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COMPANY REGISTRATION NUMBER: 08385568
David Sykes Property Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2024
David Sykes Property Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
David Sykes Property Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
340,000
355,441
Investments
6
500
500
----------
----------
340,500
355,941
Creditors: amounts falling due within one year
7
2,323
350
-------
----
Net current liabilities
2,323
350
----------
----------
Total assets less current liabilities
338,177
355,591
Creditors: amounts falling due after more than one year
8
98,091
139,818
Provisions
Taxation including deferred tax
13,581
13,581
----------
----------
Net assets
226,505
202,192
----------
----------
Capital and reserves
Called up share capital
500
500
Revaluat'n reserve
178,359
178,359
Profit and loss account
47,646
23,333
----------
----------
Shareholders funds
226,505
202,192
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Sykes Property Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
Mr D Richardson
Director
Company registration number: 08385568
David Sykes Property Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Maltings, Whitley Bridge, Goole, DN14 0HH, East Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
(d) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Land and buildings
£
Cost/Valuation
At 1 September 2023
355,441
Transfers
( 15,441)
----------
At 31 August 2024
340,000
----------
Depreciation
At 1 September 2023 and 31 August 2024
----------
Carrying amount
At 31 August 2024
340,000
----------
At 31 August 2023
355,441
----------
The transfer represents the movement of tenants improvements from David Sykes Property Limited to David Sykes (Whitley Bridge) Limited, which is a subsidiary of David Sykes Property Limited . The investment property was valued in October 2022 by PPH Commercial Limited who have experience in the location and category of the investment properties being valued. The investment property was valued in August 2024 by the directors who have experience in the location and category of the investment property being valued.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 August 2024
Aggregate cost
148,060
Aggregate depreciation
----------
Carrying value
148,060
----------
At 31 August 2023
Aggregate cost
163,501
Aggregate depreciation
----------
Carrying value
163,501
----------
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2023 and 31 August 2024
500
----
Impairment
At 1 September 2023 and 31 August 2024
----
Carrying amount
At 31 August 2024
500
----
At 31 August 2023
500
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals
750
350
Corporation tax
1,573
-------
----
2,323
350
-------
----
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
98,091
139,818
--------
----------
9. Charges on assets
The company has guaranteed the borrowings of another group company. The total guarantee as at 31 August 2024 is 269,626 (2023: £274,415).
10. Controlling party
The company is a 100% subsidiary of Maltings Electrical Limited , a company registered in England and Wales, whose registered address is The Maltings, Whitley Bridge, Goole, England, DN14 OHH.