REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Sussex Heritage Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Sussex Heritage Properties Limited |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible fixed assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors: amounts falling due within one year |
8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors: amounts falling due after more than one year |
9 |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Balance Sheet - continued |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Sussex Heritage Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the rents receivable for the period. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment - 25% straight line |
Fixtures and Fittings - 25% straight line |
Investment property |
Investment properties are measured at their fair value at the balance sheet date. The surplus or deficit on the fair value adjustment is recognised in the profit and loss account. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Deferred tax |
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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Tangible fixed assets |
Fixtures |
and |
fittings | Equipment | Totals |
£ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 May 2023 |
Additions |
Revaluations | (8,083 | ) |
Reclassification/transfer | (20,000 | ) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
The fair value of the properties at the balance sheet date was determined by the director. The open market value based on similar properties is assumed to be the fair value. |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
10. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by a first legal mortgage on the freehold properties and a personal guarantee from the director. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 80 | 80 |
Ordinary B shares | £1 | 20 | 20 |
100 | 100 |
Sussex Heritage Properties Limited (Registered number: 03541194) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | Reserves |
Fair |
value |
reserve |
£ |
At 1 May 2023 |
Revaluation | (90,961 | ) |
Transfer | 105,618 |
At 30 April 2024 |
13. | Director's advances, credits and guarantees |
During the year, the company advanced the directors £7,896 (2023: £69,353) and they repaid £0 (2023: £40,000). At the year end, the directors owed the company £11,375 (2023: £3,479). The advances were interest-free, unsecured and repayable on demand. |