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REGISTERED NUMBER: 10433505 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SCRASE ESTATES LIMITED

SCRASE ESTATES LIMITED (REGISTERED NUMBER: 10433505)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SCRASE ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M Scrase
Mrs S J Scrase





REGISTERED OFFICE: 6 Commerce Way
Lancing
West Sussex
BN15 8TA





REGISTERED NUMBER: 10433505 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

SCRASE ESTATES LIMITED (REGISTERED NUMBER: 10433505)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 638 900
Investment property 4 622,070 387,000
622,708 387,900

CURRENT ASSETS
Cash at bank 4,676 23,774

CREDITORS
Amounts falling due within one year 5 353,221 337,831
NET CURRENT LIABILITIES (348,545 ) (314,057 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

274,163

73,843

CREDITORS
Amounts falling due after more than one
year

6

(237,082

)

-

PROVISIONS FOR LIABILITIES (3,823 ) (8,518 )
NET ASSETS 33,258 65,325

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 7 10,510 35,583
Retained earnings 22,648 29,642
33,258 65,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 25 July 2024 and were signed on its behalf by:





M Scrase - Director


SCRASE ESTATES LIMITED (REGISTERED NUMBER: 10433505)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. 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 sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

SCRASE ESTATES LIMITED (REGISTERED NUMBER: 10433505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 1,049
DEPRECIATION
At 1 April 2023 149
Charge for year 262
At 31 March 2024 411
NET BOOK VALUE
At 31 March 2024 638
At 31 March 2023 900

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 387,000
Additions 264,986
Revaluations (29,916 )
At 31 March 2024 622,070
NET BOOK VALUE
At 31 March 2024 622,070
At 31 March 2023 387,000


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,977 -
Tax - 2
Directors' loan accounts 339,252 336,785
Accrued expenses 992 1,044
353,221 337,831

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 12,977 -
Bank loans - 2-5 years 38,930 -
Bank loans more 5 yr by instal 185,175 -
237,082 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 185,175 -

SCRASE ESTATES LIMITED (REGISTERED NUMBER: 10433505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. RESERVES
Fair
value
reserve
£   
At 1 April 2023 35,583
Transfer to retained earning (25,073 )

At 31 March 2024 10,510

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, M Scrase increased his loan to the company. As at 31 March 2024 the company owed him £339,252 (2023: £336,785). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Scrase.

This was by virtue of his 40%, holding of the issued share capital.