S. L. L. Properties Limited - Period Ending 2023-05-31
S. L. L. Properties Limited - Period Ending 2023-05-31
Registration number:
S. L. L. Properties Limited
for the Year Ended 31 May 2023
S. L. L. Properties Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
S. L. L. Properties Limited
Company Information
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Directors |
Mr D A Day Mr P E Day |
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Company secretary |
Mr P E Day |
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Registered office |
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S. L. L. Properties Limited
(Registration number: 03296484)
Balance Sheet as at 31 May 2023
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Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
S. L. L. Properties Limited
(Registration number: 03296484)
Balance Sheet as at 31 May 2023 (continued)
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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S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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.
Revenue recognition
Turnover represents the rent receivable and other income as per the terms of the lease for the year, net of Value Added Tax.
Revenue is recognised when rents are receivable less any voids in the period.
Tax
The tax expense for the period comprises current 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 liabilities are generally recognised for all timing differences and defered 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Fixtures, fittings & equipment |
20% straight line |
Investment property
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activties.
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 customers for merchandise sold 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.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Accounting policies (continued) |
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
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.
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.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Accounting policies (continued) |
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Other operating income |
Included in Other Operating income in the prior year is £69,000 received in respect of dilapidations at Merton House.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Loss/profit before tax |
Arrived at after charging/(crediting)
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2023 |
2022 |
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Depreciation expense |
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Investment properties |
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2023 |
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At 1 June |
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At 31 May |
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There has been no valuation of investment property by an independent valuer.
In the opinion of the directors, the investment properties are included in the financial statements at fair value and are reviewed at the end of each financial year.
The historical cost of the properties was £11,479,378.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Investments |
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2023 |
2022 |
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Investments |
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Shares in group undertakings |
£ |
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Cost or valuation |
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At 1 June 2022 |
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Provision |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Debtors |
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Current |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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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
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 Ordinary A Shares of £1 each |
100 |
100 |
100 |
100 |
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24 Ordinary B Shares of £1 each |
24 |
24 |
24 |
24 |
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66 Ordinary C Shares of £1 each |
66 |
66 |
66 |
66 |
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66 Ordinary D Shares of £1 each |
66 |
66 |
66 |
66 |
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66 Ordinary E Shares of £1 each |
66 |
66 |
66 |
66 |
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Loans and borrowings |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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The bank borrowings are secured by way of a first legal charge dated 19th June 2009 over the freehold land and buildings at 34-58 Babington Lane, Derby.
S. L. L. Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2023 |
2022 |
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Remuneration |
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