Sanderson Property Developments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03643246 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SANDERSON PROPERTY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss A Sandher

S Sandher

REGISTERED OFFICE:

Harpal House

14 Holyhead Road

Handsworth

Birmingham

West Midlands

B21 0LT

REGISTERED NUMBER:

03643246 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,722,143

3,724,925

CURRENT ASSETS

Debtors

5

21,733

15,857

Cash at bank

14,776

17,094

36,509

32,951

CREDITORS

Amounts falling due within one year

6

93,773

69,298

NET CURRENT LIABILITIES

(57,264

)

(36,347

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,664,879

3,688,578

CREDITORS

Amounts falling due after more than one year

7

1,658,696

1,744,479

NET ASSETS

2,006,183

1,944,099

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

2,005,183

1,943,099

SHAREHOLDERS' FUNDS

2,006,183

1,944,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:

S Sandher - Director

1.	STATUTORY INFORMATION

Sanderson Property Developments Limited 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.

Freehold property

-

not provided

Fixtures and fittings

-

15% on reducing balance

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 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 April 2022

and 31 March 2023

3,960,655

69,229

4,029,884

DEPRECIATION

At 1 April 2022

254,279

50,680

304,959

Charge for year

-

2,782

2,782

At 31 March 2023

254,279

53,462

307,741

NET BOOK VALUE

At 31 March 2023

3,706,376

15,767

3,722,143

At 31 March 2022

3,706,376

18,549

3,724,925

Cost or valuation at 31 March 2023 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2005

121,486

-

121,486

Valuation in 2006

223,508

-

223,508

Valuation in 2009

256,593

-

256,593

Valuation in 2015

453,003

-

453,003

Valuation in 2016

420,000

-

420,000

Cost

2,486,065

69,229

2,555,294

3,960,655

69,229

4,029,884

The freehold property known as The Woodman, Priory Road, Warwick, CV34 0AG was revalued by David Storer & Partners Commercial Property Consultants on 4 May 2005 at £800,000. The Directors have decided to adopt this valuation.

The freehold property known as 9 Caroline Street, Birmingham, B3 1TR was revalued by Douglas Duff Chartered Surveyors on 10 March 2006 at £560,000. The Directors have decided to adopt this valuation.

The freehold property known as No's 56 Merridale Street, Wolverhampton, WV3 0RE was revalued by Barton & Co Chartered Surveyors on 13 October 2009 at £460,000. The Directors have decided to adopt this valuation.

The freehold property known as 13-15 Caroline Street, Birmingham, B3 1TR was revalued by DTZ on 8 January 20015 at £1,225,000. The Directors have decided to adopt this valuation.

The freehold property known as 13-15 Caroline Street, Birmingham, B3 1TR was revalued by DTZ on 15 July 2015 at £1,645,000. The Directors have decided to adopt this valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Other debtors

21,733

15,857

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans and overdrafts (see note 8)

22,303

22,303

Trade creditors

17,555

-

Tax

35,667

32,562

Social security and other taxes

1,548

(2,267

)

Accrued expenses

16,700

16,700

93,773

69,298

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/23

31/3/22

£

£

Bank loans (see note 8)

988,893

1,075,664

Directors Loan Account

669,803

668,815

1,658,696

1,744,479

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

310,699

310,699

Repayable by instalments

Bank loans more 5 yr by instal

623,013

709,784

8.

LOANS

An analysis of the maturity of loans is given below:

31/3/23

31/3/22

£

£

Amounts falling due within one year or on demand:

Barclays bank loan

22,303

22,303

Amounts falling due between one and two years:

Lloyds Loan Ac.1657400

55,181

55,181

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

310,699

310,699

31/3/23

31/3/22

£

£

Repayable by instalments

Bank loans more 5 yr by instal

623,013

709,784

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/23

31/3/22

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 April 2022

1,943,099

Profit for the year

62,084

At 31 March 2023

2,005,183