2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,081 419 288 707 2,374 2,662 xbrli:pure xbrli:shares iso4217:GBP 09854146 2023-01-01 2023-12-31 09854146 2023-12-31 09854146 2022-12-31 09854146 2022-01-01 2022-12-31 09854146 2022-12-31 09854146 2021-12-31 09854146 core:PlantMachinery 2023-01-01 2023-12-31 09854146 core:FurnitureFittings 2023-01-01 2023-12-31 09854146 bus:Director1 2023-01-01 2023-12-31 09854146 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 09854146 core:PlantMachinery 2022-12-31 09854146 core:FurnitureFittings 2022-12-31 09854146 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 09854146 core:PlantMachinery 2023-12-31 09854146 core:FurnitureFittings 2023-12-31 09854146 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 09854146 core:AfterOneYear 2023-12-31 09854146 core:AfterOneYear 2022-12-31 09854146 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 09854146 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09854146 core:WithinOneYear 2023-12-31 09854146 core:WithinOneYear 2022-12-31 09854146 core:ShareCapital 2023-12-31 09854146 core:ShareCapital 2022-12-31 09854146 core:RevaluationReserve 2023-12-31 09854146 core:RevaluationReserve 2022-12-31 09854146 core:RetainedEarningsAccumulatedLosses 2023-12-31 09854146 core:RetainedEarningsAccumulatedLosses 2022-12-31 09854146 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 09854146 core:PlantMachinery 2022-12-31 09854146 core:FurnitureFittings 2022-12-31 09854146 bus:SmallEntities 2023-01-01 2023-12-31 09854146 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09854146 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09854146 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09854146 bus:FullAccounts 2023-01-01 2023-12-31 09854146 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 09854146 core:OfficeEquipment 2023-01-01 2023-12-31 09854146 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 09854146 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 09854146 core:OfficeEquipment 2022-12-31 09854146 core:OfficeEquipment 2023-12-31 09854146 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 09854146
Shreeve Property Limited
Unaudited financial statements
31 December 2023
Shreeve Property Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
2,374
2,662
Tangible assets
6
4,328,220
3,976,000
-----------
-----------
4,330,594
3,978,662
Current assets
Stocks
129,642
Debtors
7
143,720
15,177
Cash at bank and in hand
16,596
62,753
---------
---------
160,316
207,572
Creditors: Amounts falling due within one year
8
( 1,230,753)
( 1,082,297)
-----------
-----------
Net current liabilities
( 1,070,437)
( 874,725)
-----------
-----------
Total assets less current liabilities
3,260,157
3,103,937
Creditors: Amounts falling due after more than one year
9
( 1,812,769)
( 1,812,769)
Provisions
Taxation including deferred tax
( 307,399)
( 278,496)
-----------
-----------
Net assets
1,139,989
1,012,672
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,027,678
941,332
Profit and loss account
112,211
71,240
-----------
-----------
Shareholders funds
1,139,989
1,012,672
-----------
-----------
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 income statement 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 .
Shreeve Property Limited
Statement of financial position (continued)
31 December 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 D J Shreeve
Director
Company registration number: 09854146
Shreeve Property 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 26-28 Pinbush Road, Lowestoft, Suffolk, NR33 7NL.
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 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Income tax
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 at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Intangible assets
Website
£
Cost
At 1 January 2023 and 31 December 2023
3,081
------
Amortisation
At 1 January 2023
419
Charge for the year
288
------
At 31 December 2023
707
------
Carrying amount
At 31 December 2023
2,374
------
At 31 December 2022
2,662
------
6. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
3,950,000
36,621
14,823
918
4,002,362
Additions
240,426
1,880
242,306
Revaluations
115,127
115,127
-----------
-------
-------
------
-----------
At 31 December 2023
4,305,553
36,621
14,823
2,798
4,359,795
-----------
-------
-------
------
-----------
Depreciation
At 1 January 2023
24,889
1,416
57
26,362
Charge for the year
2,932
2,010
271
5,213
-----------
-------
-------
------
-----------
At 31 December 2023
27,821
3,426
328
31,575
-----------
-------
-------
------
-----------
Carrying amount
At 31 December 2023
4,305,553
8,800
11,397
2,470
4,328,220
-----------
-------
-------
------
-----------
At 31 December 2022
3,950,000
11,732
13,407
861
3,976,000
-----------
-------
-------
------
-----------
Investment properties were revalued by the directors at 31 December 2023 on the basis of open market value with existing use .
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:
Investment property
£
At 31 December 2023
Aggregate cost
2,945,952
Aggregate depreciation
-----------
Carrying value
2,945,952
-----------
At 31 December 2022
Aggregate cost
2,705,526
Aggregate depreciation
-----------
Carrying value
2,705,526
-----------
7. Debtors
2023
2022
£
£
Trade debtors
13,654
2,416
Other debtors
130,066
12,761
---------
-------
143,720
15,177
---------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
8,611
2,868
Other creditors
1,222,142
1,079,429
-----------
-----------
1,230,753
1,082,297
-----------
-----------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,812,769
1,812,769
-----------
-----------
Included within creditors: amounts falling due after more than one year is an amount of £1,812,769 (2022: £1,812,769) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans and overdrafts are secured on the investment properties of the company .