ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 13060955

SHREWSBURY PROPERTY INVESTMENTS 1. LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

SHREWSBURY PROPERTY INVESTMENTS 1. LTD

REGISTERED NUMBER: 13060955

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		603		-
Investment property	5		410,000		309,573
			410,603		309,573
Current assets
Cash at bank and in hand		3,479		-
		3,479		-
Creditors: amounts falling due within one year	6	(121,686)		(115,536)
Net current liabilities			(118,207)		(115,536)
Total assets less current liabilities			292,396		194,037
Creditors: amounts falling due after more than one year	7		(194,147)		(194,147)

Net assets/(liabilities)			98,249		(110)

Capital and reserves
Called up share capital	9	100	100
Investment property reserve		100,427	-
Profit and loss account		(2,278)	(210)
		98,249	(110)

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

REGISTERED NUMBER: 13060955

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The director considers 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 year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 3 October 2023.

Jean Hazel Wade

Director

The notes on pages 3 to 8 form part of these financial statements.

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Shrewsbury Property Investments 1 Limited, 13060955, is a private limited company limited by shares, incorporated in England and Wales, with its registered office at Belmont House, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The director has considered the support and financial requirements of the company, acknowledging the net liability and position, and is satisfied that the company can meet its liabilities as they fall due for the foreseeable future.

2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

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.

2.9

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.

2.10

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Page 4

SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	904
	At 31 March 2023	904
	Depreciation
	Charge for the year on owned assets	301
	At 31 March 2023	301
	Net book value
	At 31 March 2023	603
	At 31 March 2022	-

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2022	309,573
	Surplus on revaluation	100,427
	At 31 March 2023	410,000

	Comprising
	Cost	309,573
	Annual revaluation surplus/(deficit):	Annual revaluation surplus/(deficit):
	2023	100,427
	At 31 March 2023	410,000

The 2023 valuations were made by the director, on an open market value for existing use basis.

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	280	720
Other creditors	119,780	113,142
Accruals and deferred income	1,626	1,674
	121,686	115,536

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	194,147	194,147
	194,147	194,147

The following liabilities were secured:
	2023	2022
	£	£


Bank loans	194,147	194,147
	194,147	194,147

Details of security provided:

The loan is secured through charges held over the property in favour of Shawbrook Bank Limited dated 31 March 2021.




Amounts falling due after more than 5 years
Bank loans	194,147	194,147
	194,147	194,147
	194,147	194,147

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SHREWSBURY PROPERTY INVESTMENTS 1. LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

10.

Reserves

Investment property revaluation reserve

The investment property reserve relates to the cumulative revaluation in respect of the investment properties held by the company.

Profit and loss account

The profit and loss account reserve represents the cumulative profits and losses made by the company since incorporation after any dividends paid.

11.	Related party transactions
	Included within other creditors due within one year is £114,677 (2022: £111,469) due to the director, J Wade. The balance is repayable on demand.

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