Year Ended
Registration number:
Shorelark Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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 |
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Auditors |
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Shorelark Properties Limited
Balance Sheet
31 August 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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
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Company Registration Number: 11881177
Shorelark Properties Limited
Notes to the Financial Statements
Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
BH16 6LT
These financial statements were authorised for issue by the
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Shorelark Properties Limited
Notes to the Financial Statements
Year Ended 31 August 2023
Tangible assets |
Land and buildings |
Solar panels |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Additions |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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- |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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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.
Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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- |
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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
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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- |
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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.
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loan is secured over the company's assets.
Shorelark Properties Limited
Notes to the Financial Statements
Year Ended 31 August 2023
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 - £
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Audit report |