2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,692 10,000 17,692 7,212 2,620 9,832 7,860 480 380,000 233,903 110,000 723,903 723,903 380,000 xbrli:pure xbrli:shares iso4217:GBP 10478989 2022-12-01 2023-11-30 10478989 2023-11-30 10478989 2022-11-30 10478989 2021-12-01 2022-11-30 10478989 2022-11-30 10478989 2021-11-30 10478989 core:FurnitureFittings 2022-12-01 2023-11-30 10478989 bus:Director1 2022-12-01 2023-11-30 10478989 core:FurnitureFittings 2022-11-30 10478989 core:FurnitureFittings 2023-11-30 10478989 core:WithinOneYear 2023-11-30 10478989 core:WithinOneYear 2022-11-30 10478989 core:AfterOneYear 2023-11-30 10478989 core:AfterOneYear 2022-11-30 10478989 core:ShareCapital 2023-11-30 10478989 core:ShareCapital 2022-11-30 10478989 core:RetainedEarningsAccumulatedLosses 2023-11-30 10478989 core:RetainedEarningsAccumulatedLosses 2022-11-30 10478989 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 10478989 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-11-30 10478989 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-11-30 10478989 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 10478989 core:Non-currentFinancialInstruments 2023-11-30 10478989 core:Non-currentFinancialInstruments 2022-11-30 10478989 core:FurnitureFittings 2022-11-30 10478989 bus:SmallEntities 2022-12-01 2023-11-30 10478989 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 10478989 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 10478989 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 10478989 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 10478989
S&P Estates Limited
Filleted Unaudited Financial Statements
30 November 2023
S&P Estates Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
7,860
480
Investment properties
6
723,903
380,000
---------
---------
731,763
380,480
Current assets
Debtors
7
121,390
68,676
Cash at bank and in hand
2,161
99,185
---------
---------
123,551
167,861
Creditors: amounts falling due within one year
8
579,549
303,747
---------
---------
Net current liabilities
455,998
135,886
---------
---------
Total assets less current liabilities
275,765
244,594
Creditors: amounts falling due after more than one year
9
204,711
204,712
Provisions
20,900
---------
---------
Net assets
50,154
39,882
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
50,152
39,880
--------
--------
Shareholders funds
50,154
39,882
--------
--------
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S&P Estates Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr P S R Minshull
Director
Company registration number: 10478989
S&P Estates Limited
Notes to the Financial Statements
Year ended 30 November 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 Unit 10, Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
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 investment 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
The directors prepare the accounts on a going concern basis due to the continued support offered by to the company by the directors.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, and is recognised in respect of investment property that is measured at fair value in accordance with Section 16 requirements and therefore any increase or decrease in the fair value of the investment property is matched with a corresponding provision for deferred 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors and other loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Other loans are measured at the undiscounted amount of cash or other consideration expected to be paid or received and interest accounted for through the statement of Income and Retained Earnings. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 December 2022
7,692
Additions
10,000
--------
At 30 November 2023
17,692
--------
Depreciation
At 1 December 2022
7,212
Charge for the year
2,620
--------
At 30 November 2023
9,832
--------
Carrying amount
At 30 November 2023
7,860
--------
At 30 November 2022
480
--------
6. Investment properties
Investment Properties
£
Cost
At 1 December 2022
380,000
Additions
233,903
Revaluations
110,000
---------
At 30 November 2023
723,903
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
723,903
---------
At 30 November 2022
380,000
---------
The land and buildings were informally valued in the period at the open market value disclosed in the accounts of £723,903. All properties were valued on behalf of the company, by Mr P Minshull, an officer of the company, having due regard to property and rental values in the immediate locality and the static nature of the general prevailing market conditions.
7. Debtors
2023
2022
£
£
Trade debtors
3,358
Other debtors
121,390
65,318
---------
--------
121,390
68,676
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
146,223
Trade creditors
1,775
Social security and other taxes
269
Other creditors
379,278
251,278
Tenant deposits
200
200
Other creditors
52,073
52,000
---------
---------
579,549
303,747
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
204,711
204,712
---------
---------
10. Director's advances, credits and guarantees
The company operates a loan account with the directors. At the beginning of the year the balance stood at £35,901 (2022 £37,892) owed by the directors. There were net movements in the period of £17,505 leading to a closing amount owed by the directors of £53,406 (2022 £35,901).