REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SITEQUEST OFFICES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced rents and services, excluding value added tax. |
Tangible fixed assets |
Plant and machinery etc | - |
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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Additions |
Revaluations | (9,990 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
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 |
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). |