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Registration number: 10155726

SP UK Investment Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

SP UK Investment Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

SP UK Investment Limited

Company Information

Director

Mr B Keith

Registered office

255 Old Shoreham Road
Hove
East Sussex
BN3 7ED

Accountants

SRC Advisory Ltd
2ND Floor Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB

 

SP UK Investment Limited

(Registration number: 10155726)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

15,000

15,000

Current assets

 

Debtors

5

11,431,491

7,627,122

Cash at bank and in hand

 

75,566

514,163

 

11,507,057

8,141,285

Creditors: Amounts falling due within one year

6

(11,268,650)

(7,901,500)

Net current assets

 

238,407

239,785

Net assets

 

253,407

254,785

Capital and reserves

 

Called up share capital

100

100

Retained earnings

253,307

254,685

Shareholders' funds

 

253,407

254,785

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 September 2024
 


Mr B Keith

Director

 

SP UK Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
255 Old Shoreham Road
Hove
East Sussex
BN3 7ED
England

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents rental income received. Rental income is recognised on receipt of funds from tenants.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

SP UK Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 April

15,000

 

SP UK Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The investment properties are valued at the balance sheet date by Mr M Scott, a director of the company. The value has been calculated using local property information and where available post balance sheet estate agent valuations.

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

527

-

Amounts owed by related parties

11,430,652

7,627,122

Prepayments

 

312

-

   

11,431,491

7,627,122

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group and related undertakings

11,267,150

7,900,150

Accruals and deferred income

1,500

1,350

11,268,650

7,901,500

7

Control

The company's immediate parent is Star Property Investment & Management Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr Benjamin Keith.