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REGISTERED NUMBER: 08696041 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SOLENT ESTATE LTD

SOLENT ESTATE LTD (REGISTERED NUMBER: 08696041)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOLENT ESTATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Mare Emma De Graaf
Helene Berendina De Graaf





Secretary: Vistra Cosec Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H





Registered number: 08696041 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

SOLENT ESTATE LTD (REGISTERED NUMBER: 08696041)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 74,050 1,721
Investment property 5 1,300,000 1,300,000
1,374,050 1,301,721

CURRENT ASSETS
Debtors 6 1,647 3,071
Cash at bank 3,902 83,451
5,549 86,522
CREDITORS
Amounts falling due within one year 7 (8,513 ) (12,040 )
NET CURRENT (LIABILITIES)/ASSETS (2,964 ) 74,482
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,371,086

1,376,203

CREDITORS
Amounts falling due after more than one year 8 (1,436,149 ) (1,466,756 )
NET LIABILITIES (65,063 ) (90,553 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 386,749 386,749
Retained earnings (452,812 ) (478,302 )
SHAREHOLDERS' FUNDS (65,063 ) (90,553 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:




Helene Berendina De Graaf - Director


SOLENT ESTATE LTD (REGISTERED NUMBER: 08696041)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Solent Estate 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.

The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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 as modified by the revaluation of certain assets.

Turnover
Turnover is derived from rental income received for the use or occupation of the property. The full value of turnover is recognised where the start date of the use or occupation of the property is within the accounting period. Where the start date is after the accounting period, the full value of consideration received in advance is recognised within other creditors.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged on a straight-line basis at the following annual rates so as to allocate the cost of assets less their residual value over their estimated useful lives.

Plant and machinery - 25%
Fixtures and fittings - 25%
Computer equipment - 33%
Inflatable Boat - 10%

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
The investment properties are initially recognised at cost and subsequently measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

SOLENT ESTATE LTD (REGISTERED NUMBER: 08696041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The going concern basis has been considered appropriate by the directors as the parent undertaking has indicated that it will continue to support the company financially for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Inflatable Computer
machinery fittings boat equipment Totals
£    £    £    £    £   
Cost
At 1 January 2023 3,073 23,760 - 1,224 28,057
Additions 130 - 77,583 - 77,713
At 31 December 2023 3,203 23,760 77,583 1,224 105,770
Depreciation
At 1 January 2023 3,073 22,039 - 1,224 26,336
Charge for year 26 575 4,783 - 5,384
At 31 December 2023 3,099 22,614 4,783 1,224 31,720
Net book value
At 31 December 2023 104 1,146 72,800 - 74,050
At 31 December 2022 - 1,721 - - 1,721

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 January 2023
and 31 December 2023 1,300,000
Net book value
At 31 December 2023 1,300,000
At 31 December 2022 1,300,000

The investment property was valued in July 2023 by Lakeside Properties on an open market valuation basis, giving a value of £1,300,000. In the directors' opinion, the value at the year end is approximately the same as the valuation made by the estate agent in July 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors - 430
Other debtors 1,647 2,641
1,647 3,071

SOLENT ESTATE LTD (REGISTERED NUMBER: 08696041)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 720 6,810
Amounts owed to group undertakings 2,997 1,609
Other creditors 4,796 3,621
8,513 12,040

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Other creditors 1,436,149 1,466,756

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,041,674 1,067,327

9. RELATED PARTY DISCLOSURES

H. B. De Graaf - director
Belgra B.V. - an entity owned by a family member of the directors and shareholders

During the year, loan interest of £3,916 and £10,464 was charged at a rate of 1% on the loan of £399,429 and £1,067,327 lent by H. B. De Graaf and Belgra B.V., respectively.

At the year end, amounts owed to H. B. De Graaf and Belgra B.V. are £394,475 (2022: £399,429) and £1,041,674 (2022: £1,067,327) respectively.

10. ULTIMATE CONTROLLING PARTY

Belgra Investment B.V. (registered at Pampuslaan 186, 1382 JS Weesp, The Netherlands) is regarded by the directors as being the Company's immediate and ultimate parent company.