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REGISTERED NUMBER: 10843183 (England and Wales)










Financial Statements

for the Year Ended 31 March 2023

for

Solent Property Investments Ltd

Solent Property Investments Ltd (Registered number: 10843183)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Solent Property Investments Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: I Schaff
Mrs C Read





REGISTERED OFFICE: 22 Grange Road
Shanklin
Isle of Wight
PO37 6NN





REGISTERED NUMBER: 10843183 (England and Wales)





ACCOUNTANTS: SKS Bailey Group Limited
Suite 4, 10/12 The Grove,
Ilkley
West Yorkshire
LS29 9EG

Solent Property Investments Ltd (Registered number: 10843183)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 1,091,935 1,091,935

CURRENT ASSETS
Debtors 5 53,574 39,886
Cash at bank and in hand 5,346 7,069
58,920 46,955
CREDITORS
Amounts falling due within one year 6 (103,861 ) (85,280 )
NET CURRENT LIABILITIES (44,941 ) (38,325 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,046,994

1,053,610

CREDITORS
Amounts falling due after more than one
year

7

(794,549

)

(794,201

)

PROVISIONS FOR LIABILITIES (47,965 ) (49,288 )
NET ASSETS 204,480 210,121

CAPITAL AND RESERVES
Called up share capital 9 2 2
Undistributed Reserves 10 262,715 262,715
Retained earnings 10 (58,237 ) (52,596 )
SHAREHOLDERS' FUNDS 204,480 210,121

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Solent Property Investments Ltd (Registered number: 10843183)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:




Mrs C Read - Director



I Schaff - Director


Solent Property Investments Ltd (Registered number: 10843183)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Solent Property Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Solent Property Investments Ltd (Registered number: 10843183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,091,935
NET BOOK VALUE
At 31 March 2023 1,091,935
At 31 March 2022 1,091,935

Fair value at 31 March 2023 is represented by:
£   
Cost 1,091,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,358 4,358
Directors' current accounts 50,216 35,528
53,574 39,886

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 2,400 2,400
Other loans (see note 8) 99,920 80,000
Accrued expenses 1,541 2,880
103,861 85,280

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 794,549 794,201

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 789,349 786,601

Solent Property Investments Ltd (Registered number: 10843183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 2,400 2,400
Other loans 99,920 80,000
102,320 82,400

Amounts falling due between two and five years:
Bank loans - 1-5 years 5,200 7,600

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 789,349 786,601

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Retained Undistributed
earnings Reserves Totals
£    £    £   

At 1 April 2022 (52,596 ) 262,715 210,119
Deficit for the year (5,641 ) (5,641 )
At 31 March 2023 (58,237 ) 262,715 204,478

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

2023 2022
£    £   
I Schaff
Balance outstanding at start of year (18,955 ) (9,789 )
Amounts advanced 156 260
Amounts repaid (7,500 ) (9,426 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (26,299 ) (18,955 )

Solent Property Investments Ltd (Registered number: 10843183)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs C Read
Balance outstanding at start of year (16,573 ) (9,808 )
Amounts advanced 156 260
Amounts repaid (7,500 ) (7,025 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (23,917 ) (16,573 )