Company registration number 11674348 (England and Wales)
SYSO PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SYSO PROPERTY LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SYSO PROPERTY LTD
COMPANY INFORMATION
- 1 -
Director
Mr H. Hugo
Secretary
Ms S. Taylor
Company number
11674348
Registered office
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
SYSO PROPERTY LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,266
23,021
Investment properties
4
5,010,000
2,990,000
Investments
5
1
1
5,027,267
3,013,022
Current assets
Debtors
6
1,496,106
775,776
Cash at bank and in hand
4,497
5,993
1,500,603
781,769
Creditors: amounts falling due within one year
7
(5,137,984)
(1,778,650)
Net current liabilities
(3,637,381)
(996,881)
Total assets less current liabilities
1,389,886
2,016,141
Creditors: amounts falling due after more than one year
8
(1,264,447)
(1,911,220)
Net assets
125,439
104,921
Capital and reserves
Called up share capital
9
316,810
316,810
Fair value reserve
(8,946)
(75,897)
Profit and loss reserves
(182,425)
(135,992)
Total equity
125,439
104,921

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

SYSO PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 7 August 2024
Mr H. Hugo
Director
Company Registration No. 11674348
SYSO PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

SYSO Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bridge Street, Christchurch, Dorset, BH23 1EF.

1.1
Reporting period

The company extended its accounting period last year in order to prepare annual financial statements to 31st March each year. Therefore the comparatives are for a 16 month extended period of account from 1st December 2021 to 31st March 2023.

 

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include investment properties instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

The turnover shown in the profit and loss account represents amounts received in relation to property rental during the period.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SYSO PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SYSO PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
3
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 and 31 March 2024
32,500
Depreciation and impairment
At 1 April 2023
9,479
Depreciation charged in the year
5,755
At 31 March 2024
15,234
Carrying amount
At 31 March 2024
17,266
At 31 March 2023
23,021
SYSO PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 April 2023
2,990,000
Additions
1,953,049
Fair value adjustments
66,951
At 31 March 2024
5,010,000

The historical cost of the fixed asset investment property is £5,018,946 (2023 - £3,065,897).

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,491,151
774,046
Other debtors
1,619
-
0
Prepayments and accrued income
3,336
1,730
1,496,106
775,776
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
1,592
1,592
Taxation and social security
2,644
4,329
Other creditors
5,116,409
1,754,871
Accruals and deferred income
17,339
17,858
5,137,984
1,778,650
SYSO PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,249,488
1,894,670
Obligations under finance leases
14,959
16,550
1,264,447
1,911,220

The bank loans are secured by property charges over the investment property held in the company name.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,249,488
1,249,488
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
3,168,100
3,168,100
316,810
316,810

 

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