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Registration number: 10625777

SCES Property Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

SCES Property Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SCES Property Ltd

(Registration number: 10625777)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

599

1,199

Investment property

6

12,180,000

12,180,000

 

12,180,599

12,181,199

Current assets

 

Debtors

63,215

34,972

Cash at bank and in hand

 

120,466

124,449

 

183,681

159,421

Creditors: Amounts falling due within one year

7

(92,956)

(67,553)

Net current assets

 

90,725

91,868

Total assets less current liabilities

 

12,271,324

12,273,067

Creditors: Amounts falling due after more than one year

7

(885,391)

(905,592)

Provisions for liabilities

(188,045)

(188,240)

Net assets

 

11,197,888

11,179,235

Capital and reserves

 

Called up share capital

9,247,171

9,247,171

Other reserves

563,549

563,549

Retained earnings

1,387,168

1,368,515

Shareholders' funds

 

11,197,888

11,179,235

 

SCES Property Ltd

(Registration number: 10625777)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
L Mackenzie
Director

 

SCES Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Swampton Farm
Gangbridge
St. Mary Bourne
Andover
Hampshire
SP11 6EW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the rentals and other income received or receivable in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% straight line basis

 

SCES Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

SCES Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Taxation

Under FRS 102 deferred tax is not provided on the revaluation of investment properties arising from a group transfer as the change in value is considered to be a permanent difference, had deferred tax been provided a provision of £1,599,189 (2022 - £1,215,383) would have been required.

In 2023 deferred tax of £187,850 (2022 - £142,766) was provided on the increase in value since the properties have been owned by SCES Property Limited.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

3,667

3,667

At 31 May 2024

3,667

3,667

Depreciation

At 1 June 2023

2,468

2,468

Charge for the year

600

600

At 31 May 2024

3,068

3,068

Carrying amount

At 31 May 2024

599

599

At 31 May 2023

1,199

1,199

 

SCES Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Investment properties

2024
£

At 1 June

12,180,000

At 31 May

12,180,000

The Investment Properties were historically transferred to the Company as part of a dividend in specie. At the date of the demerger on 17 February 2017, open market values were agreed beween the parties at arm's length and with the assistance of independant valuers. The properties were revalued in August 2021 by estate agents Belvoir using their local knowledge of the market and comparable properties. The directors believe the valuation is still accurate at the 31 May 2024.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

17,357

14,718

Trade creditors

 

842

-

Taxation and social security

 

59,544

38,967

Other creditors

 

15,213

13,868

 

92,956

67,553

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

885,391

905,592

 

SCES Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,357

14,718

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

885,391

905,592

Security

The bank borrowings, both current and long term, of £902,748 (2023: £920,310) are secured in favour of Lloyd's Bank Plc by both a Mortgage, with a fixed and floating charge, over the Company's investment property and a Debenture over all the Company's assets.

9

Related party transactions

Summary of transactions with other related parties

Included in other creditors at the year end is a balance due to the directors of £141 (2023 - £141).