Company registration number 00612660 (England and Wales)
Ian C. Sandbach Limited
Unaudited financial statements
For the year ended 5 April 2023
Ian C. Sandbach Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
Ian C. Sandbach Limited
Statement of financial position
As at 5 April 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
219,345
440,000
Current assets
Cash at bank and in hand
178,397
9,833
Creditors: amounts falling due within one year
3
(11,059)
(19,437)
Net current assets/(liabilities)
167,338
(9,604)
Net assets
386,683
430,396
Capital and reserves
Called up share capital
25,000
25,000
Other reserves
114,948
Profit and loss reserves
361,683
290,448
Total equity
386,683
430,396
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 June 2023 and are signed on its behalf by:
Mrs M Sandbach
Director
Company Registration No. 00612660
Ian C. Sandbach Limited
Statement of changes in equity
For the year ended 5 April 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 6 April 2021
25,000
114,948
286,149
426,097
Year ended 5 April 2022:
Profit and total comprehensive income for the year
-
-
11,799
11,799
Dividends
-
-
(7,500)
(7,500)
Balance at 5 April 2022
25,000
114,948
290,448
430,396
Year ended 5 April 2023:
Loss and total comprehensive income for the year
-
-
(5,097)
(5,097)
Dividends
-
-
(7,500)
(7,500)
Transfers
-
-
83,832
83,832
Other movements
-
(114,948)
-
(114,948)
Balance at 5 April 2023
25,000
-
361,683
386,683
Ian C. Sandbach Limited
Notes to the financial statements
For the year ended 5 April 2023
- 3 -
1
Accounting policies
Company information
Ian C. Sandbach Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Depreciation is not provided in respect of the property. The directors consider that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view for Investment properties. The financial effect of the departure from statutory accounting rules is shown in the notes to these accounts.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Ian C. Sandbach Limited
Notes to the financial statements (continued)
For the year ended 5 April 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Investment property
2023
£
Fair value
At 6 April 2022
440,000
Disposals
(220,655)
At 5 April 2023
219,345
The directors have considered the value of the properties, and the value shown in the accounts of
£219,345 is believed to reflect the true value of the properties.
3
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
892
1,712
Other creditors
10,167
17,725
11,059
19,437