REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SEPROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SEPROPERTY INVESTMENTS LIMITED |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SEPROPERTY INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Equity contribution |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
SEProperty Investments Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of investment property and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102, Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 4). |
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 periods presented, unless otherwise stated. The Company prepared these financial statements in accordance with FRS 102, Section 1A. |
The following principal accounting policies have been applied consistently throughout the period: |
Tangible fixed assets - property and equipment |
Tangible assets consist of works of art, machinery, motor vehicles and furniture and fixtures. Except for works of art, tangible assets are stated at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. Works of art are stated at cost less any accumulated impairment losses. |
Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
Subsequent costs, including major refurbishment, are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably. |
Repairs, maintenance and minor refurbishment costs are expensed as incurred. |
Depreciation is calculated, using the reducing balance method, to allocate the depreciable amount (20% of net-book value) of the assets over their estimated useful lives which is 10 years. |
Tangible assets are no longer recognised on disposal or when no future economic benefits are expected to be received on disposal of the assets. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Comprehensive Income. |
Investment property |
Investment property assets are initially recognised at cost, including real estate taxes unpaid before acquisition and other attributable transaction costs. The Company's property is held for the purpose of rental income and capital appreciation. |
Subsequent to initial recognition, investment property is measured in the Balance Sheet at fair value and not depreciated. The investment property is revalued at each Balance Sheet date. The surplus or deficit on revaluation of the property is recognised in the Statement of Comprehensive Income. On disposal, the difference between the net disposal proceeds and carrying amount is charged or credited to the Statement of Comprehensive Income. |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
i) Financial assets |
Basic financial assets, including trade and other receivables and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, whereby the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. Any impairment loss is recognised in the Statement of Comprehensive Income. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. Any impairment reversal is recognised in the Statement of Comprehensive Income. |
Financial assets are no longer recognised when: |
(a) the contractual rights to the cash flows from the asset expire or are settled; or |
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or, |
(c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors and shareholder loans that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company does not hold or issue derivative financial instruments. |
Taxation |
Taxation expense or credit comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current and deferred tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date and for deferred tax are expected to apply to the reversal of the timing difference. |
Current tax is the amount of income tax payable in respect of the taxable profit for the period or prior periods. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. |
Foreign currencies |
Functional and presentation currency |
The Company's functional currency and presentational currency is the Pound Sterling (£). |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. |
Equity |
Called up share capital represents the nominal value of shares that have been issued. |
Profit and loss account represents all current and prior period results of operations as reported in the profit or loss section of the Statement of Comprehensive Income, reduced by any amounts of dividends declared. |
Equity contribution represents amounts intended to provide the Company with a long-term source of additional capital, which cannot be demanded by the parent or a related party as there is no obligation for the subsidiary to repay the financing. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
12,600 |
12,000 |
6. | TANGIBLE FIXED ASSETS |
Other |
fixed |
assets |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | INVESTMENT PROPERTY |
The investment property consists of a residential property in Spain that is held for the purpose of capital appreciation and rental income and as such, is classified as an investment property. |
The investment property was valued at 30 June 2024 by an independent, professionally qualified appraiser based on a comparison with the amounts at which similar properties in the area were being marketed. This was that adjusted by the directors to reflect their view of current market conditions to arrive at an estimate of the price which the property.could be expected to realise. |
Investment Property |
Valuation | £ |
At 1 July 2023 | 14,615,987 |
Additions | - |
Revaluation | (630,091 | ) |
At 30 June 2024 | 13,985,896 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
SEPROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 08881217) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Loan |
The loan facility which amounts to a principal amount of £11.5 million is unsecured and since 1 April 2022 interest is chargeable at 3% per annum. The loan principal is repayable on 31 March 2029. |
Loan finance costs amounted to £463,205 (2023: £449,380) during the period. |
The above loan amount includes accrued interest amounting to £4,381,834 (2023: £3,918,628). |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid |
Number |
Class |
Nominal value |
GBP£ |
2024 |
2,027,000 | Ordinary € | €1 | 1,740,481 |
2023 |
1,527,000 | Ordinary € | €1 | 1,317,233 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |