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Registered number: 5935724
SANSAW PROPERTIES LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
for the year ended 31 March 2015
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SANSAW PROPERTIES LIMITED
COMPANY INFORMATION
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SANSAW PROPERTIES LIMITED
CONTENTS
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Notes to the abbreviated accounts
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SANSAW PROPERTIES LIMITED
Registered number: 5935724
ABBREVIATED BALANCE SHEET
as at 31 March 2015
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CREDITORS: amounts falling due within one year
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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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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
 Page 1
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SANSAW PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET (continued)
as at 31 March 2015
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 14 December 2015.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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SANSAW PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 March 2015
1.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of the 'Pavilions' office complex and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The company has net liabilities. The shareholders have confirmed to the company, in writing, that they will continue to support the operations of the company for the foreseeable future to enable it to continue as a going concern. On the basis of this support the directors consider it appropriate to prepare the accounts on a going concern basis.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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INTANGIBLE FIXED ASSETS AND AMORTISATION
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Intangible fixed assets have been amortised over ten years, and SFP entitlements and Milk Quota have been amortised over five years, as it is the opinion of the directors that this is the estimated useful economic life of the assets.
Included in amortisation is the impairment of the Milk Quota to nil value as at 31 March 2015.
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Amortisation is provided at the following rates:
 
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TANGIBLE FIXED ASSETS AND DEPRECIATION
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Integral features - Dairy parlour
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Integral features - Pavillions
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Page 3
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SANSAW PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 March 2015
1.ACCOUNTING POLICIES (continued)
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.
Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the Profit and loss account.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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2.INTANGIBLE FIXED ASSETS
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At 1 April 2014 and 31 March 2015
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Page 4
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SANSAW PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 March 2015
3.TANGIBLE FIXED ASSETS
Page 5
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SANSAW PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
for the year ended 31 March 2015
3.TANGIBLE FIXED ASSETS (continued)
A market appraisal was performed and subsequently the freehold property known as The Pavilions was valued at £2,900,000 as at 31 March 2013 and at 15 June 2015 by P C Godsal FRICS, a consultant of Carter Jonas LLP. There is no indication of impairment in the current year.
4.CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Amounts falling due after more than one year includes bank loans of £8,050,000 which are secured over personal guarantees of up to £1,000,000 from DRB Thompson, director, and £2,800,000 from JPB Thompson, director. There is also a legal charge over The Pavilions on the Hardwicke Estate.
5.SHARE CAPITAL
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ALLOTTED, CALLED UP AND PARTLY PAID
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1,100 Ordinary Shares shares of £1 each
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Page 6
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