Sorrel Commercial Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02220849 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2021

for

Sorrel Commercial Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M Spare

Mrs Y P Spare

SECRETARY:

Mrs Y P Spare

REGISTERED OFFICE:

Sysondale

Anslow Lane

Rolleston on Dove

Staffordshire

DE13 9DS

REGISTERED NUMBER:

02220849 (England and Wales)

ACCOUNTANTS:

The Profit Key Limited

Prince William House

10 Lower Church Street

Ashby de la Zouch

Leicestershire

LE65 1AB

BANKERS:

HSBC

15 Uttoxeter Road

Mickleover

Derbyshire

DE3 0DA

FIXED ASSETS

Tangible assets

4

540,261

554,844

CURRENT ASSETS

Debtors

5

1,102,916

1,121,902

Cash at bank

752

62,593

1,103,668

1,184,495

CREDITORS

Amounts falling due within one year

6

139,417

131,202

NET CURRENT ASSETS

964,251

1,053,293

TOTAL ASSETS LESS CURRENT LIABILITIES

1,504,512

1,608,137

CAPITAL AND RESERVES

Called up share capital

7

200,000

200,000

Retained earnings

1,304,512

1,408,137

SHAREHOLDERS' FUNDS

1,504,512

1,608,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 11 October 2021 and were signed on its behalf by:

M Spare - Director

1.	STATUTORY INFORMATION

Sorrel Commercial Properties Limited is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets

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

Freehold property

-

2% on cost

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans from directors

Any loans from the directors to the company are interest free and repayable on demand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 May 2020

and 30 April 2021

888,841

DEPRECIATION

At 1 May 2020

333,997

Charge for year

14,583

At 30 April 2021

348,580

NET BOOK VALUE

At 30 April 2021

540,261

At 30 April 2020

554,844

Included in cost of land and buildings is freehold land of £ 159,755 (2020 - £ 159,755 ) which is not depreciated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,625

2,625

Amounts owed by related parties

1,100,000

1,119,000

Prepayments

291

277

1,102,916

1,121,902

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Tax

-

21,841

Directors' current accounts

137,190

107,194

Accrued expenses

2,227

2,167

139,417

131,202

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

200,000

Ordinary

£1

200,000

200,000

8.	RELATED PARTY DISCLOSURES

During the year rents were received of £114,000 (2020 - £114,000) from SRM Industries Limited - a company in which Mr & Mrs Spare are directors. The debtor owed to Sorrel Commercial Properties Limited at the balance sheet date was £323,000 (2020 - £437,000).

During the year the company made a loan totalling £nil (2020 - £nil) to Sorrel Properties Limited - a company in which Mr & Mrs Spare are directors and shareholders. The amount owing at the balance sheet date was £682,000 (2020 - £682,000).

During the year the company made a loan totalling £95,000 (2020 - £nil) to Sorrel Developments (UK) Limited - a company in which Mr & Mrs Spare are directors and shareholders. The amount owing at the balance sheet date was £95,000 (2020 - £nil).