REGISTERED NUMBER: |
SOUTH PARADE PROPERTIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
SOLICITORS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents and fees receivable for services net of value added tax. |
Tangible fixed assets |
Plant and machinery | - |
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 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Revaluations | 2,099,269 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Other tax and social security |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1 to 2 years |
Bank loans - 2 to 5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 | 12,454,106 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation of properties | - | 2,099,268 | 2,099,268 |
Deferred tax | 610,000 | (610,000 | ) | - |
At 30 April 2024 | 14,127,296 |