Company registration number 01582957 (England and Wales)
SE & K PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SE & K PROPERTIES LIMITED
COMPANY INFORMATION
Directors
K Wilson
C Wilson
Secretary
K Wilson
Company number
01582957
Registered office
Wards Fold Farm
and business address
Abbott Brow
Mellor
Blackburn
Lancs
BB2 7HU
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
National Westminster Bank plc
1 Exchange Street
Blackburn
Lancashire
BB1 7JW
SE & K PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SE & K PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2021
30 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,319
29,569
Investment properties
5
527,035
527,035
550,354
556,604
Current assets
Debtors
6
19,034
7,613
Cash at bank and in hand
25,455
70,647
44,489
78,260
Creditors: amounts falling due within one year
7
(259,825)
(263,431)
Net current liabilities
(215,336)
(185,171)
Total assets less current liabilities
335,018
371,433
Creditors: amounts falling due after more than one year
8
(46,433)
(59,395)
Provisions for liabilities
(1,561)
(2,118)
Net assets
287,024
309,920
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
114,779
114,779
Capital redemption reserve
50
50
Profit and loss reserves
172,095
194,991
Total equity
287,024
309,920
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
SE & K PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2021
30 December 2021
- 2 -
For the financial year ended 30 December 2021 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 2 September 2022 and are signed on its behalf by:
K Wilson
Director
Company Registration No. 01582957
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
SE & K Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wards Fold Farm, Abbott Brow, Mellor, Blackburn, Lancs, BB2 7HU.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependant upon the continuing financial support of its directors.true
The directors have indicated they will continue to support the company for the foreseeable future.
On this basis, the directors consider that it is appropriate to prepare the financial statements on a going concern basis.
Whilst the directors have adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover represents rents receivable net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties held at their fair value. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
10% reducing balance
Motor vehicles
25% 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.
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
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.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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 balance sheet 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2020 and 30 December 2021
65,255
Depreciation and impairment
At 31 December 2020
35,686
Depreciation charged in the year
6,250
At 30 December 2021
41,936
Carrying amount
At 30 December 2021
23,319
At 30 December 2020
29,569
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
14,223
18,964
14,223
18,964
Depreciation charge for the year in respect of leased assets
4,741
4,990
5
Investment property
2021
£
Fair value
At 31 December 2020 and 30 December 2021
527,035
The fair value of the company's investment properties have been arrived at on the basis of a valuation carried out at the balance sheet date by K Wilson, a director of the company.
On a historic cost basis the investment properties would be valued at £406,152 (2020: £406,152).
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 7 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,056
4,996
Other debtors
15,978
2,617
19,034
7,613
Other debtors includes amounts owed by a connected entity, the K E & C Wilson Partnership, of £15,863 (2020: £nil).
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,834
6,833
Obligations under finance leases
3,396
3,396
Trade creditors
145
1,694
Corporation tax
526
Other taxation and social security
196
210
Other creditors
240,012
245,543
Accruals and deferred income
6,242
5,229
259,825
263,431
Other creditors includes amounts owed to the directors of £240,012 (2020: £239,246) and amounts owed to a connected entity, the K E & C Wilson Partnership, of £nil (2020: £6,297).
The company's bank loan is secured by the Bounce Back Loan Scheme managed by the British Business Bank.
Amounts owing under finance lease arrangements are secured over the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
33,600
43,167
Obligations under finance leases
12,833
16,228
46,433
59,395
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
3,167
SE & K PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 8 -
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
16 ''A'' Ordinary shares of £1 each
16
16
2 ''B'' Ordinary shares of £1 each
2
2
82 ''C'' Ordinary shares of £1 each
82
82
100
100
10
Revaluation reserve
2021
2020
£
£
At the beginning of the year
114,779
335,933
Other movements
-
(221,154)
At the end of the year
114,779
114,779
Following the disposal of certain investment properties during the previous period, an amount of £nil (2020: £221,154) was released from the company’s revaluation reserve to distributable profit and loss reserves.
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