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REGISTERED NUMBER: 04168265 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

SOUTHREPPS DEVELOPMENTS LTD

SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SOUTHREPPS DEVELOPMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr M Drury





SECRETARY: Mr K Robotham





REGISTERED OFFICE: 4 Cornish Way Business Park
North Walsham
Norfolk
NR28 0FE





REGISTERED NUMBER: 04168265 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,254 10,845
Investment property 5 3,000,000 3,000,000
3,006,254 3,010,845

CURRENT ASSETS
Stocks 498,434 498,434
Debtors 6 348,062 367,060
846,496 865,494
CREDITORS
Amounts falling due within one year 7 736,273 695,433
NET CURRENT ASSETS 110,223 170,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,116,477

3,180,906

CREDITORS
Amounts falling due after more than one
year

8

(663,054

)

(669,387

)

PROVISIONS FOR LIABILITIES (557,123 ) (571,177 )
NET ASSETS 1,896,300 1,940,342

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 1,960,503 1,960,503
Retained earnings 11 (64,303 ) (20,261 )
SHAREHOLDERS' FUNDS 1,896,300 1,940,342

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Profit and Loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 January 2025 and were signed by:




Mr M Drury - Director


SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Southrepps Developments 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

Investment property
In accordance with FRS102, investment properties are revalued annually and any surplus or deficit arising is taken to the profit and loss. No depreciation is provided on such properties as they are held as investments and not for consumption.

Stocks
Work in progress is valued at the lower of cost and net realisable value. The net development outgoings attributable to properties held for development and sales are added to the cost of such properties. A property is regarded as being in the course of development until completed in accordance with the planning permission and building regulations consent and NHBC requirements.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 152,001
DEPRECIATION
At 1 June 2023 141,156
Charge for year 4,591
At 31 May 2024 145,747
NET BOOK VALUE
At 31 May 2024 6,254
At 31 May 2023 10,845

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 3,000,000
NET BOOK VALUE
At 31 May 2024 3,000,000
At 31 May 2023 3,000,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2023 3,000,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 438,192 438,192
Aggregate depreciation (140,221 ) (131,457 )

The investment properties were valued on an open market basis on 31 May 2024 by the company director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,869 12,367
Other debtors 337,193 354,693
348,062 367,060

SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,081 10,206
Hire purchase contracts 2,333 4,000
Trade creditors 22,564 20,362
Taxation and social security 407 582
Other creditors 698,888 660,283
736,273 695,433

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 560,908 564,908
Hire purchase contracts - 2,333
Other creditors 102,146 102,146
663,054 669,387

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 556,908 556,908

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 8,081 6,206
Bank loans 564,908 568,908
Hire purchase contracts 2,333 6,333
575,322 581,447

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 A Ordinary £1 50 50
10 B Ordinary £1 10 10
15 C Ordinary £1 15 15
25 D Ordinary £1 25 25
100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 (20,261 ) 1,960,503 1,940,242
Deficit for the year (44,042 ) (44,042 )
At 31 May 2024 (64,303 ) 1,960,503 1,896,200

SOUTHREPPS DEVELOPMENTS LTD (REGISTERED NUMBER: 04168265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Drury, the sole director, who owns 75% of the issued share capital of the company.