Sohot Property Limited
Sohot Property Limited
Registered number: 08135158
Unaudited Financial Statements
For The Year Ended
30 June 2021
Sohot Property Limited
Unaudited Financial Statements
For The Year Ended
30 June 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—6 |
Sohot Property Limited
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
08135158
For the 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.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Revaluation reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 82,698 | 55,576 | |||
Sohot Property Limited
Balance Sheet (continued)
As at
30 June 2021
Directors' responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Sohot Property Limited
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover represents rents receivable on properties within the UK. Rents are receivable on a monthly basis and where payments are receivable from tenants for periods ending after the balance sheet date, the relevant proportion of rent receivable is recorded as deferred income and included as part of creditors due within one year.
1.3.
Tangible Fixed Assets and Depreciation
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. No depreciation is recognised.
| Leasehold |
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1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2020: NIL)
Sohot Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
4.
Tangible Assets
| Land & Property | |
|---|---|
| Leasehold | |
| £ | |
| Cost or Valuation | |
| As at
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| Revaluation | 50,000 |
| As at
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| Net Book Value | |
| As at
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| As at
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This value is made up of one property being,
PP Oakdale worth £600,000 (Revaluation adjustment £168,680).,
This is the most recent and reliable market value of the property.
Fair value of Leasehold Properties of £600,000 at 30 June 2021 is represented by:
Cost £431,320 (2020: £431,320)
Valuation adjustment £168,680 (2020: £118,680).
5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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Amounts falling due in more than five years:
The mortgage is interest only; Interest accrued during such period has been added to mortgage balance.
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 438,155 | 438,129 |
Sohot Property Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
8.
Related Party Transactions
Included under creditors is a balance due to G De Canha of £52,745 (2020: £30,989)
Included under creditors is a balance due to S Flower of £nil (2020: £21,756)
9.
Ultimate Controlling Party
The company's ultimate controlling party is
GW De Canha
by virtue of his ownership of 100% of the issued share capital in the company.
10.
Coronavirus
On 11 March 2020 the World Health Organisation declared the COVID-19 outbreak as a worldwide pandemic. The directors are carefully monitoring the situation and following the applicable guidance issued by the UK Government. The outbreak has had a significant impact on both people and industry across the world. Due to the nature of the outbreak and the ongoing affect it is having globally it is currently very difficult to fully predict the overall impact this situation will have on the company and the business going forward.
11.
General Information
Sohot Property Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08135158
. The registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.