Sambec Property Development Ltd - Period Ending 2021-06-30

Sambec Property Development Ltd

(Registration number: 12036722)
Balance Sheet as at 30 June 2021

	Note	30 June 2021  £	30 June 2020  £
Fixed assets
Tangible assets	4	1,604	1,786
Current assets
Stocks		364,435	-
Debtors	5	2,997	499
Cash at bank and in hand		6,278	146,695
		373,710	147,194
Creditors: Amounts falling due within one year	6	(39,456)	(31,791)
Net current assets		334,254	115,403
Total assets less current liabilities		335,858	117,189
Creditors: Amounts falling due after more than one year	6	(350,000)	(120,000)
Net liabilities		(14,142)	(2,811)
Capital and reserves
Called up share capital		3	3
Profit and loss account		(14,145)	(2,814)
Total equity		(14,142)	(2,811)

For the financial year ending 30 June 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 24 February 2022 and signed on its behalf by:
 

 

S M Humphries
Director

Sambec Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Willow Cottage
Rookery Close
Kingston Seymour
Clevedon
BS21 6XY

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. This statement is made subject to all of the potential implications of the current COVID-19 outbreak on the company’s trade, employees, customers, suppliers and the wider economy, as these are difficult to evaluate.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Office equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Sambec Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4

Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 July 2020	2,381
Additions	353
At 30 June 2021	2,734
Depreciation
At 1 July 2020	595
Charge for the period	535
At 30 June 2021	1,130
Carrying amount
At 30 June 2021	1,604
At 30 June 2020	1,786

Sambec Property Development Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

5

Debtors

	30 June 2021  £	30 June 2020  £
Other debtors	2,997	499

6

Creditors

	Note	30 June 2021  £	30 June 2020  £
Due within one year
Loans and borrowings	7	30,667	30,241
Accrued expenses		8,789	1,550
		39,456	31,791

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	350,000	120,000

7

Loans and borrowings

	Note	2021 £	2020 £
Current loans and borrowings
Other borrowings	8	30,667	30,241

	Note	2021 £	2020 £
Non-current loans and borrowings
Other borrowings	8	350,000	120,000

8

Related party transactions

Summary of transactions with other related parties

At 30 June 2021, the company owed £380,667 (2020: £150,241) to its directors. Included in this amount is an interest bearing loan of £120,000 repayable by 31 March 2023, and an interest bearing loan of £230,000 repayable on completion of the Buckland Newton project. The remaining balance is interest free and has no fixed repayment terms.