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COMPANY REGISTRATION NUMBER: 02726740
Securehold Properties Limited
Unaudited Financial Statements
Year ended
31 January 2023
Securehold Properties Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
10
Securehold Properties Limited
Directors' Report
Year ended 31 January 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2023 .
Directors
The directors who served the company during the year were as follows:
R A E Styler
A R J Styler
J M A Styler
J M T Styler
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 November 2023 and signed on behalf of the board by:
R A E Styler
Director
Registered office:
Manor Farm House
Lenchwick
Nr. Evesham
Worcestershire
WR11 4TG
Securehold Properties Limited
Statement of Income and Retained Earnings
Year ended 31 January 2023
2023
2022
Note
£
£
Turnover
128,998
150,058
---------
---------
Gross profit
128,998
150,058
Administrative expenses
121,757
133,720
---------
---------
Operating profit
7,241
16,338
Interest payable and similar expenses
2
---------
---------
Profit before taxation
5
7,239
16,338
Tax on profit
1,375
3,051
-------
--------
Profit for the financial year and total comprehensive income
5,864
13,287
-------
--------
Retained earnings at the start of the year
918,202
904,915
---------
---------
Retained earnings at the end of the year
924,066
918,202
---------
---------
All the activities of the company are from continuing operations.
Securehold Properties Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
675,094
675,287
Investments
7
1,500
1,500
---------
---------
676,594
676,787
Current assets
Stocks
688,125
688,125
Debtors
8
14,867
19,811
Cash at bank and in hand
82,078
73,880
---------
---------
785,070
781,816
Creditors: amounts falling due within one year
9
501,290
504,056
---------
---------
Net current assets
283,780
277,760
---------
---------
Total assets less current liabilities
960,374
954,547
Provisions
Taxation including deferred tax
208
245
---------
---------
Net assets
960,166
954,302
---------
---------
Securehold Properties Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
10
124
124
Share premium account
35,976
35,976
Profit and loss account
924,066
918,202
---------
---------
Shareholders funds
960,166
954,302
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
R A E Styler
Director
Company registration number: 02726740
Securehold Properties Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Farm House, Lenchwick, Nr. Evesham, Worcestershire, WR11 4TG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rent and recharges for electricity, gas, water rates, service charges and insurance. Where a payment is received in advance of the services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and equipment
-
15% reducing balance
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stock includes the purchase price of disused listed barns which the company plans to develop into a residence for resale. Also included in cost are professional fees relating to this project.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
193
227
----
----
6. Tangible assets
Investment property
Fixtures and equipment
Total
£
£
£
Valuation/Cost
At 1 February 2022 and 31 January 2023
674,000
7,456
681,456
---------
-------
---------
Depreciation
At 1 February 2022
6,169
6,169
Charge for the year
193
193
---------
-------
---------
At 31 January 2023
6,362
6,362
---------
-------
---------
Carrying amount
At 31 January 2023
674,000
1,094
675,094
---------
-------
---------
At 31 January 2022
674,000
1,287
675,287
---------
-------
---------
Investment property has been valued at the balance sheet dates by the directors. The historical cost of investment property is £652,906 (2022 - £652,906).
7. Investments
Other investments other than loans
£
Cost
At 1 February 2022 and 31 January 2023
7,000
-------
Impairment
At 1 February 2022 and 31 January 2023
5,500
-------
Carrying amount
At 31 January 2023
1,500
-------
At 31 January 2022
1,500
-------
8. Debtors
2023
2022
£
£
Trade debtors
13,238
15,577
Other debtors
1,629
4,234
--------
--------
14,867
19,811
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,822
11,623
Amounts owed to group undertakings and undertakings in which the company has a participating interest
404,365
404,365
Social security and other taxes
1,412
3,754
Other creditors
88,691
84,314
---------
---------
501,290
504,056
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
124
124
124
124
----
----
----
----
11. Related party transactions
During the year the company was charged £19,000 (2022 - £19,000) for consultancy by a business owned by a director. Included in creditors is £404,365 (2022 - £404,365) owed to the parent undertaking.
Securehold Properties Limited
Management Information
Year ended 31 January 2023
The following pages do not form part of the financial statements.
Securehold Properties Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Securehold Properties Limited
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Securehold Properties Limited for the year ended 31 January 2023, as set out on pages 2 to 8 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Securehold Properties Limited, as a body, in accordance with the terms of our engagement letter dated 24 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Securehold Properties Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Securehold Properties Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Securehold Properties 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 Securehold Properties Limited. You consider that Securehold Properties 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 Securehold Properties 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.
RIGBEY HARRISON Chartered Accountants
4 Church Green East, Redditch, Worcs, B98 8BT
23 November 2023