Registered number
09866377
Solo Properties (North East) Limited
Filleted Accounts
31 March 2024
Solo Properties (North East) Limited
Registered number: 09866377
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 126,342 161,178
Current assets
Debtors 4 2,084 2,590
Cash at bank and in hand 9,765 54,580
11,849 57,170
Creditors: amounts falling due within one year 5 (51,375) (91,995)
Net current liabilities (39,526) (34,825)
Total assets less current liabilities 86,816 126,353
Creditors: amounts falling due after more than one year 6 (97,540) (97,529)
Provisions for liabilities - (4,581)
Net (liabilities)/assets (10,724) 24,243
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 (10,887) 19,532
Profit and loss account 63 4,611
Shareholders' funds (10,724) 24,243
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 members have 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.
Philip Tweedy
Director
Approved by the board on 18 October 2024
Solo Properties (North East) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 160,000 1,473 161,473
Additions - 500 500
Surplus on revaluation (35,000) - (35,000)
At 31 March 2024 125,000 1,973 126,973
Depreciation
At 1 April 2023 - 295 295
Charge for the year - 336 336
At 31 March 2024 - 631 631
Net book value
At 31 March 2024 125,000 1,342 126,342
At 31 March 2023 160,000 1,178 161,178
Freehold land and buildings: 2024 2023
£ £
Historical cost 135,887 135,887
Cumulative depreciation based on historical cost - -
135,887 135,887
4 Debtors 2024 2023
£ £
Trade debtors 870 680
Other debtors 1,214 1,910
2,084 2,590
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,000 1,000
Taxation and social security costs 692 1,146
Other creditors 49,683 89,849
51,375 91,995
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 97,540 97,529
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 97,540 97,529
Secured bank loans 97,540 97,529
[Give an indication of the nature and form of the security for the bank loans]
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 19,532 12,653
(Loss)/gain on revaluation of land and buildings (35,000) 9,574
Deferred taxation arising on the revaluation of land and buildings 4,581 (2,695)
At 31 March 2024 (10,887) 19,532
9 Other information
Solo Properties (North East) Limited is a private company limited by shares and incorporated in England. Its registered office is:
20 Woodlands
Seaham
County Durham
SR7 0EP
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