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REGISTERED NUMBER: 10198735 (England and Wales)















SYKES PROPERTY INVESTMENT GROUP LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SYKES PROPERTY INVESTMENT GROUP LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: L Sykes
C Sykes





REGISTERED OFFICE: 71 Copeland Drive
Poole
BH14 8NP





REGISTERED NUMBER: 10198735 (England and Wales)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)

Statement of Financial Position
31 MARCH 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 16,735 19,387
Investment property 6 2,789,954 2,789,954
2,806,689 2,809,341

CURRENT ASSETS
Receivables: amounts falling due within
one year

7

15,387

7,118
Cash at bank 507,476 615,800
522,863 622,918
PAYABLES
Amounts falling due within one year 8 (2,419,604 ) (2,309,982 )
NET CURRENT LIABILITIES (1,896,741 ) (1,687,064 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

909,948

1,122,277

PAYABLES
Amounts falling due after more than
one year

9

(711,250

)

(961,250

)

PROVISIONS FOR LIABILITIES (4,184 ) (4,847 )
NET ASSETS 194,514 156,180

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 194,414 156,080
SHAREHOLDERS' FUNDS 194,514 156,180

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 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.

SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)

Statement of Financial Position - continued
31 MARCH 2024


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 25 November 2024 and were signed on its behalf by:





L Sykes - Director


SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Sykes Property Investment Group Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Revenue comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon the date to which the rental relates.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment - 15% Reducing Balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

4. EMPLOYEES AND DIRECTORS

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

SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£
COST
At 1 April 2023
and 31 March 2024 56,029
DEPRECIATION
At 1 April 2023 36,642
Charge for year 2,652
At 31 March 2024 39,294
NET BOOK VALUE
At 31 March 2024 16,735
At 31 March 2023 19,387

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 April 2023
and 31 March 2024 2,789,954
NET BOOK VALUE
At 31 March 2024 2,789,954
At 31 March 2023 2,789,954

The directors consider that such valuations are reflective of the open market value of the properties at 31 March 2024.

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other receivables 15,387 7,118

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade payables 70,295 53,930
Taxation and social security 9,672 12,433
Other payables 2,339,637 2,243,619
2,419,604 2,309,982

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 711,250 961,250

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 711,250 961,250

SYKES PROPERTY INVESTMENT GROUP LIMITED (REGISTERED NUMBER: 10198735)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 711,250 961,250

Loans are secured by a legal charge over the property in which the loan relates.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1 100 100

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, an amount of £2,302,296 was owed to the directors of the company compared to £2,225,281 in 2023.