Company registration number 02662034 (England and Wales)
SEVERN INDUSTRIAL ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SEVERN INDUSTRIAL ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SEVERN INDUSTRIAL ESTATES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1
1
Investment properties
6
3,700,778
3,700,778
3,700,779
3,700,779
Current assets
Debtors
7
991,896
999,261
Cash at bank and in hand
39,607
48,277
1,031,503
1,047,538
Creditors: amounts falling due within one year
8
(141,814)
(135,633)
Net current assets
889,689
911,905
Total assets less current liabilities
4,590,468
4,612,684
Creditors: amounts falling due after more than one year
9
(81,251)
(84,153)
Provisions for liabilities
(128,763)
(118,454)
Net assets
4,380,454
4,410,077
Capital and reserves
Called up share capital
100
100
Fair value reserve
1,814,092
1,814,092
Profit and loss reserves
2,566,262
2,595,885
Total equity
4,380,454
4,410,077
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr S J Mosley
Mr N J Wyatt
Director
Director
Company Registration No. 02662034
SEVERN INDUSTRIAL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Severn Industrial Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
1.1
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover shown in the profit or loss account represents consideration received for property rentals and other services provided in the period, exclusive of Value Added Tax.
Property rents and service charges are recognised in the period to which the letting relates. Property sales are recognised on exchange of contracts.
1.3
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:
Plant and machinery
25% on cost
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.
1.4
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. The surplus or deficit on revaluation is recognised in profit or loss and transferred to a fair value reserve in order to keep the undistributable amount of profit and loss reserves separate. Deferred tax is provided on any increases in fair value and the movement in the year is included in the fair value reserve.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SEVERN INDUSTRIAL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment property valuation
Investment property is measured at fair value at the reporting date based on judgements made by the directors regarding market conditions and expected rental yields for similar properties
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
SEVERN INDUSTRIAL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
75,629
56,394
Deferred tax
Origination and reversal of timing differences
10,309
30,512
Total tax charge
85,938
86,906
5
Tangible fixed assets
Plant and machinery
£
Cost
At 1 December 2022 and 30 November 2023
2,282
Depreciation and impairment
At 1 December 2022 and 30 November 2023
2,281
Carrying amount
At 30 November 2023
1
At 30 November 2022
1
6
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
3,700,778
The market value of the investment property as at 30 November 2023 has been arrived at on the basis of the directors' valuation derived from investment yields in the area of similar multi let estates on short term agreements together with the condition of the subject properties and by reference to market evidence of transactions and values of similar properties.
Historical cost:
At 1 December 2022 £1,768,232
Additions for year ended 30 November 2023 £Nil
At 30 November 2023 £1,768,232
SEVERN INDUSTRIAL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,603
22,123
Other debtors
972
972
Prepayments and accrued income
19,934
17,779
33,509
40,874
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
958,387
958,387
Total debtors
991,896
999,261
8
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
75,629
56,394
Other taxation and social security
21,215
32,912
Other creditors
31,618
31,082
Accruals and deferred income
13,352
15,245
141,814
135,633
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
81,251
84,153
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Susan Harris MA ACA
Statutory Auditor:
Champion Accountants LLP
Date of audit report:
15 August 2024
11
Related party transactions
SEVERN INDUSTRIAL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Related party transactions
(Continued)
- 6 -
Streamfolder Limited
During the year, the company made loan repayments of £Nil (2022 - £Nil) to Canda Copying (Investments) Limited, an intermediate parent company, on behalf of Streamfolder Limited, the company's parent company. Debtors at the year end include an interest free loan of £958,387 due from Streamfolder Limited (2022 - £958,387 ).
Canda Copying (Investments) Limited
During the year, the company made loan repayments of £Nil (2022: £200,000) to Canda Copying (Investments) Limited, an intermediate parent company, in relation to the £199,028 loan received from Canda Copying (Investments) Limited in year ending 30 November 2021. Debtors at the year end include an amount of £972 due from Canda Copying (Investments) Limited.
12
Parent company
The ultimate parent company is Canda Copying Holdings Limited. At 30 November 2023, Canda Copying Holdings Limited owned 100% of the issued share capital of Canda Copying (Investments) Limited which owned 51.6% of the issued share capital of Streamfolder Limited (2022 - 51.6%). Streamfolder Limited owned 100% of the issued share capital in Severn Industrial Estates Limited.