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

REGISTERED NUMBER: 02682863 (England and Wales)

Financial Statements

for the Year Ended 5 April 2021

for

SBS Commercial Property Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D S Sandhu

L S Sandhu

R Sohal

REGISTERED OFFICE:

3 Charnwood Street

Derby

DE1 2GY

REGISTERED NUMBER:

02682863 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

3 Charnwood Street

Derby

Derbyshire

DE1 2GY

FIXED ASSETS

Tangible assets

4

2,811,020

2,443,165

CURRENT ASSETS

Debtors

48,899

29,398

Cash at bank

92,272

76,467

141,171

105,865

CREDITORS

Amounts falling due within one year

310,648

488,504

NET CURRENT LIABILITIES

(169,477

)

(382,639

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,641,543

2,060,526

CREDITORS

Amounts falling due after more than one year

5

(328,310

)

(318,306

)

PROVISIONS FOR LIABILITIES

(161,148

)

(92,094

)

NET ASSETS

2,152,085

1,650,126

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Fair value reserve

7

952,296

658,266

Retained earnings

1,179,789

971,860

SHAREHOLDERS' FUNDS

2,152,085

1,650,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 5 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 1 October 2021 and were signed on its behalf by:

D S Sandhu - Director

L S Sandhu - Director

1.	STATUTORY INFORMATION

SBS Commercial Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Rent and service charge receivable

Rent and service charge receivable represents rents and service charge income excluding value added tax.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

20% on cost

Property that is held for long-term rental yields or for capital appreciation or both is classified as an investment property. Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specified asset. If this information is not available, the company uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections.

In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial assets

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 6 April 2020

2,768,932

Additions

5,131

Revaluations

363,000

At 5 April 2021

3,137,063

DEPRECIATION

At 6 April 2020

325,767

Charge for year

276

At 5 April 2021

326,043

NET BOOK VALUE

At 5 April 2021

2,811,020

At 5 April 2020

2,443,165

The freehold properties are held for investment purposes. All of the properties were revalued by the director's on a fair value basis at 5 April 2021 and are included in these financial statements at the valuation of £2,811,020.

The historical cost of the properties is £1,738,226.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans

118,294

158,290

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

368,314

358,310

The bank loans were for the purchase of the investment properties and are secured thereon.

7.

RESERVES

Fair

value

reserve

£

At 6 April 2020

658,266

Revaluation in year

363,000

DT on property revaluation

(68,970

)

At 5 April 2021

952,296