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REGISTERED NUMBER: 04651233 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SOMERCHURCH PROPERTIES LIMITED

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SOMERCHURCH PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr P A Bellshaw
Mr P Kerins
Mrs L Kerins
Mrs M Bellshaw



SECRETARY: Mr P A Bellshaw



REGISTERED OFFICE: Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA



REGISTERED NUMBER: 04651233 (England and Wales)



ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA



BANKERS: Barclays Bank
Mell Square
19-21 Mill Lane
Solihull
West Midlands
B91 3AR

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 58 68
Investment property 6 435,750 415,000
435,808 415,068

CURRENT ASSETS
Debtors 7 1,768 1,768
Prepayments and accrued income 1,045 899
Cash at bank 2,205 7,187
5,018 9,854
CREDITORS
Amounts falling due within one year 8 23,794 24,581
NET CURRENT LIABILITIES (18,776 ) (14,727 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

417,032

400,341

CREDITORS
Amounts falling due after more than one
year

9

(120,423

)

(131,343

)

PROVISIONS FOR LIABILITIES (10,249 ) (6,519 )

ACCRUALS AND DEFERRED INCOME (1,308 ) (1,200 )
NET ASSETS 285,052 261,279

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 144,735 127,715
Retained earnings 11 140,217 133,464
SHAREHOLDERS' FUNDS 285,052 261,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:




Mr P A Bellshaw - Director



Mr P Kerins - Director


SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Somerchurch Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04651233 and it's registered office address is 38 Somerville Road, Sutton Coldfield, West Midlands. B73 6HH.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Functional currency
The financial statements are prepared in sterling (£) which is the functional currency of the company.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities, accruals and impairment are its critical accounting estimates.

Turnover
Turnover represents rent receivable from property lettings and is recognised in the period to which the rent relates. Rents due but unpaid at the year end are shown in debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value are valued at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an ongoing basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 1,695
DEPRECIATION
At 1 April 2023 1,627
Charge for year 10
At 31 March 2024 1,637
NET BOOK VALUE
At 31 March 2024 58
At 31 March 2023 68

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 415,000
Revaluations 20,750
At 31 March 2024 435,750
NET BOOK VALUE
At 31 March 2024 435,750
At 31 March 2023 415,000

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2007 129,600
Valuation in 2009 (70,000 )
Valuation in 2010 20,000
Valuation in 2013 (20,000 )
Valuation in 2018 40,000
Valuation in 2019 20,000
Valuation in 2020 (40,000 )
Valuation in 2021 36,000
Valuation in 2022 19,000
Valuation in 2024 20,750
Cost 280,400
435,750

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 280,400 280,400

Investment properties were valued on an open market basis on 31 March 2024 by Hawkins & Harrison .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,768 1,768

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,769 10,415
Taxation and social security 2,525 2,527
Other creditors 10,500 11,639
23,794 24,581

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 120,423 131,343

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 131,192 141,758

The bank loan is secured by mortgages over the investment properties owned by the company and by floating charges over all moveable plant, furniture and other chattels owned by the company.

SOMERCHURCH PROPERTIES LIMITED (REGISTERED NUMBER: 04651233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 133,464 127,715 261,179
Profit for the year 27,773 27,773
Dividends (4,000 ) (4,000 )
Surplus on revaluation (20,750 ) 20,750 -
Deferred tax 3,730 (3,730 ) -
At 31 March 2024 140,217 144,735 284,952