Company No:
Contents
DIRECTORS | P H Scott |
P M Scott |
SECRETARY | P M Scott |
REGISTERED OFFICE | Faceby Manor |
Carlton-In-Cleveland | |
Middlesbrough | |
Cleveland | |
TS9 7DP | |
United Kingdom |
COMPANY NUMBER | 06697722 (England and Wales) |
ACCOUNTANT | Deloitte LLP |
One Trinity Gardens | |
Broad Chare | |
Newcastle upon Tyne | |
NE1 2HF | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.
It is your duty to ensure that Sistine Properties (Thetford) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sistine Properties (Thetford) Limited. You consider that Sistine Properties (Thetford) Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Sistine Properties (Thetford) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
Broad Chare
Newcastle upon Tyne
NE1 2HF
United Kingdom
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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10,000,071 | 10,000,106 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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4,431,742 | 4,568,109 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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(
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Net current assets | 4,306,607 | 4,350,900 | ||
Total assets less current liabilities | 14,306,678 | 14,351,006 | ||
Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Sistine Properties (Thetford) Limited (registered number:
P M Scott
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Sistine Properties (Thetford) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Faceby Manor, Carlton-In-Cleveland, Middlesbrough, Cleveland, TS9 7DP, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have considered the use of the going concern basis in the preparation of the financial statements in light of the current market conditions and conclude that it is appropriate. In coming to this conclusion, the directors have considered the cash requirements of the Company for the period of 12 months from the signing of these financial statements. The Company has net assets of £12,785,509 and has continued to generate revenue and be profitable. Based on the above considerations the financial statements have been prepared on the going concern basis.
The rapid spreading of Covid-19 continues to be a significant risk to the global economy. At the time of signing, based on the level and nature of investments held the directors do not consider Covid-19 to impact the Company's ability to continue as a going concern.
Rental income from operating leases is recognised in line with the terms of the relevant lease. The lease is in place for 21 years from the date of the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Fixtures and fittings |
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% | reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company as lessor
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2020 |
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At 30 September 2021 |
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Accumulated depreciation | |||
At 01 October 2020 |
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Charge for the financial year |
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At 30 September 2021 |
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Net book value | |||
At 30 September 2021 |
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At 30 September 2020 |
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Investment property | |
£ | |
Valuation | |
As at 01 October 2020 |
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As at 30 September 2021 |
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Valuation
Measurement of investment properties is based on a valuation provided by an independent valuer in accordance with the Royal Institution of Chartered Surveyors Valuation Standards. The value has been arrived at using Market Value and Market Rent values as a basis and the valuation took place in June 2021. The directors believe the value of the investment property at the year end is consistent with the valuation made in June.
The rapid spread of COVID-19 continues to be a significant risk to the global economy. The directors continue to monitor the impact of the virus on the values of the properties. The directors have considered the value of the properties at the year end to be consistent with their fair value, based on latest yields, occupancy rates and lease terms in place.
Finance Act 2021 which was Substantively Enacted on 24 May 2021 included provisions to increase the rate further to 25% effective from 1 April 2023. In valuing the deferred tax balances at the year-end a combination of 19% and 25% have been used based on the expected periods of reversals, this has resulted in a deferred tax charge of £483,813 due to moving from a tax rate of 19% to 25%.
2021 | 2020 | ||
£ | £ | ||
Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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Corporation tax |
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Other taxation and social security |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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The total aggregate directors remuneration for the year was nil (2020: £nil). The directors are the only key management personnel of the Company.
Included within creditors are unsecured directors' loans of £4,379 (2020: £4,379) owed to Philip Scott, and £4,379 (2020: £4,379) owed to Paula Scott. The loans are interest free and are repayable on demand.
Included within debtors is a directors loan of £64,335 (2020: £80,000), interest is charged at the official rate of interest and the loan is repayable on demand. The balance of this loan has been repaid in full after the year end.
Included within other debtors is an unsecured loan of £2,000,000 (2020: £4,365,000) owed by Zest Investment Group Limited, a company under common control. The loan bears an interest rate of 2% and does not have a fixed repayment date.
Included within other debtors is an unsecured loan of £2,300,000 (2019: £nil) owed by Care Protect Limited, a company under common control. The loan bears an interest rate of 2.25% and does not have a fixed repayment date.
Included within other creditors is an unsecured loan of £8,425 (2020: £8,425) from Sistine Properties Limited, a company under common control. The loan is interest free and is repayable on demand.
Included within other creditors is an unsecured loan of £5,665 (2020: £153,000) from Lausar Settlement, a company under common control. The loan is interest free and is repayable on demand.
The Company has taken out a finance lease on behalf of Care Protect Limited, a company under common control. During the year £12,543 (2020: £10,707) was recharged to Care Protect Limited, at the year end there was no balance outstanding (2020: £nil).