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REGISTERED NUMBER: 02344354 (England and Wales)















SOUTH PARADE PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTH PARADE PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr R Austin
Mr A N Carter
Mr P Kilmartin
Mr M R Austin



SECRETARY: Mr P Kilmartin



REGISTERED OFFICE: Oakwell House
7 Butts Court
Leeds
LS1 5JS



REGISTERED NUMBER: 02344354 (England and Wales)



ACCOUNTANTS: DSC
Chartered Accountants
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT



SOLICITORS: Walker Morris
33 Wellington Street
Leeds
LS1 4DL

SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,819 9,774
Investments 5 8,075 8,075
Investment property 6 19,150,000 16,935,000
19,165,894 16,952,849

CURRENT ASSETS
Debtors 7 158,409 110,407
Cash at bank 628,760 1,092,046
787,169 1,202,453
CREDITORS
Amounts falling due within one year 8 686,744 877,673
NET CURRENT ASSETS 100,425 324,780
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,266,319

17,277,629

CREDITORS
Amounts falling due after more than one
year

9

(3,759,021

)

(4,053,521

)

PROVISIONS FOR LIABILITIES (1,370,000 ) (760,000 )
NET ASSETS 14,137,298 12,464,108

CAPITAL AND RESERVES
Called up share capital 10,002 10,002
Non-distributable reserves 11 6,827,158 5,337,890
Retained earnings 11 7,300,138 7,116,216
SHAREHOLDERS' FUNDS 14,137,298 12,464,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

BALANCE SHEET - continued
30 APRIL 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 17 December 2024 and were signed on its behalf by:





Mr R Austin - Director


SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

South Parade Properties 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.

Turnover
Turnover represents rents and fees receivable for services net of value added tax.

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 - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 167,402
DEPRECIATION
At 1 May 2023 157,628
Charge for year 1,955
At 30 April 2024 159,583
NET BOOK VALUE
At 30 April 2024 7,819
At 30 April 2023 9,774

5. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include a 100% holding of the Ordinary shares in Oakwell Projects (Leeds) Ltd. The company has reserves of £4,124 and has not traded in the current or previous year.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 16,935,000
Additions 115,731
Revaluations 2,099,269
At 30 April 2024 19,150,000
NET BOOK VALUE
At 30 April 2024 19,150,000
At 30 April 2023 16,935,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2021 5,127,758
Valuation in 2022 839,855
Valuation in 2023 130,276
Valuation in 2024 2,099,269
Cost 10,952,842
19,150,000

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

2024 2023
£    £   
Cost 10,952,842 10,837,111

SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. INVESTMENT PROPERTY - continued

The company's investment properties were subject to a full revaluation on 30 April 2024 by a related party, Robert Austin of Robert Austin & Co, Chartered Surveyors, on an open market basis.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 64,369 34,413
Other debtors 69,100 52,000
Prepayments and accrued income 24,940 23,994
158,409 110,407

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 94,500 94,500
Trade creditors 27,985 62,234
Amounts owed to group undertakings 4,124 4,124
Corporation tax 98,129 219,334
Other tax and social security 80,339 102,923
Other creditors 2,470 4,470
Accruals and deferred income 379,197 390,088
686,744 877,673

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1 to 2 years 94,500 94,500
Bank loans - 2 to 5 years 3,664,521 3,959,021
3,759,021 4,053,521

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,853,521 4,148,021

The bank loans are secured by first legal charges over the following properties:

City Link Business Park, Bradford
Units 1-4. Oakwell Park, Birstall
Aintree Court, Leeds
Shawcross Court, Shawcross Business Park, Dewsbury
Lister House, Lister Hill, Horsforth
St James Business Park, New Augustus Street, Bradford
Innovation 25, Bradley Business Park, Huddersfield

SOUTH PARADE PROPERTIES LTD (REGISTERED NUMBER: 02344354)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 May 2023 7,116,216 5,337,890 12,454,106
Profit for the year 173,922 173,922
Dividends (600,000 ) (600,000 )
Revaluation of properties - 2,099,268 2,099,268
Deferred tax 610,000 (610,000 ) -
At 30 April 2024 7,300,138 6,827,158 14,127,296