South Gare Developments Ltd 09319904 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true true 09319904 2023-04-01 2024-03-31 09319904 2024-03-31 09319904 core:CurrentFinancialInstruments 2024-03-31 09319904 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09319904 core:Non-currentFinancialInstruments 2024-03-31 09319904 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09319904 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09319904 bus:SmallEntities 2023-04-01 2024-03-31 09319904 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09319904 bus:FilletedAccounts 2023-04-01 2024-03-31 09319904 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09319904 bus:RegisteredOffice 2023-04-01 2024-03-31 09319904 bus:Director1 2023-04-01 2024-03-31 09319904 bus:Director2 2023-04-01 2024-03-31 09319904 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09319904 core:LandBuildings 2023-04-01 2024-03-31 09319904 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09319904 countries:England 2023-04-01 2024-03-31 09319904 2023-03-31 09319904 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09319904 2022-04-01 2023-03-31 09319904 2023-03-31 09319904 core:CurrentFinancialInstruments 2023-03-31 09319904 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09319904 core:Non-currentFinancialInstruments 2023-03-31 09319904 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09319904 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09319904

South Gare Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

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South Gare Developments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

South Gare Developments Ltd

Company Information

Directors

Mrs Laura Jean Rutherford

Mr Keith Rutherford

Registered office

7 Lorton Road
Redcar
Cleveland
TS10 4LY

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA

 

South Gare Developments Ltd

(Registration number: 09319904)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,301,561

1,867,235

Current assets

 

Debtors

5

5,208

5,911

Cash at bank and in hand

 

36,695

20,071

 

41,903

25,982

Creditors: Amounts falling due within one year

6

(1,012,278)

(599,821)

Net current liabilities

 

(970,375)

(573,839)

Total assets less current liabilities

 

1,331,186

1,293,396

Creditors: Amounts falling due after more than one year

6

(375,794)

(420,343)

Provisions for liabilities

(34,560)

(34,560)

Net assets

 

920,832

838,493

Capital and reserves

 

Called up share capital

100

100

Other reserves

264,327

264,327

Retained earnings

656,405

574,066

Shareholders' funds

 

920,832

838,493

 

South Gare Developments Ltd

(Registration number: 09319904)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 August 2024 and signed on its behalf by:
 

.........................................
Mrs Laura Jean Rutherford
Director

.........................................
Mr Keith Rutherford
Director

 

South Gare Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Lorton Road
Redcar
Cleveland
TS10 4LY

These financial statements were authorised for issue by the Board on 26 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

South Gare Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & Buildings

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

South Gare Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

1,867,235

1,867,235

Additions

434,326

434,326

At 31 March 2024

2,301,561

2,301,561

Depreciation

Carrying amount

At 31 March 2024

2,301,561

2,301,561

At 31 March 2023

1,867,235

1,867,235

Included within the net book value of land and buildings above is £2,301,561 (2023 - £1,867,235) in respect of freehold land and buildings.
 

 

South Gare Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

5,208

5,911

 

5,208

5,911

 

South Gare Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

71,554

71,555

Trade creditors

 

6,893

2,326

Amounts owed to group undertakings and undertakings in which the company has a participating interest

874,095

471,375

Taxation and social security

 

24,585

21,760

Accruals and deferred income

 

2,220

1,375

Other creditors

 

32,931

31,430

 

1,012,278

599,821

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

375,794

420,343

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

375,794

420,343

Current loans and borrowings

2024
£

2023
£

Bank borrowings

71,554

71,555