Company registration number 01070847 (England and Wales)
SCAFELL SECURITIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SCAFELL SECURITIES LIMITED
COMPANY INFORMATION
Directors
Mr S. A. Hill
Mrs K. E. Goodhart
Mrs C. M. Peterson
Secretary
HH Secretarial Services Limited
Company number
01070847
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SCAFELL SECURITIES LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 10
SCAFELL SECURITIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities
The principal activity of the company continued to be that of property investment and development.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S. A. Hill
Mrs K. E. Goodhart
Mrs C. M. Peterson
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S. A. Hill
Director
23 September 2024
SCAFELL SECURITIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SCAFELL SECURITIES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scafell Securities Limited for the year ended 31 December 2023 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Scafell Securities Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Scafell Securities Limited and state those matters that we have agreed to state to the Board of Directors of Scafell Securities Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scafell Securities Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Scafell Securities 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 Scafell Securities Limited. You consider that Scafell Securities Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Scafell Securities Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Evelyn Partners (Thames Valley) Limited
23 September 2024
Chartered Accountants
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
SCAFELL SECURITIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Turnover
96,625
327,675
Cost of sales
(19,614)
(86,543)
Gross profit
77,011
241,132
Administrative expenses
(70,361)
(57,625)
Other operating expenses
(23,614)
(18,381)
Operating (loss)/profit
(16,964)
165,126
Interest receivable and similar income
3
164,577
157,320
Interest payable and similar expenses
(42,417)
(44,997)
Increase/(decrease) in the value of investments
4
202,080
(222,105)
Profit/(loss) on disposal of operations
- Surplus on part sale of fixed assets
27,983
67,636
Profit before taxation
335,259
122,980
Tax on profit
(13,639)
(30,239)
Profit for the financial year
321,620
92,741
Retained earnings brought forward
4,433,341
4,390,600
Dividends
(51,200)
(50,000)
Retained earnings carried forward
4,703,761
4,433,341

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SCAFELL SECURITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
994
Investment properties
6
742,554
758,296
Investments
7
3,740,395
3,135,743
4,482,949
3,895,033
Current assets
Stocks
225,255
244,869
Debtors
8
57,018
10,494
Cash at bank and in hand
502,503
913,811
784,776
1,169,174
Creditors: amounts falling due within one year
9
(519,138)
(599,678)
Net current assets
265,638
569,496
Total assets less current liabilities
4,748,587
4,464,529
Provisions for liabilities
(44,726)
(31,088)
Net assets
4,703,861
4,433,441
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
242,054
44,271
Distributable profit and loss reserves
4,461,707
4,389,070
Total equity
4,703,861
4,433,441

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 member has 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr S. A. Hill
Director
Company Registration No. 01070847
SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Scafell Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents amounts receivable for the sale of property developments and lease extensions, such revenue being recognised on completion in line with industry standards.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The aforementioned investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.9
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.

SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.

 

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
1,790
Other interest income
7,233
9,471
Total interest revenue
7,233
11,261
Other income from investments
Dividends received
157,344
148,162
Gains on financial instruments measured at fair value through profit or loss
-
0
(2,103)
Total income
164,577
157,320
4
Increase/(decrease) in the value of investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
202,080
(222,105)
SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
1,084
Disposals
(1,084)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
90
Eliminated in respect of disposals
(90)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
994
6
Investment property
2023
£
Fair value
At 1 January 2023
758,296
Part disposals in the year
(15,742)
At 31 December 2023
742,554

Under FRS 102, investment property is required to be measured at its fair value (where this can be ascertained) with any change being recognised in profit and loss. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr. S. A. Hill, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

On an historical cost basis, investment properties would have been held at £470,031 (2022 - £485,773).

 

The recently passed Leasehold & Freehold Reform Act 2024 creates a material uncertainty in respect of certain of the properties held by the company.  The directors do not believe that any potential loss of value will seriously undermine the financial position of the company, but significant losses compared to exiting balance sheet values may arise.

 

 

SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200
Other investments other than loans
3,740,195
3,135,543
3,740,395
3,135,743
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
200
3,135,543
3,135,743
Additions
-
402,572
402,572
Valuation changes
-
202,080
202,080
At 31 December 2023
200
3,740,195
3,740,395
Carrying amount
At 31 December 2023
200
3,740,195
3,740,395
At 31 December 2022
200
3,135,543
3,135,743
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,715
10,494
Amounts owed by group undertakings
850
-
0
Other debtors
37,453
-
0
57,018
10,494
SCAFELL SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Debtors
(Continued)
- 10 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
300
200
Taxation and social security
5,945
48,401
Other creditors
512,893
551,077
519,138
599,678
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
50
50
50
50
Ordinary B Shares of £1 each
50
50
50
50
100
100
100
100
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
44,271
261,960
Non distributable (losses)/profits in the year
197,783
(217,689)
At the end of the year
242,054
44,271
12
Related party transactions

The company has taken advantage of the exemptions permitted by FRS 102 section 1.AC.35 not to provide disclosures of transactions entered into with other wholly-owned members of the group.

13
Parent company

The parent company of Scafell Securities Limited is Scafell Holdings Limited. Its registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, United Kingdom, HP9 1NB.

 

The ultimate parent company for Scafell Securities Limited is Gates Investments Limited. Its registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, United Kingdom, HP9 1NB.

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