REGISTERED NUMBER: |
SHAWWELL BUSINESS CENTRE LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
SHAWWELL BUSINESS CENTRE LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
SHAWWELL BUSINESS CENTRE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Heritage House |
Murton Way |
Osbaldwick |
York |
North Yorkshire |
YO19 5UW |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
ABRIDGED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 120 |
Grant reserve | 5 |
Retained earnings | 5 |
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. |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
ABRIDGED BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Shawwell Business Centre Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company depends upon the support of its directors to meet its day to day working capital requirements. This support is expected to continue for the foreseeable future. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of financial support. |
Turnover |
Turnover represents rents, service charges and utility recharges receivable during the year, exclusive of value added tax. Turnover is recognised evenly over the period of the rents. |
Where rent free periods have been granted at the start of a lease the proportion of the total income expected from the lease, which relates to the rent free period, is recognised on a straight line basis over the term of the lease. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants received in respect of the development of investment property have been recognised directly in the grant reserve via the statement of changes in equity.The grant reserve is a non-distributable reserve and can only be realised in the profit and loss account reserve once the property to which the grant relates has been sold. |
The deferred tax charge that would arise on the release of the government grants on sale are charged against the grant reserve. |
Investment properties |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transactions costs. |
Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in fair value of investment properties are included in the Profit and Loss Account in the period in which they arise. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The carrying value of the investment property is considered by the directors to be market value as at the balance sheet date. |
SHAWWELL BUSINESS CENTRE LTD (REGISTERED NUMBER: 07457137) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | RESERVES |
Retained | Grant |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 |
Profit for the year | - |
At 31 December 2023 | 905,609 |
The grant reserve is a non-distributable reserve. |
Included within retained earnings is £10,464 in respect of a revaluation of investment property which is non-distributable. |
6. | RELATED PARTY DISCLOSURES |
As at the balance sheet date £200,000 was owed to the directors (2022 - £270,000) and £100,000 (2022 - £135,000) was owed to family members of the directors, which is included within other creditors. These loans are interest free and repayable on demand. |