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Registered number: 11215389
Sears Property Holdings Ltd
Financial Statements
For The Year Ended 27 February 2024
Accountants-E-Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11215389
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,455,309 1,037,309
1,455,309 1,037,309
CURRENT ASSETS
Debtors 5 165,935 3,218
Cash at bank and in hand 155,143 26,134
321,078 29,352
Creditors: Amounts Falling Due Within One Year 6 (216,317 ) (219,853 )
NET CURRENT ASSETS (LIABILITIES) 104,761 (190,501 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,560,070 846,808
Creditors: Amounts Falling Due After More Than One Year 7 (1,219,863 ) (857,069 )
NET ASSETS/(LIABILITIES) 340,207 (10,261 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 305,000 -
Profit and Loss Account 35,206 (10,262 )
SHAREHOLDERS' FUNDS 340,207 (10,261)
Page 1
Page 2
For the year ending 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs E S Sears
Director
Mr R P Sears
Director
27 November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sears Property Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11215389 . The registered office is 8 Axis Court Mallard Way, Riverside Business Park, Swansea, SA7 0AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 28 February 2023 1,037,309
Additions 113,000
Revaluation 305,000
As at 27 February 2024 1,455,309
Net Book Value
As at 27 February 2024 1,455,309
As at 28 February 2023 1,037,309
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 165,935 -
Directors' loan accounts - 3,218
165,935 3,218
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) 1
Other creditors - (6,567 )
Accruals and deferred income 495 -
Directors' loan accounts 215,823 226,419
216,317 219,853
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,219,863 857,069
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Reserves
Revaluation Reserve
£
Surplus on revaluation 305,000
As at 27 February 2024 305,000
10. Related Party Transactions
11. Controlling Party
The company's controlling party is Mr Robert Paul Sears and Mrs Emma Susanna Sears by virtue of their ownership of 50% of the issued share capital in the company.
Page 4