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Registration number: 07551280

SCR Property Development Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

SCR Property Development Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

SCR Property Development Ltd

Company Information

Directors

Mrs Claire Rush

Mr Steven Rush

Registered office

10 Harding Vale
Steventon
Abingdon
Oxfordshire
OX13 6GF

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

SCR Property Development Ltd

(Registration number: 07551280 )
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

186,000

160,000

Current assets

 

Cash at bank and in hand

 

3,725

5,004

Creditors: Amounts falling due within one year

5

(65,123)

(67,730)

Net current liabilities

 

(61,398)

(62,726)

Total assets less current liabilities

 

124,602

97,274

Creditors: Amounts falling due after more than one year

5

(10,967)

(12,948)

Provisions for liabilities

(19,402)

(9,806)

Net assets

 

94,233

74,520

Capital and reserves

 

Called up share capital

6

100

100

Other reserves

70,953

54,549

Retained earnings

23,180

19,871

Shareholders' funds

 

94,233

74,520

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 30 August 2024 and signed on its behalf by:

.........................................

Mr Steven Rush, Company Director

 

SCR Property Development 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 & Wales.

The address of its registered office is:
10 Harding Vale
Steventon
Abingdon
Oxfordshire
OX13 6GF
England

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.

Judgements in applying accounting policies and key sources of estimates uncertainty and estimates

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received in respect of rental income.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

SCR Property Development Ltd

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

SCR Property Development Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 April

160,000

Fair value adjustments

26,000

At 31 March

186,000

The historical cost of the investment properties as at 31 March 2024 was £95,645 and the Fair Value was £186,000 (2023 : £160,000).

There has been no valuation of investment property by an independent valuer.

 

SCR Property Development Ltd

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,319

2,225

Taxation and social security

 

776

1,027

Accruals and deferred income

 

704

687

Other creditors

 

61,324

63,791

 

65,123

67,730

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,319

2,225

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

10,967

12,948

The loans and borrowings are secured on the investment properties by way of mortgage.

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

SCR Property Development Ltd

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

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,967

12,948

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,319

2,225

8

Related party transactions

Creditors due within one year include amounts owed to the directors of £59,574 (2023 - £62,040). The balance is interest free and repayable on demand.

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Steven Rush

Amounts owed to/(from) Director

31,020

(1,233)

29,787

       
     

Mrs Claire Rush

Amounts owed to/ (from) the Director

31,020

(1,233)

29,787

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Steven Rush

Amounts owed to/(from) Director

32,361

(1,341)

31,020

       
     

Mrs Claire Rush

Amounts owed to/ (from) the Director

32,361

(1,341)

31,020