Company registration number 11926880 (England and Wales)
SHIPLEY PROPCO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SHIPLEY PROPCO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SHIPLEY PROPCO LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,459,951
Current assets
Debtors
4
476,500
4,073
Cash at bank and in hand
635
5,924
477,135
9,997
Creditors: amounts falling due within one year
5
(64,442)
(551,328)
Net current assets/(liabilities)
412,693
(541,331)
Total assets less current liabilities
412,693
918,620
Creditors: amounts falling due after more than one year
6
(773,475)
Net assets
412,693
145,145
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
412,690
145,142
Total equity
412,693
145,145
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 period ended 31 March 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 period 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 and signed by the director and authorised for issue on 15 November 2023
Mr A I Patel
Director
Company registration number 11926880 (England and Wales)
SHIPLEY PROPCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Shipley Propco Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Synergie House, 322 Manchester Road, Bolton, Lancashire, BL3 2QS.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directortrue is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result, the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Reporting period
The financial statements cover the eleven month period to 31 March 2023. The comparative figures are for the twelve months to 30 April 2022.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent and is shown net of VAT.
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.
1.6
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.
1.7
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.
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.
SHIPLEY PROPCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 May 2022
1,459,951
Additions
2,000
Disposals
(1,461,951)
At 31 March 2023
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
476,500
4,073
SHIPLEY PROPCO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
4
Debtors
(Continued)
- 4 -
Other debtors include a loan due from a connected company of £476,500 (2022 - £nil).
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
41,220
Taxation and social security
63,227
16,510
Other creditors
1,215
493,598
64,442
551,328
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
773,475
The company's bank borrowings were secured by a fixed and floating charge over the assets of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
608,595
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
8
Directors' transactions
During the year, the company operated a loan account with the director. At the balance sheet date, the company owed Mr A I Patel an amount of £59 (2022 - £475,118). The loan is unsecured and interest free.