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REGISTERED NUMBER: 13120297 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHORE FOOTINGS LTD

SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHORE FOOTINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Brown
P A Eaton





REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE





REGISTERED NUMBER: 13120297 (England and Wales)





ACCOUNTANTS: Carter & Coley
Chartered Accountants
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,000,000 1,055,479

CURRENT ASSETS
Debtors 5 42,790 -
Cash at bank and in hand 80,517 5,172
123,307 5,172
CREDITORS
Amounts falling due within one year 6 524,719 405,679
NET CURRENT LIABILITIES (401,412 ) (400,507 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

598,588

654,972

CREDITORS
Amounts falling due after more than one
year

7

682,519

682,519
NET LIABILITIES (83,931 ) (27,547 )

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserves (48,724 ) 6,755
Retained earnings (35,307 ) (34,402 )
(83,931 ) (27,547 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2024 and were signed on its behalf by:





D Brown - Director


SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Shore Footings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Despite creditors exceeding debtors the accounts have been prepared on the going concern basis as the shareholders have indicated that they will continue to support the company.

Turnover
Turnover represents rents received during the period.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated.

This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The directors are of the opinion that this departure from the Companies Act 2006 is needed to present a true and fair view.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,055,479
Revaluations (55,479 )
At 31 December 2023 1,000,000
NET BOOK VALUE
At 31 December 2023 1,000,000
At 31 December 2022 1,055,479

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 6,755
Valuation in 2023 (55,479 )
Cost 1,048,724
1,000,000

An appraisal of the investment properties has been made by directors on a fair value basis as at 31 December 2023.

SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 42,790 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 524,719 405,679

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 682,519 682,519

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 682,519 682,519

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 682,519 682,519

Bank loans are secured against the investment properties.

SHORE FOOTINGS LTD (REGISTERED NUMBER: 13120297)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. RELATED PARTY DISCLOSURES

At the balance sheet date the company had received loans from shareholders of £442,000 (2022 - £330,000) which are included in creditors falling due within one year. This balance is interest free and repayable on demand.

Redside Property Maintenance Ltd

A company under common control.

Non interest bearing loan on which no terms of repayment have been agreed. The amount due from Redside Property Maintenance Ltd at the balance sheet date was £6,924 (2022 - amount due to Redside - £43,000).

Red C Developments Ltd

A company in which Mr Brown is a director and shareholder.

Non interest bearing loan on which no terms of repayment have been agreed. The amount due to Red C Developments Ltd at the balance sheet date was £16,000 (2022 - £16,000).

Hillside Property Developments Limited

A company in which Mr Eaton is the sole director and a shareholder.

Non interest bearing loan on which no terms of repayment have been agreed. The amount due to Hillside Property Developments Ltd at the balance sheet date was £16,000 (2022 - £16,000).