REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Senior Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Senior Properties Limited |
Senior Properties Limited (Registered number: 00487645) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Senior Properties Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 Heap Bridge |
Bury |
Lancashire |
BL9 7HR |
BANKERS: |
109 Union Street |
Oldham |
Lancashire |
OL1 1RT |
Senior Properties Limited (Registered number: 00487645) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
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. |
Senior Properties Limited (Registered number: 00487645) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Senior Properties Limited (Registered number: 00487645) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Senior Properties Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
3. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
REVENUE RECOGNITION |
Turnover represents income from investment properties and is attributable to the one principal activity of the company. |
INVESTMENT |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Senior Properties Limited (Registered number: 00487645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
INCOME TAX |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
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. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
IMPAIRMENT OF FIXED ASSETS |
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. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the |
acquisition date, allocated to each of the cash-generating units that are expected to benefit from the |
synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
PROVISIONS |
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 as a finance cost in profit or loss in the period it arises. |
Senior Properties Limited (Registered number: 00487645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
DEFINED CONTRIBUTION PLANS |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
Revaluations | (5,700 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's long leasehold investment properties was revalued in September 2024 by Sedgwick & Co. Property Consultants, on the basis of open market value for existing use. |
Fair value at 31 March 2024 is represented by : |
£ |
Cost | 101,620 |
Valuation | 200,680 |
302,300 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Senior Properties Limited (Registered number: 00487645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Other investments | 250,000 | 250,000 |
Short-term deposits |
£250,000 was invested in Seneca Securities 2 Ltd Loan Notes on April 1, 2014. On March 31, 2018 this amount was re-invested with Seneca in a business park investment at a rate of 7.5%. A further similar investment of £50,000 was made at a rate of 7.15%. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 200 | 200 |
10. | RESERVES |
Revaluation Reserve |
£ |
At 1 April 2023 | 260,630 |
Revaluation on assets-investment property | (5,700) |
Reversal of reserve on sale ofinvestment property | (54,250) |
At 31 March 2024 | 200,680 |
Senior Properties Limited (Registered number: 00487645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the directors entered into the following advances and credits with the company: |
2024 |
Balance brought forward | Advances/(credits) to the directors | Balance outstanding |
£ | £ | £ |
M. J. Senior | - | - | - |
E. A. Senior | - | - | - |
- | - | - |
2023 |
Balance brought forward | Advances/(credits) to the directors | Balance outstanding |
£ | £ | £ |
M. J. Senior | (13,076) | 13,076 | - |
E. A. Senior | (12,000) | 12,000 | - |
(25,076) | 25,076 | - |