SSC PROPERTY GROUP LIMITED

Company Registration Number:
12415885 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 31 January 2023

End date: 31 January 2024

SSC PROPERTY GROUP LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Balance sheet
Additional notes
Balance sheet notes

SSC PROPERTY GROUP LIMITED

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 47,754 2,606
Investments: 4 2,251,853 1,449,933
Total fixed assets: 2,299,607 1,452,539
Current assets
Debtors: 5 83,727 8,428
Cash at bank and in hand: 18,124 1,569
Total current assets: 101,851 9,997
Creditors: amounts falling due within one year: 6 ( 1,847,592 ) ( 708,460 )
Net current assets (liabilities): (1,745,741) (698,463)
Total assets less current liabilities: 553,866 754,076
Creditors: amounts falling due after more than one year: 7 ( 778,510 ) ( 918,698 )
Total net assets (liabilities): (224,644) (164,622)
Capital and reserves
Called up share capital: 3 3
Profit and loss account: (224,647 ) (164,625 )
Total Shareholders' funds: ( 224,644 ) (164,622)

The notes form part of these financial statements

SSC PROPERTY GROUP LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 31 October 2024
and signed on behalf of the board by:

Name: Charles McGonagle
Status: Director

The notes form part of these financial statements

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration receivable net of VAT and discounts. The policy adopted for the recognition of turnover is as follows: Rental Income Rental income is recognised when the right to receive payment is established.

    Tangible fixed assets depreciation policy

    Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: Plant and machinery - 33% Straight line Motor vehicles - 20% reducing balance 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimated the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current markets assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

    Other accounting policies

    Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the Profit and Loss account. Going concern The company had a loss for the year of £60,022 and at 31 January 2024 the balance sheet was £224,644 in deficit. The company is however dependent upon the director for continuing financial support. As at 31 January 2024, the company owed the director £1,833,488. In this respect, the director has provided written assurances to the company that they will continue to support the company financially and will not seek repayment of the monies due to them for a period of at least twelve months. Given the circumstances outlined above the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for at least twelve months from the date of signing of the financial statements. Accordingly the director continues to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustments that would result if the going concern basis of preparation were not appropriate. Trade and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Borrowing costs Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Trade and other creditors Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Security As security for bank overdraft facilities, Paragon Bank PLC holds a fixed charge over specific property assets of the company.

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 31 January 2023 1,123 4,250 5,373
Additions 57,440 57,440
Disposals
Revaluations
Transfers
At 31 January 2024 1,123 61,690 62,813
Depreciation
At 31 January 2023 770 1,997 2,767
Charge for year 353 11,939 12,292
On disposals
Other adjustments
At 31 January 2024 1,123 13,936 15,059
Net book value
At 31 January 2024 0 47,754 47,754
At 30 January 2023 353 2,253 2,606

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Fixed assets investments note

The company's investment properties are included in the financial statements at fair value. The investment properties were subject to valuation by the directors who are professionally qualified valuers.

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Debtors

2024 2023
£ £
Prepayments and accrued income 8,346 3,008
Other debtors 75,381 5,420
Total 83,727 8,428

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 0 1,534
Taxation and social security 814 741
Accruals and deferred income 2,700 1,980
Other creditors 1,844,078 704,205
Total 1,847,592 708,460

SSC PROPERTY GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 778,510 918,698
Total 778,510 918,698

Total creditors above includes secured liabilities amounting to £778,510 (2023: £918,698).