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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
444,893
444,893
444,893
xbrli:pure
xbrli:shares
iso4217:GBP
06116155
2023-01-01
2023-12-31
06116155
2023-12-31
06116155
2022-12-31
06116155
2022-01-01
2022-12-31
06116155
2022-12-31
06116155
2021-12-31
06116155
bus:Director2
2023-01-01
2023-12-31
06116155
core:WithinOneYear
2023-12-31
06116155
core:WithinOneYear
2022-12-31
06116155
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
06116155
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
06116155
core:UKTax
2023-01-01
2023-12-31
06116155
core:ShareCapital
2023-12-31
06116155
core:ShareCapital
2022-12-31
06116155
core:RetainedEarningsAccumulatedLosses
2023-12-31
06116155
core:RetainedEarningsAccumulatedLosses
2022-12-31
06116155
bus:SmallEntities
2023-01-01
2023-12-31
06116155
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
06116155
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
06116155
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
06116155
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
06116155
SECURED PROPERTIES LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
SECURED PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
444,893 |
444,893 |
|
|
|
|
|
Current assets
Debtors |
6 |
449 |
|
281 |
Cash at bank and in hand |
13,230 |
|
– |
|
--------- |
|
---- |
|
13,679 |
|
281 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
168,353 |
|
177,295 |
|
---------- |
|
---------- |
Net current liabilities |
|
154,674 |
177,014 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
290,219 |
267,879 |
|
|
---------- |
---------- |
Net assets |
|
290,219 |
267,879 |
|
|
---------- |
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
200 |
Profit and loss account |
|
290,019 |
267,679 |
|
|
---------- |
---------- |
Shareholders funds |
|
290,219 |
267,879 |
|
|
---------- |
---------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the Year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
SECURED PROPERTIES LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
15 July 2024
, and are signed on behalf of the board by:
Company registration number:
06116155
SECURED PROPERTIES LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Turnover and revenue recognition
Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Rental income is recognised as space is provided to tenants
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The company does not depreciate its freehold or leasehold properties, except where the unexpired term is less than 20 years, and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of of this which might otherwise have been shown cannot be separately identified or quantified.
4.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
6,910 |
– |
|
------- |
---- |
Tax on profit |
6,910 |
– |
|
------- |
---- |
|
|
|
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
444,893 |
|
---------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---------- |
Carrying amount |
|
At 31 December 2023 |
444,893 |
|
---------- |
At 31 December 2022 |
444,893 |
|
---------- |
|
|
In the opinion of the directors, the carrying value of the property as at 31 December 2023, which is based on the directors' valuation, is not significantly different from the open market fair value of the property
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 31 December 2023 |
|
Aggregate cost |
444,893 |
Aggregate depreciation |
– |
|
---------- |
Carrying value |
444,893 |
|
---------- |
|
|
At 31 December 2022 |
|
Aggregate cost |
444,893 |
Aggregate depreciation |
– |
|
---------- |
Carrying value |
444,893 |
|
---------- |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
449 |
281 |
|
---- |
---- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
– |
15,891 |
Trade creditors |
18,913 |
18,911 |
Accruals and deferred income |
29,297 |
32,593 |
Corporation tax |
6,910 |
– |
Other creditors |
3,333 |
– |
Amounts owed to related parties |
109,900
|
109,900 |
|
---------- |
---------- |
|
168,353 |
177,295 |
|
---------- |
---------- |
|
|
|
8.
Related party transactions
At 31 December 2023, creditors, amounts falling due within one year, included amounts due to related parties amounting to £ 109,900 (2022: £109,900), in respect of loans from shareholders with participating interests in the company. The loans are interest free, unsecured and repayable on demand.
9.
Controlling party
The company is a 95% subsidiary of Dowgate Ltd, a company registered in England & Wales. The registered office address of Dowgate Limited is Diamond House, 179-181 Lower Richmond Road, Richmond, England, TW9 4LN.