Company registration number 10725575 (England and Wales)
SHELLEY HOUSE (WORTHING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SHELLEY HOUSE (WORTHING) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SHELLEY HOUSE (WORTHING) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHELLEY HOUSE (WORTHING) LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shelley House (Worthing) Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Shelley House (Worthing) Limited, as a body, in accordance with the terms of our engagement letter dated 21 January 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Shelley House (Worthing) Limited and state those matters that we have agreed to state to the board of directors of Shelley House (Worthing) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shelley House (Worthing) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Shelley House (Worthing) 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 loss of Shelley House (Worthing) Limited. You consider that Shelley House (Worthing) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Shelley House (Worthing) 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.

Carpenter Box
14 November 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SHELLEY HOUSE (WORTHING) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
3,251,033
2,500,127
Investments
4
99
99
3,251,132
2,500,226
Current assets
Debtors
5
297,857
437,515
Cash at bank and in hand
25,082
33,594
322,939
471,109
Creditors: amounts falling due within one year
6
(2,044,185)
(1,513,836)
Net current liabilities
(1,721,246)
(1,042,727)
Total assets less current liabilities
1,529,886
1,457,499
Creditors: amounts falling due after more than one year
7
(597,000)
(565,000)
Provisions for liabilities
(189,181)
-
0
Net assets
743,705
892,499
Capital and reserves
Called up share capital
8
90
90
Non-distributable profits reserve
9
574,221
-
0
Distributable profit and loss reserves
169,394
892,409
Total equity
743,705
892,499

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year 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 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.

SHELLEY HOUSE (WORTHING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr A R Whibley
Director
Company registration number 10725575 (England and Wales)
SHELLEY HOUSE (WORTHING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Shelley House (Worthing) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Steyne, Worthing, West Sussex, BN11 3DS.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true

 

At the balance sheet date the company is in a net current liabilities position. The company is reliant on the ongoing support of its connected companies and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover represents amounts receivable for rents net of sales taxes, on a time apportioned basis, from investment property.

1.4
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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

SHELLEY HOUSE (WORTHING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.

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.

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 and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

2
Employees

The average monthly number of persons employed by the company during the year was 3 (2022 - 3).

3
Investment property
2023
£
Fair value
At 1 April 2022
2,500,127
Additions
750,906
At 31 March 2023
3,251,033
SHELLEY HOUSE (WORTHING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Investment property
(Continued)
- 6 -

The investment property is included in the accounts at market value which is deemed appropriate by the directors, therefore no independent valuations were acquired. The valuation was made by them on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
99
99
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,115
25,482
Amounts owed by group undertakings
257,406
399,971
Other debtors
17,336
12,062
297,857
437,515
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,000
30,000
Trade creditors
-
0
5,400
Taxation and social security
8,387
16,082
Other creditors
2,005,798
1,462,354
2,044,185
1,513,836

Amounts included in bank loans are secured over the underlying assets of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
535,000
565,000
Other creditors
62,000
-
0
597,000
565,000

Amounts included in bank loans are secured over the underlying assets of the company.

SHELLEY HOUSE (WORTHING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
9
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
574,221
-
At the end of the year
574,221
-
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