Company registration number 04265214 (England and Wales)
SAXON URBAN (FIVE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAXON URBAN (FIVE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SAXON URBAN (FIVE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,652,152
1,652,152
Current assets
Debtors
4
233,323
221,832
Cash at bank and in hand
22,691
43,932
256,014
265,764
Creditors: amounts falling due within one year
5
(48,796)
(42,819)
Net current assets
207,218
222,945
Total assets less current liabilities
1,859,370
1,875,097
Creditors: amounts falling due after more than one year
6
(684,688)
(693,624)
Provisions for liabilities
(75,000)
(75,000)
Net assets
1,099,682
1,106,473
Capital and reserves
Called up share capital
2
2
Revaluation reserve
330,272
330,272
Profit and loss reserves
769,408
776,199
Total equity
1,099,682
1,106,473
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SAXON URBAN (FIVE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr NH Brunskill
Director
Company registration number 04265214 (England and Wales)
SAXON URBAN (FIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Saxon Urban (Five) Limited is a private company limited by shares incorporated in England and Wales.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has claimed the exemption in terms of Section 1.11 and 1.12 of FRS 102 (including Section 1A). Accordingly the company is not required to present a cash flow statement.
1.2
Turnover
Sales of property are recognised on completion if a legally binding contract has been exchanged. All deposits received for presales are held as payments on account until the above conditions are satisfied.
Rent and sundry income is recognised in the period to which it relates.
1.3
Investment properties
Investment property is carried at fair value and any revaluation surpluses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
1.4
Equity instruments
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SAXON URBAN (FIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently they are measured at amortised cost using an effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,652,152
The directors valued the properties to their assessment of market value at 31 December 2023 taking into account the opinion of their advisors and having assessed the prevailing values in the market place.
SAXON URBAN (FIVE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,425
Other debtors
4,677
1,182
6,102
1,182
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
227,221
220,650
Total debtors
233,323
221,832
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
623
Corporation tax
119
119
Other taxation and social security
796
Other creditors
47,258
42,700
48,796
42,819
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
325,847
335,625
Other borrowings
358,841
357,999
684,688
693,624
The bank loan is secured by a charge on the investment properties of the company.