1 October 2023 v2024.57.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP026803122023-10-012024-09-30026803122024-09-30026803122023-09-3002680312core:WithinOneYear2024-09-3002680312core:WithinOneYear2023-09-3002680312core:ShareCapital2024-09-3002680312core:ShareCapital2023-09-3002680312core:OtherReservesSubtotal2024-09-3002680312core:OtherReservesSubtotal2023-09-3002680312core:RetainedEarningsAccumulatedLosses2024-09-3002680312core:RetainedEarningsAccumulatedLosses2023-09-3002680312bus:Director12023-10-012024-09-3002680312bus:Director22023-10-012024-09-3002680312bus:RegisteredOffice2023-10-012024-09-3002680312core:LandBuildings2023-10-012024-09-30026803122022-10-012023-09-3002680312core:LandBuildings2024-09-3002680312core:LandBuildings2023-09-300268031212023-10-012024-09-3002680312countries:EnglandWales2023-10-012024-09-3002680312bus:AuditExemptWithAccountantsReport2023-10-012024-09-3002680312bus:PrivateLimitedCompanyLtd2023-10-012024-09-3002680312bus:SmallEntities2023-10-012024-09-3002680312bus:FullAccounts2023-10-012024-09-3002680312bus:CompanySecretary12023-10-012024-09-30
Company registration number:
02680312
Send Investments Limited
Unaudited Filleted Financial Statements for the year ended
30 September 2024
Send Investments Limited
Statement of Financial Position
30 September 2024
20242023
Note££
Fixed assets    
Tangible assets 5
1,149,784
 
1,149,784
 
Current assets    
Debtors 6
9,054
 
513
 
Cash at bank and in hand
93,236
 
79,263
 
102,290
 
79,776
 
Creditors: amounts falling due within one year 7
(42,517
)
(27,940
)
Net current assets
59,773
 
51,836
 
Total assets less current liabilities 1,209,557   1,201,620  
Provisions for liabilities
(144,877
)
(144,877
)
Net assets
1,064,680
 
1,056,743
 
Capital and reserves    
Called up share capital
75
 
75
 
Other reserves
25
 
25
 
Profit and loss account
1,064,580
 
1,056,643
 
Shareholders funds
1,064,680
 
1,056,743
 
For the year ending
30 September 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 October 2024
, and are signed on behalf of the board by:
E Watters
N Woodhouse
DirectorDirector
Company registration number:
02680312
Send Investments Limited
Notes to the Financial Statements
Year ended
30 September 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Marburg, West Hill
,
High Salvington
,
Worthing
,
West Sussex
,
BN13 3BZ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
not depreciated

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
3.00
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 October 2023
and
30 September 2024
1,149,784
 
Depreciation  
At
1 October 2023
and
30 September 2024
-  
Carrying amount  
At
30 September 2024
1,149,784
 
At 30 September 2023
1,149,784
 

Investment property

The freehold investment properties were previously accounted for under Statement of Standard Accounting Practice Number 19, 'Accounting for Investment Properties', which required gains and losses on the properties' open market values to be taken to a revaluation reserve in equity. The properties are being measured at fair value under Financial Reporting Standard 102 and fair value gains and losses are reported through the income statement.
Financial Reporting Standard 102 also requires deferred tax to be accounted for on assets which are subject to revaluation. Consequently, deferred tax of £132,950 was recognised at 1 October 2015 to reflect the provisions of Financial Reporting Standard 102.
The freehold land and buildings were valued at £1,085,000, their open market value for existing use, in accordance with the Appraisal and Valuation Manual of The Royal Institute of Chartered Surveyors, on 4 March 2005 by Graves Son and Pilcher.
There has been no valuation by an independent valuer during the year. The directors, having extensive knowledge and experience of the local property market, have arrived at the fair value of one of the two investment properties by using the valuation method as set out in the lease at an agreed selling price adjusted for movements in the Retail Prices Index. The other investment property has been valued at a multiple of ten times the annual rent.

6 Debtors

20242023
££
Trade debtors
8,644
 
513
 
Other debtors
410
  -  
9,054
 
513
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
508
 
834
 
Taxation and social security
27,518
 
16,356
 
Other creditors
14,491
 
10,750
 
42,517
 
27,940