REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SOLENT ESTATE LTD |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
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 |
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 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
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 |
Amounts owed to group undertakings |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
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. |