REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
5 APRIL 2024 |
FOR |
SAFFRON WALDEN PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
5 APRIL 2024 |
FOR |
SAFFRON WALDEN PROPERTIES LIMITED |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
SAFFRON WALDEN PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Abbey House |
51 High Street |
Saffron Walden |
Essex |
CB10 1AF |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SAFFRON WALDEN PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saffron Walden Properties Limited for the year ended 5 April 2024 which comprise the Income Statement, Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Saffron Walden Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Saffron Walden Properties Limited and state those matters that we have agreed to state to the Board of Directors of Saffron Walden Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Saffron Walden Properties Limited 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 Saffron Walden Properties Limited. You consider that Saffron Walden Properties Limited 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 Saffron Walden Properties Limited. 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. |
Chartered Certified Accountants |
Abbey House |
51 High Street |
Saffron Walden |
Essex |
CB10 1AF |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
STATEMENT OF FINANCIAL POSITION |
5 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
STATEMENT OF FINANCIAL POSITION - continued |
5 APRIL 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
1. | STATUTORY INFORMATION |
Saffron Walden Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Fixtures and fittings | - |
Stocks |
Stocks of development and trading properties have been valued by the directors at the lower of cost and net realisable value on a basis consistent with the previous year. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs |
The company operates a money purchase scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable. |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Freehold investment properties |
No depreciation or amortisation is provided in respect of freehold investment properties.The directors believe thats as these properties are not held for consumption but investment, to depreciate them would not give a true and fair view. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 6 April 2023 |
Disposals | ( |
) | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Eliminated on disposal | ( |
) | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Cost or valuation at 5 April 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2024 | 4,279,750 |
Freehold investment properties were revalued as at 3 March 2020 by professional valuers from Mullucks and Henry Rowe, on an open market basis. |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 6 April 2023 |
and 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
The investment of 5 £1 ordinary shares in Zone D Management Company (Great Dunmow) Limited, a company registered in England represents 27.7% of the company's issued share capital. The company administers and manages an industrial estate on a non-profit making basis. |
In the opinion of the directors the cost of this investment equals market value at the balance sheet date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Social security and other tax | 18 | - |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 363,004 | 298,972 |
Accrued expenses |
SAFFRON WALDEN PROPERTIES LIMITED (REGISTERED NUMBER: 00519174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 6 April 2023 |
Transfer to profit and loss | (3,849,383 | ) |
At 5 April 2024 |
The revaluation reserve represented the excess of the valuation of the freehold investment properties over original cost. This has been transferred to the profit and loss reserve in the year. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mrs J H Bazley by virtue of their ownership of 90% of the issued share capital of the company. |