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REGISTERED NUMBER: 01835220 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Sitecrest Limited

Sitecrest Limited (Registered number: 01835220)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sitecrest Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: R D Hagger
Mrs T L Hagger





SECRETARY: Mrs T L Hagger





REGISTERED OFFICE: Harmile House
54 St. Mary's Lane
Upminster
Essex
RM14 2QT





REGISTERED NUMBER: 01835220 (England and Wales)

Sitecrest Limited (Registered number: 01835220)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 345,183 327,265
Investments 5 8,087,997 8,204,886
Investment property 6 10,570,000 7,570,000
19,003,180 16,102,151

CURRENT ASSETS
Debtors: amounts falling due within one year 7 634,395 611,712
Debtors: amounts falling due after more than
one year

7

1,479,638

1,606,222
Investments 8 493,385 -
Cash at bank 315,597 51,858
2,923,015 2,269,792
CREDITORS
Amounts falling due within one year 9 332,500 373,109
NET CURRENT ASSETS 2,590,515 1,896,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,593,695

17,998,834

PROVISIONS FOR LIABILITIES 1,996,409 883,727
NET ASSETS 19,597,286 17,115,107

CAPITAL AND RESERVES
Called up share capital 10 17,480 17,480
Share premium 2,466,520 2,466,520
Revaluation reserve 6,884,220 4,904,720
Fair value reserve 301,036 68,757
Retained earnings 9,928,030 9,657,630
SHAREHOLDERS' FUNDS 19,597,286 17,115,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Sitecrest Limited (Registered number: 01835220)

Balance Sheet - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:





R D Hagger - Director


Sitecrest Limited (Registered number: 01835220)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Sitecrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover represents rent receivable under operating leases, excluding value added tax. Rent is credited to the profit and loss account on a straight line basis over the period of the lease.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - Straight line over 3 years and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Depreciation is not charged on free or leasehold land and buildings as these are considered to be investment properties, which are revalued annually and hence no depreciation is provided.

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.

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Cash and cash equivalents
These comprise cash at bank and any short term highly liquid bank deposits with an original maturity of three month or less.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is evidence that the asset is impaired.

Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.


Sitecrest Limited (Registered number: 01835220)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

INVESTMENTS
Unlisted investments which are realisable in more than a year from the balance sheet date are included in the balance sheet, as fixed assets, at market value.

Listed Investments and unlisted investments realisable within one year, are included in the balance sheet, as current assets, at market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

Sitecrest Limited (Registered number: 01835220)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 269,198 87,086 356,284
Additions - 35,284 35,284
At 30 November 2023 269,198 122,370 391,568
DEPRECIATION
At 1 December 2022 - 29,019 29,019
Charge for year - 17,366 17,366
At 30 November 2023 - 46,385 46,385
NET BOOK VALUE
At 30 November 2023 269,198 75,985 345,183
At 30 November 2022 269,198 58,067 327,265

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 December 2022 8,204,886
Additions 3,729,999
Disposals (3,871,085 )
Revaluations 517,582
Reclassification/transfer (493,385 )
At 30 November 2023 8,087,997
NET BOOK VALUE
At 30 November 2023 8,087,997
At 30 November 2022 8,204,886

Cost or valuation at 30 November 2023 is represented by:

Other
investments
£   
Valuation in 2023 392,997
Cost 7,695,000
8,087,997

Sitecrest Limited (Registered number: 01835220)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 7,570,000
Revaluations 3,000,000
At 30 November 2023 10,570,000
NET BOOK VALUE
At 30 November 2023 10,570,000
At 30 November 2022 7,570,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 8,761,290
Cost 1,808,710
10,570,000

If the land and buildings had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 1,808,710 1,808,710
Aggregate depreciation (711,679 ) (711,679 )

Land and buildings were valued on an open market basis on 30 November 2011 by the directors. .

7. DEBTORS
30.11.23 30.11.22
£    £   
Amounts falling due within one year:
Trade debtors 59,874 55,284
Other debtors 574,521 556,428
634,395 611,712

Amounts falling due after more than one year:
Other debtors 1,479,638 1,606,222

Aggregate amounts 2,114,033 2,217,934

8. CURRENT ASSET INVESTMENTS
30.11.23 30.11.22
£    £   
Unlisted investments 493,385 -

Sitecrest Limited (Registered number: 01835220)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 123 1,653
Taxation and social security 253,270 282,528
Other creditors 79,107 88,928
332,500 373,109

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
9,000 A Ordinary £1 9,000 9,000
3,140 B Ordinary £1 3,140 3,140
100 C Ordinary £1 100 100
1,746 D Ordinary £1 1,746 1,746
1,747 E Ordinary £1 1,747 1,747
1,747 F Ordinary £1 1,747 1,747
17,480 17,480