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REGISTERED NUMBER: 05696830 (England and Wales)












SOCKETT PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7

Chartered Certified Accountants' Report 8

SOCKETT PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr D P Sockett





SECRETARY: Mr C J Scott





REGISTERED OFFICE: 21 Burcott Road
Hereford
Herefordshire
HR4 9LW





REGISTERED NUMBER: 05696830 (England and Wales)





ACCOUNTANTS: Lockett & Co
Chartered Certified Accountants
Shelton House
Coningsby Street
Hereford
Herefordshire
HR1 2DY

SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 119,970 134,390
Investments 5 202 202
Investment property 6 24,081,980 22,106,993
24,202,152 22,241,585

CURRENT ASSETS
Debtors 7 243,722 1,115,921
Cash at bank 502,299 807,841
746,021 1,923,762
CREDITORS
Amounts falling due within one year 8 799,895 1,178,874
NET CURRENT (LIABILITIES)/ASSETS (53,874 ) 744,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,148,278

22,986,473

CREDITORS
Amounts falling due after more than one
year

9

(3,707,426

)

(4,123,325

)

PROVISIONS FOR LIABILITIES (3,383,286 ) (2,482,032 )
NET ASSETS 17,057,566 16,381,116

CAPITAL AND RESERVES
Called up share capital 103 103
Profit and loss reserve - non distributable 11 10,675,413 11,069,738
Retained earnings 6,382,050 5,311,275
SHAREHOLDERS' FUNDS 17,057,566 16,381,116

SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 October 2024 and were signed by:





Mr D P Sockett - Director


SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Sockett Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

Preparation of consolidated financial statements
The financial statements contain information about Sockett Properties Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents rental income and management and service charges received or receivable by the company from leasing its investment properties.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset less its estimated residual value over its estimated useful life.

Integral features 10% reducing balance basis
Plant and equipment25% reducing balance basis
Furniture and fittings 25% reducing balance basis

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the contractual provisions of the financial instrument.

Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Bank loans are initially recognised at the transaction price including transaction costs. Subsequent to initial recognition, loans are stated at amortised cost using the effective interest rate method, less impairment.


SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 213,307
DEPRECIATION
At 1 April 2023 78,917
Charge for year 14,420
At 31 March 2024 93,337
NET BOOK VALUE
At 31 March 2024 119,970
At 31 March 2023 134,390

SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 202
NET BOOK VALUE
At 31 March 2024 202
At 31 March 2023 202

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 22,106,993
Additions 1,472,165
Revaluations 502,822
At 31 March 2024 24,081,980
NET BOOK VALUE
At 31 March 2024 24,081,980
At 31 March 2023 22,106,993

Investment properties were valued on an open market freehold basis on 31 March 2024 by Mr D P Sockett, director of the company, based on previous professional valuations deemed to still be appropriate.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 141,533 57,417
Amounts owed by group undertakings 82,503 124,536
Other debtors 19,686 933,968
243,722 1,115,921

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 60,593 495,018
Trade creditors 60,955 57,768
Amounts owed to group undertakings 130,183 82,214
Taxation and social security 346,786 467,053
Other creditors 201,378 76,821
799,895 1,178,874

SOCKETT PROPERTIES LTD (REGISTERED NUMBER: 05696830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 3,707,426 4,123,325

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years 69,816 2,071,783

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,746,352 4,586,676

The bank borrowing is secured by a debenture, legal charges and a personal guarantee given by the director.

11. RESERVES
Profit
and loss
reserve -
non
distributable
£   
At 1 April 2023 11,069,738
Transfer between reserves (394,325 )

At 31 March 2024 10,675,413

This non-distributable reserve relates to unrealised gains less attributable deferred tax, on investment properties carried at fair value, transferred from profit and loss reserve.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr D P Sockett
Balance outstanding at start of year 602,820 587,349
Amounts advanced 491,698 572,155
Amounts repaid (1,094,518 ) (556,684 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 602,820

These advances and credits, were unsecured and repayable on demand, with interest paid at the statutory rate. The above amounts represent an aggregate summary of all the amounts advanced to the director.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SOCKETT PROPERTIES LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sockett Properties Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Sockett Properties Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sockett Properties Ltd and state those matters that we have agreed to state to the director of Sockett Properties Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Sockett Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sockett Properties Ltd. You consider that Sockett Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sockett Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lockett & Co
Chartered Certified Accountants
Shelton House
Coningsby Street
Hereford
Herefordshire
HR1 2DY


18 October 2024