Company registration number 02882779 (England and Wales)
7 AND 8 SUSSEX SQUARE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
7 AND 8 SUSSEX SQUARE LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
7 AND 8 SUSSEX SQUARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 24 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 24 June 2023.
Principal activities
The principal activity of the company continued to be that of a residents property management company managing the property known as 7&8 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R H Dyer
A J Connolly
J M Hill
Profit and Loss Account
Apart from ground rents receivable the company normally has no income or expenses in its own right, all transactions in the year being related to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. Service charges collected are held on trust for the purpose of meeting the relevent costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.
The company may from time to time grant lease extensions to leaseholders who are not shareholders of the company and in return will receive a capital payment.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A J Connolly
Director
23 November 2023
7 AND 8 SUSSEX SQUARE LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,134
7,134
Current assets
Cash at bank and in hand
28,790
49,449
Creditors: amounts falling due within one year
4
(12,773)
(17,842)
Net current assets
16,017
31,607
Net assets
23,151
38,741
Capital and reserves
Called up share capital
9
9
Other reserves
5
7,134
7,134
Profit and loss reserves
16,008
31,598
Total equity
23,151
38,741
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 24 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
A J Connolly
Director
Company registration number 02882779 (England and Wales)
7 AND 8 SUSSEX SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2023
- 3 -
1
Accounting policies
Company information
7 and 8 Sussex Square Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester Court, 3 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents ground rents receivable from lessees during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Included at cost in tangible fixed assets is the freehold interest of 7 & 8 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ which is not depreciated or revalued.
1.4
Financial instruments
The company had the following financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
7 AND 8 SUSSEX SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.6
Bank account and petty cash account
At the balance sheet date the company bank account and petty cash account also contained £12,772 (2022 - £9,432) which is held on trust for the leaseholders under section 42 of the Landlords and Tenant Act 1987. This amount is shown in other creditors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost
At 25 June 2022 and 24 June 2023
7,134
Depreciation and impairment
At 25 June 2022 and 24 June 2023
Carrying amount
At 24 June 2023
7,134
At 24 June 2022
7,134
Cost represents the freehold reversion in the land and buildings at 7 & 8 Sussex Square, Brighton, East Sussex, BN2 1FJ, stated at cost.
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
7,410
Other creditors
12,773
10,432
12,773
17,842
7 AND 8 SUSSEX SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2023
- 5 -
5
Other reserves
The special reserve represents the funds introduced by the shareholders of the company to purchase the freehold interest in 7 & 8 Sussex Square, Brighton. The cost of purchasing the freehold interest has been shown in the fixed asset note.
6
Financial commitments, guarantees and contingent liabilities
The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. At 24 June 2023, the company had not entered into any non-cancellable contractual commitments (2022 - £nil).
8
Directors' transactions
Dividends totalling £15,590 (2022 - £16,000) were paid in the year in respect of shares held by the company's directors.