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Registered number: 11167036
Sole Bay Estates Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
AVL Accounting Services Limited
1st & 2nd Floor, 2 West St
Ware
Hertfordshire
SG12 9EE
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
In accordance with the engagement letter dated 16 October 2022, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
13/08/2024
AVL Accounting Services Limited
1st & 2nd Floor, 2 West St
Ware
Hertfordshire
SG12 9EE
Page 1
Page 2
Balance Sheet
Registered number: 11167036
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 692,367 698,156
692,367 698,156
CURRENT ASSETS
Debtors 5 6,389 1,416
Cash at bank and in hand 18,112 22,480
24,501 23,896
Creditors: Amounts Falling Due Within One Year 6 (41,571 ) (43,166 )
NET CURRENT ASSETS (LIABILITIES) (17,070 ) (19,270 )
TOTAL ASSETS LESS CURRENT LIABILITIES 675,297 678,886
Creditors: Amounts Falling Due After More Than One Year 7 (446,237 ) (482,383 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (55,665 ) (57,112 )
NET ASSETS 173,395 139,391
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 173,295 139,291
SHAREHOLDERS' FUNDS 173,395 139,391
Page 2
Page 3
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Fiddes
Director
08/10/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Sole Bay Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11167036 . The registered office is 1st & 2nd Floor, 2 West Street, Ware, Hertfordshire, SG12 9EE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 25% Reducing balance
No depreciation is provided on the company's investment properties because in the opinion of the directors their current market value is sufficiently high to make any depreciation charge unnecessary. Any permanent diminution in the value of these properties is charged to the Profit and Loss Account as it arises.
2.4. Investment Properties
Investment property is measured at fair value, with any changes recognised in profit or loss as they occur. For the period ended 31/01/2024, the directors believe there has been no change in the property's fair value, making any fair value adjustment or depreciation charge unnecessary.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
Page 4
Page 5
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost or Valuation
As at 1 February 2023 675,000 28,500 703,500
As at 31 January 2024 675,000 28,500 703,500
Depreciation
As at 1 February 2023 - 5,344 5,344
Provided during the period - 5,789 5,789
As at 31 January 2024 - 11,133 11,133
Net Book Value
As at 31 January 2024 675,000 17,367 692,367
As at 1 February 2023 675,000 23,156 698,156
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,645 -
Prepayments and accrued income 1,744 1,416
6,389 1,416
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 189 379
Bank loans and overdrafts 27,217 29,465
VAT 2,421 1,234
Accruals and deferred income 11,744 11,416
Director's loan account - 672
41,571 43,166
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 206,097 234,104
Directors loan account 240,140 248,279
446,237 482,383
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5