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REGISTERED NUMBER: 08494929 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SUSSEX COAST DEVELOPMENTS LIMITED

SUSSEX COAST DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08494929)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

SUSSEX COAST DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: D Hanlon





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 08494929 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

SUSSEX COAST DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08494929)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 5,385,000 5,385,000

CURRENT ASSETS
Debtors 5 91,180 20,000
Cash at bank 514 14,818
91,694 34,818
CREDITORS
Amounts falling due within one year 6 242,414 229,462
NET CURRENT LIABILITIES (150,720 ) (194,644 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,234,280

5,190,356

CREDITORS
Amounts falling due after more than one
year

7

2,745,447

2,764,883
NET ASSETS 2,488,833 2,425,473

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 2,488,733 2,425,373
SHAREHOLDERS' FUNDS 2,488,833 2,425,473

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 director acknowledges her 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.

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 director and authorised for issue on 22 November 2023 and were signed by:





D Hanlon - Director


SUSSEX COAST DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08494929)

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

1. STATUTORY INFORMATION

Sussex Coast Developments 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 rent received.

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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 5,385,000
NET BOOK VALUE
At 31 March 2023 5,385,000
At 31 March 2022 5,385,000

SUSSEX COAST DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08494929)

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

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 1,000,000
Valuation in 2018 330,797
Valuation in 2022 1,085,000
Cost 2,969,203
5,385,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 77,610 20,000
Other debtors 13,570 -
91,180 20,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other loans 20,370 20,743
Trade creditors 395 1,784
Tax 17,381 2,776
Other creditors 394 394
Directors' loan accounts 202,426 202,384
Accrued expenses 1,448 1,381
242,414 229,462

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Mortgages 2,642,709 2,641,776
Other loans - 2-5 years 70,312 79,612
Other loans more 5yrs instal 32,426 43,495
2,745,447 2,764,883

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 32,426 43,495

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Shawbrook Bank 2,642,709 2,641,776

Shawbrook Bank Limited has a fixed and floating charge over the freehold property, 4 - 5 Robertson Terrace owned by the Company.

SUSSEX COAST DEVELOPMENTS LIMITED (REGISTERED NUMBER: 08494929)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

10. RESERVES

The split between non-distributable and distributable reserves are as follows:-

31.3.2331.3.22
£   £   

Distributable reserves72,9369,576
Non-distributable reserves2,415,7972,415,797

Total2,488,7332,425,373


11. RELATED PARTY DISCLOSURES

At the period end, the company owed the director £202,426 (2022: £202,384). This is interest free and repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SUSSEX COAST DEVELOPMENTS LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sussex Coast Developments Limited for the year ended 31 March 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Sussex Coast Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sussex Coast Developments Limited and state those matters that we have agreed to state to the director of Sussex Coast Developments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sussex Coast Developments Limited and its director for our work or for this report.

It is your duty to ensure that Sussex Coast Developments 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 profit of Sussex Coast Developments Limited. You consider that Sussex Coast Developments 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 Sussex Coast Developments 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.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


28 November 2023