REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th November 2023 |
for |
Summerbase Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th November 2023 |
for |
Summerbase Properties Limited |
Summerbase Properties Limited (Registered number: 05298363) |
Contents of the Financial Statements |
for the Year Ended 30th November 2023 |
Page |
Company information | 1 |
Abridged balance sheet | 2 |
Notes to the financial statements | 4 |
Summerbase Properties Limited |
Company Information |
for the Year Ended 30th November 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Abacus House |
14-18 Forest Road |
Loughton |
Essex |
IG10 1DX |
Summerbase Properties Limited (Registered number: 05298363) |
Abridged Balance Sheet |
30th November 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors |
Cash at bank |
Creditors |
Amounts falling due within one year | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Fair value reserve | 6 |
Retained earnings |
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. |
Summerbase Properties Limited (Registered number: 05298363) |
Abridged Balance Sheet - continued |
30th November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Summerbase Properties Limited (Registered number: 05298363) |
Notes to the Financial Statements |
for the Year Ended 30th November 2023 |
1. | Statutory information |
Summerbase Properties Limited is a |
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. |
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 Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
Summerbase Properties Limited (Registered number: 05298363) |
Notes to the Financial Statements - continued |
for the Year Ended 30th November 2023 |
4. | Investment property |
Total |
£ |
Fair value |
At 1st December 2022 |
Revaluations | (1,000,000 | ) |
At 30th November 2023 |
Net book value |
At 30th November 2023 |
At 30th November 2022 |
The investment property has been revalued from cost to fair value based on the local knowledge of Mr M S Sibthorp, the director of the company. |
Fair value at 30th November 2023 is represented by: |
£ |
Valuation in 2023 | (1,000,000 | ) |
Valuation in 2020 | 1,000,000 |
Valuation in 2017 | 400,000 |
Valuation in 2015 | 400,000 |
Valuation in 2014 | 400,000 |
Valuation in 2013 | 400,000 |
Valuation in 2011 | 600,000 |
Valuation in 2007 | 200,000 |
Valuation in 2006 | 393,648 |
Cost | 1,206,352 |
4,000,000 |
5. | Creditors: amounts falling due after more than five years |
2023 | 2022 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans | 1,222,184 | 1,222,184 |
6. | Reserves |
Fair |
value |
reserve |
£ |
At 1st December 2022 |
Transfer from Profit & loss | (810,000 | ) |
At 30th November 2023 |
Summerbase Properties Limited (Registered number: 05298363) |
Notes to the Financial Statements - continued |
for the Year Ended 30th November 2023 |
7. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 30th November 2023 and 30th November 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |