Company registration number 12477820 (England and Wales)
SYC PROPCO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
SYC PROPCO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SYC PROPCO LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
381,035
381,035
Investments
4
100
100
381,135
381,135
Current assets
Debtors
5
37
37
Cash at bank and in hand
14,824
27,349
14,861
27,386
Creditors: amounts falling due within one year
6
(24,917)
(28,289)
Net current liabilities
(10,056)
(903)
Total assets less current liabilities
371,079
380,232
Creditors: amounts falling due after more than one year
7
(302,459)
(312,168)
Net assets
68,620
68,064
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
68,520
67,964
Total equity
68,620
68,064
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
SYC PROPCO LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
Mr P A J Sullivan
Director
Company Registration No. 12477820
SYC PROPCO LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
2
Accounting policies
Company information
SYC Propco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Town Farm, Old Street Hill, Hatfiled Broad Oak, Hertfordshire, United Kingdom, CM22 7LF.
2.1
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.
2.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
Other income relates to (government) grants, representing interest payable covered by the government in relation to the BBLS loan received during the year for the first 12 months of the loan term.
2.3
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.
2.4
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
2.5
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.
SYC PROPCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Accounting policies
(Continued)
- 4 -
2.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.7
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.
3
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
381,035
The investment property is valued on an open market basis by the directors at the year end. A full valuation was deemed unnecessary where appropriate and reliable market information existed for the directors to carry out their own valuation.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
SYC PROPCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
37
37
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,738
10,000
Other creditors
15,179
18,289
24,917
28,289
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
302,459
312,168
Included within bank loans is a BBLS of £32,500 (2022: £42,500). The term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 2.50% from the 13th month.
8
Secured debt
Included within long term creditors is a mortgage amounting to £279,697 (2022: £279,688) that is secured by way of fixed charge over the property 37 Sycamore Close, Takeley, Essex, CM22 6QA