REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
for |
Sitecrest Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Sitecrest Limited (Registered number: 01835220) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Debtors: amounts falling due after more than one year |
7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Revaluation reserve |
Fair value reserve |
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. |
Sitecrest Limited (Registered number: 01835220) |
Balance Sheet - continued |
30 November 2023 |
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 |
Sitecrest Limited (Registered number: 01835220) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Sitecrest Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 December 2022 |
Additions |
Disposals | ( |
) |
Revaluations |
Reclassification/transfer | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
Revaluations | 3,000,000 |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Taxation and social security |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
A Ordinary | £1 | 9,000 | 9,000 |
B Ordinary | £1 | 3,140 | 3,140 |
C Ordinary | £1 | 100 | 100 |
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 |