665
At 31 March 2021	1,665	1,665
Carrying amount
At 31 March 2021	-	-

Sheltone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

5	Investment properties

	2021 £
At 1 April	441,395
At 31 March	441,395

In the opinion of the directors, the investment property is valued in the financal statements at its open market value as at 31 March 2021.

6

Debtors

	2021 £	2020 £
Trade debtors	6,605	-
Other debtors	60	4,660
	6,665	4,660

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	-	694
Taxation and social security	1,912	3,325
Other creditors	501,394	499,694
Accruals and deferred income	1,500	1,500
	504,806	505,213

Sheltone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary share of £1 each	100	100	100	100

9	Related party transactions

At the year end, included in other debtors is an amount of £60 (2020: £4,660) due from a company controlled by one of the directors.

At the year end, included within other creditors is an amount of £501,394 (2020: £499,694) due to a company controlled by the directors. Transactions amounting to £24,000 (2020: £24,000) have been incurred during the year.

During the year, the company paid rent and management fee totalling £6,000 (2020: £Nil) to a company controlled by one of the directors.