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Registration number: 08817529

Suke Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Suke Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Suke Property Limited

Company Information

Directors

S. A. Jones

N. A. Jones

T. T. Jones

L. K. B. Jones

Registered office

Mason House
Unit 10A
Enterprise Road
Mansfield
Nottingham
NG19 7JX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Suke Property Limited

(Registration number: 08817529)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,662

48,851

Investment property

5

3,194,232

3,194,232

 

3,209,894

3,243,083

Current assets

 

Cash at bank and in hand

 

401,164

325,006

Creditors: Amounts falling due within one year

6

(2,106,195)

(2,131,637)

Net current liabilities

 

(1,705,031)

(1,806,631)

Total assets less current liabilities

 

1,504,863

1,436,452

Creditors: Amounts falling due after more than one year

6

(979,175)

(1,038,057)

Provisions for liabilities

(3,132)

(12,213)

Net assets

 

522,556

386,182

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

522,456

386,082

Shareholders' funds

 

522,556

386,182

 

Suke Property Limited

(Registration number: 08817529)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
N. A. Jones
Director

 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mason House
Unit 10A
Enterprise Road
Mansfield
Nottingham
NG19 7JX

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts. Revenue is recognised upon the issue of an invoice for the rent due in advance or for other costs payable by the tenant.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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 profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

165,945

165,945

At 30 June 2024

165,945

165,945

Depreciation

At 1 July 2023

117,094

117,094

Charge for the year

33,189

33,189

At 30 June 2024

150,283

150,283

Carrying amount

At 30 June 2024

15,662

15,662

At 30 June 2023

48,851

48,851

5

Investment properties

2024
£

At 1 July 2023

3,194,232

At 30 June 2024

3,194,232

The property was last valued in June 2021 by an independent valuer. The directors believe the fair value of the property has not materially changed since this date.

 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

90,000

119,994

Amounts owed to group undertakings

9

1,811,836

1,799,878

Taxation and social security

 

68,198

75,603

Accruals and deferred income

 

4,000

4,000

Other creditors

 

132,161

132,162

 

2,106,195

2,131,637


Creditors include bank loans which are secured of £90,000 (2023 - £119,994).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

979,175

1,038,057


Creditors include bank loans which are secured of £979,175 (2023 - £1,038,057).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Suke Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

979,175

1,038,057

Current loans and borrowings

2024
£

2023
£

Bank borrowings

90,000

119,994

9

Related party transactions

Summary of transactions with other related parties

The company is exempt under the provisions of FRS 102 from disclosing related party transactions with other companies that are wholly owned within the group.

A company owned by one of the directors is owed £132,161 at the balance sheet date (2023 - £132,161).