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REGISTERED NUMBER: 14121030 (England and Wales)















Unaudited Financial Statements

for the Period 1 June 2023 to 31 December 2023

for

Saltwater Properties Limited

Saltwater Properties Limited (Registered number: 14121030)






Contents of the Financial Statements
for the Period 1 June 2023 to 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Saltwater Properties Limited

Company Information
for the Period 1 June 2023 to 31 December 2023







DIRECTOR: N Meeking





REGISTERED OFFICE: 2 Willow Road
Colnbrook
Slough
SL3 0BS





REGISTERED NUMBER: 14121030 (England and Wales)





ACCOUNTANTS: Pi Accountants
Chartered Certified Accountants
The Brentano Suite
Solar House
915 High Road
London
N12 8QJ

Saltwater Properties Limited (Registered number: 14121030)

Statement of Financial Position
31 December 2023

31/12/23 31/5/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 781,163 731,163

CREDITORS
Amounts falling due within one year 5 216,504 190,285
NET CURRENT LIABILITIES (216,504 ) (190,285 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

564,659

540,878

CREDITORS
Amounts falling due after more than one
year

6

(350,000

)

(350,000

)

PROVISIONS FOR LIABILITIES (62,500 ) (50,000 )
NET ASSETS 152,159 140,878

RESERVES
Retained earnings 152,159 140,878
152,159 140,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 19 September 2024 and were signed by:





N Meeking - Director


Saltwater Properties Limited (Registered number: 14121030)

Notes to the Financial Statements
for the Period 1 June 2023 to 31 December 2023

1. STATUTORY INFORMATION

Saltwater Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period 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 period 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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 731,163
Revaluations 50,000
At 31 December 2023 781,163
NET BOOK VALUE
At 31 December 2023 781,163
At 31 May 2023 731,163

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 200,000
Valuation in 2023 50,000
Cost 531,163
781,163

Saltwater Properties Limited (Registered number: 14121030)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 December 2023

4. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

31/12/23 31/5/23
£    £   
Cost 531,163 531,163

The investment property was valued on an open market basis on 31 May 2023 by the director .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/5/23
£    £   
Bank loans and overdrafts 32,108 25,000
Other creditors 184,396 165,285
216,504 190,285

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/5/23
£    £   
Bank loans 350,000 350,000

7. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/5/23
£    £   
Bank loans 375,000 375,000

Included within bank loans are secured debts of £375,000 by way of a fixed charged over the investment property.

8. RELATED PARTY DISCLOSURES

During the period the company received loans from Norsk European Wholesale Limited (Company number 02847809),a company under common control of the director, Nigel Meeking. The amounts outstanding at the end of the accounting period amounted to £184,396 (31/5/2023 - £165,285).