Company Registration No. 11990006 (England and Wales)
S4 DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
S4 DEVELOPMENTS LTD
COMPANY INFORMATION
Directors
Mr G J Smart
Mrs N D Smart
Company number
11990006
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
TSB Bank Plc
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW
S4 DEVELOPMENTS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
S4 DEVELOPMENTS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF S4 DEVELOPMENTS LTD FOR THE YEAR ENDED 31 MAY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S4 Developments Ltd for the year ended 31 May 2023 which comprise, the 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of S4 Developments Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of S4 Developments Ltd and state those matters that we have agreed to state to the Board of Directors of S4 Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S4 Developments Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that S4 Developments Ltd 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 loss of S4 Developments Ltd. You consider that S4 Developments Ltd 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 S4 Developments Ltd. 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.

Property Tax People Limited
28 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
S4 DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,153
1
Investment properties
4
576,654
426,654
578,807
426,655
Current assets
Debtors
5
1,491
-
0
Cash at bank and in hand
106,928
46,254
108,419
46,254
Creditors: amounts falling due within one year
6
(132,630)
(98,431)
Net current liabilities
(24,211)
(52,177)
Total assets less current liabilities
554,596
374,478
Creditors: amounts falling due after more than one year
7
(559,909)
(232,258)
Provisions for liabilities
9
-
0
(27,336)
Net (liabilities)/assets
(5,313)
114,884
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
12
50,881
156,901
Distributable profit and loss reserves
(56,196)
(42,019)
Total equity
(5,313)
114,884

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 31 May 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.

S4 DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
Mr G J Smart
Director
Company Registration No. 11990006
S4 DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

S4 Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

S4 DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 June 2022
-
0
830
830
Additions
2,533
-
0
2,533
At 31 May 2023
2,533
830
3,363
Depreciation and impairment
At 1 June 2022
-
0
829
829
Depreciation charged in the year
381
-
0
381
At 31 May 2023
381
829
1,210
Carrying amount
At 31 May 2023
2,152
1
2,153
At 31 May 2022
-
0
1
1
S4 DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 June 2022
426,654
Additions
275,862
Revaluations
(125,862)
At 31 May 2023
576,654

The directors consider the revaluation as reflective of the market value at the year end.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
400
-
0
Deferred tax asset
1,091
-
0
1,491
-
0
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
957
960
Trade creditors
792
455
Other creditors
130,881
97,016
132,630
98,431
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
406,641
192,016
Other creditors
153,268
40,242
559,909
232,258
S4 DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
407,598
192,976
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
27,336
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2
11
Ultimate controlling party

The ultimate controlling party is Mr G J Smart and Mrs N D Smart.

12
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
156,901
25,522
Non distributable profits in the year
(106,020)
131,379
At the end of the year
50,881
156,901
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