Sprowston Freehold Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10168759 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2022

for

SPROWSTON FREEHOLD LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Frommeld

J Whiteley

D Matheson

M Nielson Blunk

REGISTERED OFFICE:

The Old Workshop

1 Ecclesall Road South

Sheffield

South Yorkshire

S11 9PA

REGISTERED NUMBER:

10168759 (England and Wales)

ACCOUNTANTS:

Brown McLeod Limited

Chartered Accountants

The Old Workshop

1 Ecclesall Road South

Sheffield

South Yorkshire

S11 9PA

FIXED ASSETS

Tangible assets

4

390,000

466,000

CURRENT ASSETS

Debtors

5

87,154

74,149

Cash at bank and in hand

2,506

179,339

89,660

253,488

CREDITORS

Amounts falling due within one year

6

414,126

600,052

NET CURRENT LIABILITIES

(324,466

)

(346,564

)

TOTAL ASSETS LESS CURRENT LIABILITIES

65,534

119,436

CAPITAL AND RESERVES

Called up share capital

4

4

Fair value reserve

7

25,000

101,000

Retained earnings

40,530

18,432

65,534

119,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 21 February 2023 and were signed on its behalf by:

M Frommeld - Director

1.	STATUTORY INFORMATION

Sprowston Freehold Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 June 2021

466,000

Revaluations

(76,000

)

At 31 May 2022

390,000

NET BOOK VALUE

At 31 May 2022

390,000

At 31 May 2021

466,000

Included in cost or valuation of land and buildings is freehold land of £ 390,000 (2021 - £ 466,000 ) which is not depreciated.

Land and buildings are recorded and revalued at fair value at the end of each accounting period.

Cost or valuation at 31 May 2022 is represented by:

Land and

buildings

£

Valuation in 2022

390,000

If leasehold land and buildings had not been revalued they would have been included at the following historical cost:

31.5.22

31.5.21

£

£

Cost

365,000

365,000

Leasehold land and buildings were valued on an open market basis on 19 October 2021 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Other debtors

87,154

74,149

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade creditors

-

563

Taxation and social security

5,430

4,326

Other creditors

408,696

595,163

414,126

600,052

7.

RESERVES

Fair

value

reserve

£

At 1 June 2021

101,000

Fair value reserve

(76,000

)

At 31 May 2022

25,000