Company registration number 13392081 (England and Wales)
SCDC PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SCDC PROPERTY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
SCDC PROPERTY LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SCDC PROPERTY LTD FOR THE YEAR ENDED 31 MAY 2024
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SCDC Property Ltd for the year ended 31 May 2024 which comprise, the balance sheet and the related notes 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 SCDC Property Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SCDC Property Ltd and state those matters that we have agreed to state to the board of directors of SCDC Property Ltd, 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 SCDC Property Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that SCDC Property Ltd 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 loss of SCDC Property Ltd. You consider that SCDC Property Ltd 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 SCDC Property Ltd. 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.
Carpenter Box
14 October 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SCDC PROPERTY LTD
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
229
306
Investment property
4
312,000
342,119
312,229
342,425
Current assets
Debtors
5
1,996
454
Cash at bank and in hand
3,729
3,606
5,725
4,060
Creditors: amounts falling due within one year
6
(132,318)
(131,028)
Net current liabilities
(126,593)
(126,968)
Total assets less current liabilities
185,636
215,457
Creditors: amounts falling due after more than one year
7
(228,999)
(228,999)
Net liabilities
(43,363)
(13,542)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(43,373)
(13,552)
Total equity
(43,363)
(13,542)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 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 members have 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SCDC PROPERTY LTD
BALANCE SHEET (CONTINUED)
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The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
Mr S W Coleman
Director
Company registration number 13392081 (England and Wales)
SCDC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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1
Accounting policies
Company information
SCDC Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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.
1.2
Going concern
At the balance sheet date the company had net current liabilities and accumulated losses. However, included within current liabilities was an amount of £true129,200 owed to connected companies that will not be repaid if it prejudiced third party creditors.
Based on this assessment, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The financial statements do not include any adjustment that would result from a withdrawal of the connected company support.
1.3
Turnover
Turnover represents amounts receivable for rents, on a time apportioned basis, from investment properties.
1.4
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 and fittings
25% per annum on a diminishing balance basis
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.
1.5
Investment property
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. Changes in fair value are recognised in profit or loss.
SCDC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
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1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
The average monthly number of persons employed by the company during the year was 2 (2023 - 2).
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 and 31 May 2024
334
Depreciation and impairment
At 1 June 2023
28
Depreciation charged in the year
77
At 31 May 2024
105
Carrying amount
At 31 May 2024
229
At 31 May 2023
306
SCDC PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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4
Investment property
2024
£
Fair value
At 1 June 2023
342,119
Revaluations
(30,119)
At 31 May 2024
312,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company directors on 31st May 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the properties totalled £342,119.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,520
Other debtors
476
454
1,996
454
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
132,318
131,028
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
228,999
228,999
The long-term loans included within note 8 are secured by fixed charges against the assets purchased.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10