Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31truetrue2022-06-01falseThe principal activity of the company is property investment and property rental.33The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07255001 2022-06-01 2023-05-31 07255001 2021-06-01 2022-05-31 07255001 2023-05-31 07255001 2022-05-31 07255001 2021-06-01 07255001 2 2022-06-01 2023-05-31 07255001 2 2021-06-01 2022-05-31 07255001 d:Director2 2022-06-01 2023-05-31 07255001 e:OfficeEquipment 2022-06-01 2023-05-31 07255001 e:OfficeEquipment 2023-05-31 07255001 e:OfficeEquipment 2022-05-31 07255001 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 07255001 e:FreeholdInvestmentProperty 2023-05-31 07255001 e:FreeholdInvestmentProperty 2022-05-31 07255001 e:FreeholdInvestmentProperty 2 2022-06-01 2023-05-31 07255001 e:CurrentFinancialInstruments 2023-05-31 07255001 e:CurrentFinancialInstruments 2022-05-31 07255001 e:Non-currentFinancialInstruments 2023-05-31 07255001 e:Non-currentFinancialInstruments 2022-05-31 07255001 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 07255001 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 07255001 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 07255001 e:Non-currentFinancialInstruments e:AfterOneYear 2022-05-31 07255001 e:ShareCapital 2023-05-31 07255001 e:ShareCapital 2022-05-31 07255001 e:ShareCapital 2021-06-01 07255001 e:InvestmentPropertiesRevaluationReserve 2022-06-01 2023-05-31 07255001 e:InvestmentPropertiesRevaluationReserve 2023-05-31 07255001 e:InvestmentPropertiesRevaluationReserve 2 2022-06-01 2023-05-31 07255001 e:InvestmentPropertiesRevaluationReserve 2022-05-31 07255001 e:InvestmentPropertiesRevaluationReserve 2021-06-01 07255001 e:InvestmentPropertiesRevaluationReserve 2 2021-06-01 2022-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2023-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2 2022-06-01 2023-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2022-05-31 07255001 e:RetainedEarningsAccumulatedLosses 2021-06-01 07255001 e:RetainedEarningsAccumulatedLosses 2 2021-06-01 2022-05-31 07255001 d:FRS102 2022-06-01 2023-05-31 07255001 d:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 07255001 d:FullAccounts 2022-06-01 2023-05-31 07255001 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 07255001 e:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07255001 e:AcceleratedTaxDepreciationDeferredTax 2022-05-31 07255001 e:TaxLossesCarry-forwardsDeferredTax 2023-05-31 07255001 e:TaxLossesCarry-forwardsDeferredTax 2022-05-31 07255001 2 2022-06-01 2023-05-31 07255001 f:PoundSterling 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 07255001










North Sussex Property Investments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2023

 
North Sussex Property Investments Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of North Sussex Property Investments Limited for the Year Ended 31 May 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 North Sussex Property Investments Limited for the year ended 31 May 2023 which comprise  the Balance Sheet, the Statement of Changes in Equity 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of North Sussex Property Investments Limited, as a body, in accordance with the terms of our engagement letter dated 5 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of North Sussex Property Investments Limited  and state those matters that we have agreed to state to the Board of Directors of North Sussex Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North Sussex Property Investments Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that North Sussex Property Investments 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 North Sussex Property Investments Limited. You consider that North Sussex Property Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of North Sussex Property Investments 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.

  


Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
8 February 2024
Page 1

 
North Sussex Property Investments Limited
Registered number: 07255001

Balance Sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
254
401

Investment property
 5 
1,465,000
1,425,000

  
1,465,254
1,425,401

Current assets
  

Debtors: amounts falling due within one year
 6 
784
2,382

Cash at bank and in hand
  
296,807
270,752

  
297,591
273,134

Creditors: amounts falling due within one year
 7 
(150,845)
(148,938)

Net current assets
  
 
 
146,746
 
 
124,196

Total assets less current liabilities
  
1,612,000
1,549,597

Creditors: amounts falling due after more than one year
 8 
(893,989)
(893,989)

Provisions for liabilities
  

Deferred tax
 9 
(102,194)
(92,194)

  
 
 
(102,194)
 
 
(92,194)

Net assets
  
615,817
563,414


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 10 
482,081
452,081

Profit and loss account
 10 
133,636
111,233

  
615,817
563,414


Page 2

 
North Sussex Property Investments Limited
Registered number: 07255001

Balance Sheet (continued)
As at 31 May 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R D M Ellis
Director
Date: 8 February 2024

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
North Sussex Property Investments Limited
 

Statement of Changes in Equity
For the Year Ended 31 May 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 June 2021
100
377,081
90,797
467,978


Comprehensive income for the year

Profit for the year
-
-
95,436
95,436

Movement in investment property reserve
-
75,000
(75,000)
-



At 1 June 2022
100
452,081
111,233
563,414


Comprehensive income for the year

Profit for the year
-
-
52,403
52,403

Movement in investment property reserve
-
30,000
(30,000)
-


At 31 May 2023
100
482,081
133,636
615,817


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

1.


General information

North Sussex Property Investments Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in £ sterling, the functional currency of the company, and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;


 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 6

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 June 2022
1,268



At 31 May 2023

1,268



Depreciation


At 1 June 2022
867


Charge for the year on owned assets
147



At 31 May 2023

1,014



Net book value



At 31 May 2023
254



At 31 May 2022
401

Page 7

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
1,425,000


Surplus on revaluation
40,000



At 31 May 2023
1,465,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
880,825
880,825

880,825
880,825


6.


Debtors

2023
2022
£
£


Trade debtors
-
1,989

Prepayments and accrued income
784
393

784
2,382



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
5,289
4,846

Other creditors
140,784
139,482

Accruals and deferred income
4,772
4,610

150,845
148,938


Page 8

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
893,989
893,989

893,989
893,989


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
893,989
893,989

893,989
893,989




9.


Deferred taxation




2023


£






At beginning of year
(92,194)


Charged to profit or loss
(10,000)



At end of year
(102,194)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised gain on investment property
(102,094)
(92,094)

Accelerated capital allowances
(100)
(100)

(102,194)
(92,194)


10.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes the unrealised gains on the revaluation of the investment properties, net of deferred taxation. 

Profit and loss account

The profit and loss account includes all retained profits, net of dividends declared.

Page 9

 
North Sussex Property Investments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2023

11.


Related party transactions

During the year the company made the following related party transactions: 
Directors
During the year the directors continued to provide a loan to the company. Part of this loan is repayable in 2025 together with accrued interest which was calculated daily at the Bank of England base rate plus 4% until 1 June 2014 when it was decided that the loan would revert to being interest free. The accrued interest due at 31 May 2023 was £136,475 (2022: £136,475). At the balance sheet date the amount due to the directors was £1,033,783 (2022: £1,033,471).


Page 10