S & N Developers Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05874513 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

S & N Developers Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Investments

5

16

15

Current assets

Debtors

6

178,699

27,568

Cash at bank

2,023

14,228

180,722

41,796

Creditors

Amounts falling due within one year

7

(1,092,289

)

(1,147,803

)

Net current liabilities

(911,567

)

(1,106,007

)

Total assets less current liabilities

(911,551

)

(1,105,992

)

Creditors

Amounts falling due after more than one year

8

(27,835

)

(33,157

)

Net liabilities

(939,386

)

(1,139,149

)

Capital and reserves

Called up share capital

1,000,100

1,000,100

Retained earnings

(1,939,486

)

(2,139,249

)

(939,386

)

(1,139,149

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:

Mr S T Gibbs - Director

1.	Statutory information

S & N Developers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05874513

Registered office:

Kings Farm

High Street

Horningsea

Cambridgeshire

CB25 9JG

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern

There was a net deficiency of assets of £939,386 (2022 - £1,139,149) at the balance sheet date, however the directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets.

(ii) Taxation

The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with the previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. It is stated net of discounts, rebates, Value Added Tax and other sales taxes.

Turnover from the provision of developing building projects is recognised and receivable when the service has been completed according to the job requirements, whereby at this point, the turnover can be measured reliably, it is probable that economic benefits will flow to the entity and the costs in respect of the transaction can be measured reliably.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4.	Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 July 2022

15

Additions

1

At 30 June 2023

16

Net book value

At 30 June 2023

16

At 30 June 2022

15

6.

Debtors: amounts falling due within one year

30.6.23

30.6.22

£

£

Trade debtors

88,296

11,568

Other debtors

90,403

16,000

178,699

27,568

7.

Creditors: amounts falling due within one year

30.6.23

30.6.22

£

£

Bank loans and overdrafts

9,800

9,800

Trade creditors

500

10,787

Taxation and social security

67,872

40,628

Other creditors

1,014,117

1,086,588

1,092,289

1,147,803

8.

Creditors: amounts falling due after more than one year

30.6.23

30.6.22

£

£

Bank loans

27,835

33,157

9.	Secured debts

Security has been provided in respect of the loans by way of a fixed and floating charge over various freehold land and property held by the Company.

10.	Related party disclosures

No transactions were undertaken with the directors or related parties such as are required to be

disclosed under the Financial Reporting Standard 102, Section 1A.