Sundown Properties Limited 30/09/2021 iXBRL

Sundown Properties Limited 30/09/2021 iXBRL

SUNDOWN PROPERTIES LIMITED - Company Information

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Company registration number: 00523646
Sundown Properties Limited
Unaudited filleted financial statements
30 September 2021
Sundown Properties Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Sundown Properties Limited
Directors and other information
Directors Mr L A Bliss
Mr N A Bliss
Mrs L R Hinson
Secretary Mr N A Bliss
Company number 00523646
Registered office Sundown
Lucas Lane
Hitchin
Hertfordshire
SG5 2JA
Accountant Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Natwest
12 High Street
Hitchin
Hertfordshire
SG5 1YY
Sundown Properties Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Sundown Properties Limited
Year ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Sundown Properties Limited for the year ended 30 September 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Sundown Properties Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Sundown Properties Limited and state those matters that we have agreed to state to the board of directors of Sundown Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Sundown Properties Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Sundown Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sundown Properties Limited. You consider that Sundown Properties Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Sundown Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
27 April 2022
Sundown Properties Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 300,000 300,000
_______ _______
300,000 300,000
Current assets
Debtors 6 847 841
Cash at bank and in hand 20,781 24,804
_______ _______
21,628 25,645
Creditors: amounts falling due
within one year 7 ( 3,388) ( 3,712)
_______ _______
Net current assets 18,240 21,933
_______ _______
Total assets less current liabilities 318,240 321,933
_______ _______
Net assets 318,240 321,933
_______ _______
Capital and reserves
Called up share capital 3,500 3,500
Fair value reserve 275,375 275,375
Profit and loss account 39,365 43,058
_______ _______
Shareholders funds 318,240 321,933
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 April 2022 , and are signed on behalf of the board by:
Mr N A Bliss
Director
Company registration number: 00523646
Sundown Properties Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Sundown, Lucas Lane, Hitchin, Hertfordshire, SG5 2JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents rents receivable and insurances recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 October 2020 and 30 September 2021 300,000 300,000
_______ _______
Depreciation
At 1 October 2020 and 30 September 2021 - -
_______ _______
Carrying amount
At 30 September 2021 300,000 300,000
_______ _______
At 30 September 2020 300,000 300,000
_______ _______
Investment property
The fair value of the freehold investment properties has been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value, value evidence basis for existing use on 30th September 2021.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 September 2021
Aggregate cost 24,625 24,625
Aggregate depreciation - -
_______ _______
Carrying amount 24,625 24,625
_______ _______
At 30 September 2020
Aggregate cost 24,625 24,625
Aggregate depreciation - -
_______ _______
Carrying amount 24,625 24,625
_______ _______
6. Debtors
2021 2020
£ £
Trade debtors 844 838
Other debtors 3 3
_______ _______
847 841
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Social security and other taxes - 324
Other creditors 3,388 3,388
_______ _______
3,388 3,712
_______ _______