ACCOUNTS - Final Accounts preparation

SN RESIDENTIAL LTD - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-03-312016-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2015-03-06Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. 09474633 2015-03-05 09474633 2015-03-06 2016-03-31 09474633 2016-03-31 09474633 c:Director1 2015-03-06 2016-03-31 09474633 c:Director1 2016-03-31 09474633 c:Director2 2015-03-06 2016-03-31 09474633 c:Director2 2016-03-31 09474633 c:RegisteredOffice 2015-03-06 2016-03-31 09474633 c:Agent1 2015-03-06 2016-03-31 09474633 d:CurrentFinancialInstruments 2016-03-31 09474633 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 09474633 d:ShareCapital 2016-03-31 09474633 d:RetainedEarningsAccumulatedLosses 2016-03-31 09474633 c:FRS102 2015-03-06 2016-03-31 09474633 c:AuditExempt-NoAccountantsReport 2015-03-06 2016-03-31 09474633 c:FullAccounts 2015-03-06 2016-03-31 09474633 c:PrivateLimitedCompanyLtd 2015-03-06 2016-03-31 iso4217:GBP

Registered number: 09474633

SN RESIDENTIAL LTD

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE 13 MONTHS ENDED 31 MARCH 2016

SN RESIDENTIAL LTD

COMPANY INFORMATION

Directors	Thomas Shaw (appointed 6 March 2015)
	Sundeeop Singh Nahal (appointed 6 March 2015)


Registered number	09474633


Registered office	18 Britten Street
	Chelsea
	London
	SW3 3TU


Accountants	Shipleys Tax Planning
	Wharf House
	Victoria Quays
	Wharf Street
	Sheffield
	S2 5SY


Bankers	Barclays Bank PLC
	1 Churchill Place
	London
	E14 5HP

SN RESIDENTIAL LTD

CONTENTS

	Page
Directors' report
Balance sheet	1
Notes to the financial statements	2 - 5

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

·select suitable accounting policies for the Company's financial statements and then apply them consistently;

·make judgments and accounting estimates that are reasonable and prudent;

·prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company was incorporated 6 March 2015, and commenced trade August 2015.
During the period under review the principal activity of the company was to buy and renovate property for sale.
The directors considerr the performance of the business to be satisfactory and future prospects to be reasonable.

Results and dividends

The profit for the 13 months, after taxation, amounted to £89,686.

The directors paid dividends of £60,000 during the period.

Future developments

The directors intend to continue exploring more lucrative contracts.

SN RESIDENTIAL LTD

REGISTERED NUMBER: 09474633

BALANCE SHEET

AS AT 31 MARCH 2016

		2016
Note		£


Current assets
Debtors: amounts falling due within one year	4	428,776
Cash at bank and in hand	5	42,753
		471,529
Creditors: amounts falling due within one year	6	(441,841)
Net current assets			29,688
Total assets less current liabilities			29,688

Net assets			29,688

Capital and reserves
Called up share capital			2
Profit and loss account			29,686
			29,688

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 13 months in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 December 2016.

Thomas Shaw	Sundeeop Singh Nahal
Director	Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SN RESIDENTIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 13 MONTHS ENDED 31 MARCH 2016

1.	General information

SN Residential Ltd is a company domiciled in England & Wales, registration number 09474633. The registered office is 18 Britten Street, Chelsea, London, SW3 3TU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash

Page 2

SN RESIDENTIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 13 MONTHS ENDED 31 MARCH 2016

2.Accounting policies (continued)

2.5

Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.8

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the 13 months in which they are incurred.

2.9

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the 13 months was 22.

Debtors

					2016
					£


	Other debtors	428,776

Page 3

SN RESIDENTIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 13 MONTHS ENDED 31 MARCH 2016

4.Debtors (continued)

		428,776

5.	Cash and cash equivalents
		2016
		£

	Cash at bank and in hand	42,753
		42,753

6.	Creditors: Amounts falling due within one year
		2016
		£

	Bank loans	120,000
	Corporation tax	22,421
	Other creditors	295,820
	Accruals and deferred income	3,600
		441,841

7.	Financial instruments
		2016
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	42,753
		42,753

Financial assets measured at fair value through profit or loss comprises of cash at bank and in hand.

8.	Related party transactions
	During the year the directors Mr S Singh and T Shaw loaned the company £222,000 and £12,500 respectively. At the balance sheet date other creditors due within one year included £222,000 and £12,500 as amounts owed to the directors.

Page 4

SN RESIDENTIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 13 MONTHS ENDED 31 MARCH 2016

9.	Controlling party

There is no controlling party.

Page 5