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Registration number: 02997711

Shortridge Estates Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Shortridge Estates Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Shortridge Estates Ltd

Company Information

Directors

J E Farrington

F J Farrington

Registered office

Shortridge Farm
Sheepstreet Lane
Etchingham
Sussex
TN19 7AZ

Accountants

Manningtons
Victoria House The Moor
Hawkhurst
Kent
TN18 4NR

 

Shortridge Estates Ltd

(Registration number: 02997711)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

150

288

Investment property

5

495,000

495,000

 

495,150

495,288

Current assets

 

Debtors

6

3,763

3,669

Cash at bank and in hand

 

12,104

19,488

 

15,867

23,157

Creditors: Amounts falling due within one year

7

(506,884)

(532,759)

Net current liabilities

 

(491,017)

(509,602)

Total assets less current liabilities

 

4,133

(14,314)

Creditors: Amounts falling due after more than one year

7

(315,092)

(315,091)

Net liabilities

 

(310,959)

(329,405)

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

(8,447)

(8,447)

Retained earnings

(302,516)

(320,962)

Shareholders' deficit

 

(310,959)

(329,405)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Shortridge Estates Ltd

(Registration number: 02997711)
Balance Sheet as at 31 October 2023

.........................................
J E Farrington
Director

 

Shortridge Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Shortridge Farm
Sheepstreet Lane
Etchingham
Sussex
TN19 7AZ

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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:

 

Shortridge Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Shortridge Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Shortridge Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

399

19,719

20,118

At 31 October 2023

399

19,719

20,118

Depreciation

At 1 November 2022

133

19,696

19,829

Charge for the year

133

6

139

At 31 October 2023

266

19,702

19,968

Carrying amount

At 31 October 2023

133

17

150

At 31 October 2022

266

22

288

5

Investment properties

2023
£

At 1 November

495,000

At 31 October

495,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

3,495

3,445

Prepayments

268

224

3,763

3,669

 

Shortridge Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,000

1,000

Other creditors

-

200

Director loan account

505,884

531,559

506,884

532,759

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

315,092

315,091

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

315,092

315,091

Bank borrowings

Bank of Ireland is denominated in £ with a nominal interest rate of 4% variable%, and the final instalment is due on 26 March 2033. The carrying amount at year end is £212,583 (2022 - £212,585).

Secured on the property to which they relate

Birmingham and Midshires is denominated in £ with a nominal interest rate of 3.19% Variable%, and the final instalment is due on 26 June 2034. The carrying amount at year end is £102,508 (2022 - £102,507).

Secured on the property to which it relate