Sinclair Gardens Investments (Kensington) Limited - Period Ending 2022-11-30
Sinclair Gardens Investments (Kensington) Limited - Period Ending 2022-11-30
Registration number:
Sinclair Gardens Investments (Kensington) Limited
for the Year Ended 30 November 2022
Sinclair Gardens Investments (Kensington) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sinclair Gardens Investments (Kensington) Limited
Company Information
Directors |
Mr Gregory Reginald Cutler Mr Garry Robert Clarke |
Company secretary |
Mrs Karen Wainwright |
Registered office |
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Auditors |
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Sinclair Gardens Investments (Kensington) Limited
(Registration number: 00771453)
Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
99 |
99 |
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Other reserves |
87,363,769 |
91,921,381 |
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Retained earnings |
20,778,919 |
20,898,970 |
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Shareholders' funds |
108,142,787 |
112,820,450 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Audit report
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Revenue recognition
Turnover comprises of the total amount receivable by the company for the Rents and Services provided.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
All taxes provided for transactions debited or credited with other reserves are charged through the Profit and Loss Account.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
40% reducing balance |
Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from Tenants for the rents and/or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Tangible assets |
Investment property |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2021 |
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Revaluations |
( |
- |
( |
Additions |
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- |
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Disposals |
( |
- |
( |
At 30 November 2022 |
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Depreciation |
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At 1 December 2021 |
- |
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Charge for the year |
- |
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At 30 November 2022 |
- |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Included within the net book value of land and buildings above is £143,267,017 (2021 - £147,312,661) in respect of freehold land and buildings and £71,610 (2021 - £71,610) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's Freehold property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Investments in joint ventures |
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Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2021 |
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Provision |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Joint ventures |
£ |
Cost |
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At 1 December 2021 |
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Provision |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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99 |
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99 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Dividends |
Interim dividends paid
Sinclair Gardens Investments (Kensington) Limited
Notes to the Financial Statements for the Year Ended 30 November 2022
2022 |
2021 |
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Interim dividend of £Nil (2021 - £ |
- |
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Related party transactions |
Summary of transactions with entities with joint control or significant interest
Management Limited, a company subject to commin control. The cost was recharged and paid by tenantsof the
properties and the price charged was the normal market price.
During the year insurance for the properties of which the company owned the freehold reversions was arranged
by Cullenglow Limited, a company subject to common control. The cost was recharged and paid by the tenants
of the properties and the price charged was the normal market price. During the year liability insurance at a cost
of £91.,478 (2021 £92,607) was arranged for the company by Cullenglow Limited.
At the Balance Sheet date the following balances existed:-
Amounts owed to the company by companies under common control:
Kingswood Estate S A Limited (a joint venture) £7,000 (2021 £7,000)
Danaglade Developments Limited £2,037,755 (2021 £2,037,755)
Amounts owed by the company to companies under common control:
Cullenglow Limited £3,079,677 (2021 £2,698,527)
First Management Limited £3,944,037 (2021 £3,284,037)