Sheridan Keane Real Estate Investment - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC383839 (Scotland)

Sheridan Keane Real Estate Investment

Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S G Sheridan

Mrs V J Sheridan

C Keane

Mrs J Keane

SECRETARY:

Whitelaw Wells

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

EH3 6AT

REGISTERED NUMBER:

SC383839 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

Bank of Scotland

600 Gorgie Road

Edinburgh

EH11 3XP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

9,194

3,530

9,194

3,530

CURRENT ASSETS

Debtors

6

586,120

277,141

Cash at bank and in hand

292,495

598,885

878,615

876,026

CREDITORS

Amounts falling due within one year

7

305,495

219,177

NET CURRENT ASSETS

573,120

656,849

TOTAL ASSETS LESS CURRENT LIABILITIES

582,314

660,379

CREDITORS

Amounts falling due after more than one year

8

(170,833

)

(216,667

)

PROVISIONS FOR LIABILITIES

(1,613

)

(671

)

NET ASSETS

409,868

443,041

CAPITAL AND RESERVES

Called up share capital

11

104

104

Retained earnings

409,764

442,937

409,868

443,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 April 2022 and were signed on its behalf by:

S G Sheridan - Director

1.	STATUTORY INFORMATION

Sheridan Keane Real Estate Investment Limited is a private company, limited by shares , registered in Scotland. 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.

The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements

Turnover

Turnover represents net invoiced property commission, excluding value added tax.

Revenue is recognised when the service has been provided and all obligations to the customers under the agreement have been fulfilled.

Tangible fixed assets

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

Computer & office equipment - 33% straight line

Furniture & fixtures - 20% straight line

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Government grants

Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

2,400

AMORTISATION

At 1 January 2021

and 31 December 2021

2,400

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Computer

& office

equipment

£

COST

At 1 January 2021

22,649

Additions

10,569

At 31 December 2021

33,218

DEPRECIATION

At 1 January 2021

19,119

Charge for year

4,905

At 31 December 2021

24,024

NET BOOK VALUE

At 31 December 2021

9,194

At 31 December 2020

3,530

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

293,677

20,705

Amounts owed by group undertakings

276,655

242,745

Other debtors

15,788

13,691

586,120

277,141

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

50,000

33,333

Taxation and social security

211,200

174,772

Other creditors

44,295

11,072

305,495

219,177

Included within other creditors are directors current accounts which are interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

170,833

216,667

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

16,667

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

27,580

8,817

Between one and five years

82,793

700

110,373

9,517

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

220,833

250,000

The Bank of Scotland Plc holds a bond and floating charge over the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

2021

2020

48 Ordinary A £1

48

75

25 Ordinary B £1

25

25

1 Ordinary C £1

1

1

8 Ordinary D £1

8

8

22

Ordinary E

£1

22

-

Allotted and issued:

Number:

Class:

Nominal Value:

2021

2020

22

Ordinary E

£1

22

-

The rights attached to the classes of shares are as follows:

The A, B, D and E ordinary shares have full rights in the company in all respects and rank pari passu. The C ordinary shares carry dividend rights only. The company may, by ordinary resolution, differentiate between the different classes of shares in respect as to the amount or percentage of the dividend paid.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is a directors loan balance of £30,030 (2020: £1,486 included within debtors) which has been repaid within nine months of the year end.

13.	RELATED PARTY DISCLOSURES

DIVIDENDS

During the year dividends of £451,915 (2020: £758,753) where paid to the shareholders and their related companies.