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Company registration number: 03069484
S2W Property 104 Limited
Unaudited filleted financial statements
31 December 2023
S2W Property 104 Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
S2W Property 104 Limited
Directors and other information
Directors Mr Jeremy Oldroyd (Resigned 10 March 2023)
Mr David Reed
Mr Anthony McClellan
Company number 03069484
Registered office Chappell House
The Green
Datchet
Berkshire
SL3 9EH
Business address Chappell House
The Green
Datchet
Berkshire
SL3 9EH
Accountant Accendo Accountants Ltd
1st Floor
7 Lion Street
Abergavenny
Monmouthshire
NP7 5PH
Bankers National Westminster
59 High Street
Exeter
EX4 3DL
S2W Property 104 Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of S2W Property 104 Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of S2W Property 104 Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of S2W Property 104 Limited, as a body, in accordance with the terms of my engagement letter dated 1 August 2024. My work has been undertaken solely to prepare for your approval the financial statements of S2W Property 104 Limited and state those matters that we have agreed to state to the board of directors of S2W Property 104 Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than S2W Property 104 Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that S2W Property 104 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S2W Property 104 Limited. You consider that S2W Property 104 Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of S2W Property 104 Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Accendo Accountants Ltd
Chartered Certified Accountants
1st Floor
7 Lion Street
Abergavenny
Monmouthshire
NP7 5PH
1 August 2024
S2W Property 104 Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 26,000,000 18,483,072
_______ _______
26,000,000 18,483,072
Current assets
Debtors 5 108,243 194,782
Cash at bank and in hand 16,461 231
_______ _______
124,704 195,013
Creditors: amounts falling due
within one year 6 ( 10,638,607) ( 11,022,658)
_______ _______
Net current liabilities ( 10,513,903) ( 10,827,645)
_______ _______
Total assets less current liabilities 15,486,097 7,655,427
Creditors: amounts falling due
after more than one year 7 ( 6,012,685) ( 2,515,576)
Provisions for liabilities ( 1,014,675) ( 340,536)
_______ _______
Net assets 8,458,737 4,799,315
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 8,457,737 4,798,315
_______ _______
Shareholders funds 8,458,737 4,799,315
_______ _______
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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2024 , and are signed on behalf of the board by:
Mr David Reed Mr Anthony McClellan
Director Director
Company registration number: 03069484
S2W Property 104 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. The address of the registered office is Chappell House, The Green, Datchet, Berkshire, SL3 9EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 January 2023 18,483,072 18,483,072
Additions 210,124 210,124
Revaluation 4,786,154 4,786,154
Other movements 2,520,650 2,520,650
_______ _______
At 31 December 2023 26,000,000 26,000,000
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 26,000,000 26,000,000
_______ _______
At 31 December 2022 18,483,072 18,483,072
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 January 2023 18,483,072
Additions 210,124
Fair value adjustments 4,786,154
Transfers from stocks 2,520,650
_______
At 31 December 2023 26,000,000
_______
At the reporting date the fair value of the properties have been reviewed on an open market basis in accordance with the RICS Appraisal and Valuation manual by the Directors.
5. Debtors
2023 2022
£ £
Trade debtors 73,192 47,926
Other debtors 35,051 146,856
_______ _______
108,243 194,782
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,271,238 10,679,733
Trade creditors 40,223 139,383
Social security and other taxes 18,282 -
Other creditors 308,864 203,542
_______ _______
10,638,607 11,022,658
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 6,012,685 2,515,576
_______ _______
The directors have received assurances from the board of the ultimate parent undertaking that repayment of those amounts due will not be required until cash flow permits and that, if necessary, further funding will be provided.
8. Contingent assets and liabilities
The company is party to a loan agreement with a fellow group subsidiary under which the assets of the company are subject to a fixed and floating charge.
9. Related party transactions
Advantage has been taken of the exemption in paragraph 33.1A of Financial Reporting Standard 102 for wholly owned subsidiaries not to disclose transactions with fellow members of the same group.
10. Controlling party
There is no one controlling party .
11. Ultimate parent undertaking
The company's ultimate parent undertaking is Bauer Group Holdings Limited, formerly know as Montgomery Property Group Limited, a company registered in England and Wales. Copies of the Consolidated accounts are available from the Registrar of Companies, Companies house, Cardiff.