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Shorelark Properties Limited

Annual Report and Financial Statements
Year Ended 31 August 2023

Registration number: 11881177

 

Shorelark Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Shorelark Properties Limited

Company Information

Directors

Mr S C Goulding

Mr S Cole

Mr M R Davies

Mr J A Sellings

Company secretary

Mr S Cole

Registered office

Enterprise House 52 Holton Road
Holton Heath Trading Park
Poole
Dorset
England

Auditors

PKF Francis Clark
Statutory Auditor
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Shorelark Properties Limited

Balance Sheet

31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,688,876

3,713,385

Current assets

 

Debtors

5

17,698

19,664

Cash at bank and in hand

 

131,187

169,036

 

148,885

188,700

Creditors: Amounts falling due within one year

6

(1,680,670)

(1,673,697)

Net current liabilities

 

(1,531,785)

(1,484,997)

Total assets less current liabilities

 

2,157,091

2,228,388

Creditors: Amounts falling due after more than one year

6

(1,905,244)

(2,040,309)

Provisions for liabilities

(31,103)

(23,260)

Net assets

 

220,744

164,819

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

220,644

164,719

Shareholders' funds

 

220,744

164,819

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:
 

.........................................
Mr S C Goulding
Director

Company Registration Number: 11881177

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Enterprise House 52 Holton Road
Holton Heath Trading Park
Poole
Dorset
England
BH16 6LT

These financial statements were authorised for issue by the Board on 16 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Summary of disclosure exemptions

The company has taken advantage of the exemption in Financial Reporting Standard 102 chapter 33 "Related Party Disclosure" and has not disclosed transactions with wholly owned group undertakings or wholly owned indirectly by the ultimate controlling party.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

Going concern

The directors have reviewed the rental income streams and the level of core overheads of the business, to determine if there is sufficient working capital to meet these requirements, along with scheduled borrowing repayments, for a period of at least twelve months from the date of approval of these financial statements.

The company has an intercompany balance of £1,475,491 owed to another company within the group, Electro Mechanical Systems Ltd. The company is unable to repay this in full and the company is reliant on the support of the parent company for 12 months from the date of signing to continue as a going concern. The directors have received confirmation of support and have reviewed the going concern assessment made by the parent company.

Following this review, based on the information available to date the directors are satisfied that support from the group is sufficient to meet these requirements and, accordingly, the directors continue to adopt the going concern basis of presentation.

Revenue recognition

Turnover comprises the fair value of the consideration of rent received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Conditional government grant income is recognised under the accrual model within the financial statements and as such are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grants are intended to compensate.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% per annum on a straight line basis.

Solar panels

4% per annum on a straight line basis.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Solar panels
£

Total
£

Cost or valuation

At 1 September 2022

3,868,062

-

3,868,062

Additions

-

54,300

54,300

At 31 August 2023

3,868,062

54,300

3,922,362

Depreciation

At 1 September 2022

154,677

-

154,677

Charge for the year

77,361

1,448

78,809

At 31 August 2023

232,038

1,448

233,486

Carrying amount

At 31 August 2023

3,636,024

52,852

3,688,876

At 31 August 2022

3,713,385

-

3,713,385

Included within the net book value of land and buildings above is £3,636,024 (2022 - £3,713,385) in respect of freehold land and buildings.
 

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

100

100

Prepayments

 

17,574

19,564

Other debtors

 

24

-

 

17,698

19,664

Details of non-current trade and other debtors

£13,281 (2022 - £14,556) of prepayments is classified as non current.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

153,508

149,670

Amounts owed to group undertakings

1,475,491

1,472,798

Taxation and social security

 

41,240

41,149

Accruals and deferred income

 

10,431

10,080

 

1,680,670

1,673,697

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

1,885,906

2,040,309

Deferred income

 

19,338

-

 

1,905,244

2,040,309

Included in creditors falling due after more than one year is a bank loan of which £1,228,252 (2022 - £1,404,299) relates to amounts due after more than five years. The loan is repayable by instalments.

7

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

1,885,906

2,040,309

2023
£

2022
£

Current loans and borrowings

Bank borrowings

153,508

149,670

The bank loan is secured over the company's assets.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £51,800). The commitment was in relation to the freehold property.

9

Parent and ultimate parent undertaking

The company's immediate parent is Shorelark Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Shorelark Limited. These financial statements are available upon request from Enterprise House, 52 Holton Road, Holton Heath Trading Park, Poole, Dorset, England, BH16 6LT

 The ultimate controlling party is S C Goulding.

10

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Chloe Mills FCA, who signed for and on behalf of PKF Francis Clark on 22 April 2024.