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REGISTERED NUMBER: 05016689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SITEQUEST OFFICES LIMITED

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

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


SITEQUEST OFFICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr W R Blackwell
Mr T R Blackwell
Mr W R Blackwell
Ms J E Eva





SECRETARY: Ms J E Eva





REGISTERED OFFICE: 13 Trinity Square
Llandudno
North Wales
LL30 2RB





REGISTERED NUMBER: 05016689 (England and Wales)





ACCOUNTANTS: Williams Denton Cyf
Chartered Certified Accountants
Glaslyn
Ffordd y Parc
Parc Menai
Bangor
Gwynedd
LL57 4FE

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 101,751 181,255
Investments 5 6 6
Investment property 6 9,065,001 8,690,000
9,166,758 8,871,261

CURRENT ASSETS
Debtors 7 808,060 1,026,672
Cash at bank 48,416 101,003
856,476 1,127,675
CREDITORS
Amounts falling due within one year 8 907,654 619,078
NET CURRENT (LIABILITIES)/ASSETS (51,178 ) 508,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,115,580

9,379,858

CREDITORS
Amounts falling due after more than one
year

9

(3,011,461

)

(2,838,824

)

PROVISIONS FOR LIABILITIES (778,356 ) (780,254 )
NET ASSETS 5,325,763 5,760,780

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 5,325,760 5,760,777
SHAREHOLDERS' FUNDS 5,325,763 5,760,780

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.

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

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 24 November 2023 and were signed on its behalf by:





Mr W R Blackwell - Director


SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Sitequest Offices Limited 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 represents net invoiced rents and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on cost and 15% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Going concern
The current economic environment continues to create material uncertainties over the market value of properties and availability of financing facilities.

The company is dependent on the continued support of its bank for finance facilities.
The directors after considering the above uncertainties believe the company can operate for the foreseeable future provided it retains the support of its bank.

For these reasons the directors consider it appropriate to prepare the financial statements on the going concern basis and therefore have not included any adjustments that would result if the company was unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 368,865
DEPRECIATION
At 1 April 2022 187,610
Charge for year 79,504
At 31 March 2023 267,114
NET BOOK VALUE
At 31 March 2023 101,751
At 31 March 2022 181,255

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 6
NET BOOK VALUE
At 31 March 2023 6
At 31 March 2022 6

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 8,690,000
Additions 384,991
Revaluations (9,990 )
At 31 March 2023 9,065,001
NET BOOK VALUE
At 31 March 2023 9,065,001
At 31 March 2022 8,690,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2014 1,326,467
Valuation in 2016 822,500
Valuation in 2017 829,266
Valuation in 2018 914,000
Valuation in 2022 109,102
Valuation in 2023 (9,990 )
Cost 5,073,656
9,065,001

If Investment Property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,073,656 4,688,665

The properties were valued on an open market basis on 29 April 2022 by Legat Owen .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 90,706 146,572
Other debtors 717,354 880,100
808,060 1,026,672

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 171,653 148,694
Hire purchase contracts 49,141 52,991
Trade creditors 93,021 31,662
Amounts owed to group undertakings 113 38
Taxation and social security 216,505 185,277
Other creditors 377,221 200,416
907,654 619,078

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,928,342 2,690,676
Hire purchase contracts 83,119 132,261
Other creditors - 15,887
3,011,461 2,838,824

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,928,342 2,690,676

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,049,675 2,790,676

The bank has security over the loans by way of a charge over Industrial and Commercial properties and the following debentures:

Debenture of Sitequest Offices Limited dated 23 March 2010.

A new charge was registered on 9 March 2016 over land at St David's Retail Park in favour of Handlesbanken.

SITEQUEST OFFICES LIMITED (REGISTERED NUMBER: 05016689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. RELATED PARTY DISCLOSURES

W R Blackwell, a Director of Sitequest Offices Limited is also a Director of the following companies:

Jane Eva Homes Limited:
At 31 March 2023, Sitequest Offices Limited was owed £357,349 by Jane Eva Homes Limited (2022 £363,613).

DWR Pumps Limited
At 31 March 2023, Sitequest Offices Limited was owed £11 by DWR Pumps Limited (2022 £11).

Sitequest Holdings Limited
At 31 March 2023, there was an amount of £1133 (2022 £38) due to Sitequest Holdings Limited.

The Creamery Business Parc Man Co Limited
At 31 March 2023, there was an amount of £1,323 due to The Creamery Business Parc Man Co Limited (2022 £1,323).