Sussex House Ltd |
Registered number: |
14370674 |
Balance Sheet |
as at 30 September 2023 |
|
Notes |
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|
2023 |
|
£ |
|
Current assets |
Stocks |
|
|
918,369 |
Debtors |
3 |
|
72,849 |
Cash at bank and in hand |
|
|
147 |
|
|
|
991,365 |
|
|
|
Creditors: amounts falling due within one year |
4 |
|
(14,024) |
|
Net current assets |
|
|
|
977,341 |
|
|
Total assets less current liabilities |
|
|
|
977,341 |
|
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(1,031,625) |
|
|
|
Net liabilities |
|
|
|
(54,284) |
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
Profit and loss account |
|
|
|
(54,384) |
|
Shareholder's funds |
|
|
|
(54,284) |
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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|
|
|
Stephen John Spence |
Director |
Approved by the board on 29 October 2024 |
|
Sussex House Ltd |
Notes to the Accounts |
for the year ended 30 September 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover in respect of property development activities is recognised on unconditional exchange of contracts on the sale of finished developments. At the year end, no turnover is recognised because the property development is partially complete. |
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Stocks |
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Stocks are measured at the lower of property development costs incurred (together with all associated costs) and the estimated selling price less costs to complete and sell. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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|
2 |
Employees |
2023 |
|
Number |
|
|
|
Average number of persons employed by the company (including Directors) |
|
2 |
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2023 |
|
£ |
|
|
|
Other debtors |
72,849 |
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2023 |
|
£ |
|
|
|
Trade creditors |
7,126 |
|
Other creditors |
6,898 |
|
|
|
|
|
|
14,024 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due after one year |
2023 |
|
£ |
|
|
|
Bank loans |
606,965 |
|
Other creditors |
424,660 |
|
|
|
|
|
|
1,031,625 |
|
|
|
|
|
|
|
|
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Other creditors falling due after one year, comprise of advances made to the company under joint venture agreements, entitling the parties to a profit share once all properties are sold. |
|
|
6 |
Loans |
2023 |
|
£ |
|
|
Creditors include: |
|
|
Secured bank loans |
606,965 |
|
|
|
|
|
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Secured bank loans comprise of commercial finance used to purchase and develop property. Interest is charged at 9%. The loan is secured by way of first legal charge over the property, fixed and floating charge over the assets of the company, a charge over the building contract and personal guarantees from the directors. The full loan is repayable in April 2025. |
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7 |
Related party transactions |
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Included in other debtors is a balance of £41,312 owed by Here Property Development (London) Ltd, a company in which Lincoln George Spence is a director. Also included in other debtors, is a balance of £1,646 owed by Kweensthorpe Mews Ltd, a company in which Lincon George Spence and Stephen John Spence are directors. |
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8 |
Controlling party |
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The company is controlled by Stephen John Spence. |
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9 |
Other information |
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Sussex House Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
75 Westow Hill |
|
Crystal Palace |
|
London |
|
SE19 1TX |