REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SUSSEX PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SUSSEX PROPERTY INVESTMENTS LIMITED |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non-distributable reserves | 12 |
Retained earnings | 12 | ( |
) |
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. |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
STATEMENT OF FINANCIAL POSITION - 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 |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Sussex Property Investments Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
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 statement of financial position date. |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Revaluations | (2,416,482 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The investment properties were all transferred at cost on 25 January 2023 to the ultimate parent undertaking as part of the group's reorganisation during the year and as more fully described in note 14. |
Fair value at 31 March 2023 is represented by: |
£ |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Amounts owed to group undertakings |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans (see note 9) |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2023 | 2022 |
as | restated |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,572,500 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
as | restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,572,500 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as | restated |
£ | £ |
Bank loans |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary A | £1 | 2 | 2 |
Ordinary B | £1 | 606 | 606 |
608 | 608 |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | RESERVES |
Retained | Non-distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2022 | 2,341,006 |
Deficit for the year | ( |
) | ( |
) |
Transfers | 1,986,919 | (1,986,919 | ) | - |
At 31 March 2023 | ( |
) | (608 | ) |
Non-distributable reserves represent cumulative unrealised fair value movements on investment |
properties net of provisions for deferred taxation. |
Transfers between retained earnings and non-distributable reserves represent the unrealised fair value |
movements on investment properties net of provisions for deferred taxation in the current year. |
13. | RELATED PARTY DISCLOSURES |
The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below: |
2023 | 2022 |
£ | £ |
Amounts owed by/(to) J A Blake (Director) | - | (458,736 | ) |
Amounts owed by/(to) J Eager (Director) | - | (458,737 | ) |
Amounts owed by/(to) ASA Consortium Limited (Group Undertaking) | - | (385,302 | ) |
Amounts owed by/(to) Johns' Yard Limited (Group Undertaking) | - | - |
Management fees paid to connected undertakings | 10,550 |
Interests paid to directors | 25,000 |
Connected Undertakings: |
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company. |
Interests paid to directors: |
The directors received £12,500 each from the company by way of interest on their directors' accounts. |
Group reorganisation: |
On 25 January 2023, the company transferred all its investment properties valued at £6,089,036 at their original cost of £3,687,253 to Johns' Yard Limited (the holding company). |
These transfers were carried out as part of the group's reorganisation during the year whereby all the company's investment properties are now directly owned by Johns' Yard Limited (the holding company) which has taken over all remaining assets and liabilities of the company as at 31 March 2023. |
As part of the reorganisation, the intercompany balances owing from John's Yard Limited £808,346 were written off. |
SUSSEX PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 07586975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
14. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent undertaking is Johns' Yard Limited. |
The registered office of Johns' Yard Limited is Ratoath House, Hazelwood Close, Storrington, West |
Sussex, RH20 3HX, England. |