Company Registration No. 08491065 (England and Wales)
SUPREME PROPERTIES LINCS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
75 High Street
Boston
Lincolnshire
PE21 8SX
SUPREME PROPERTIES LINCS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
SUPREME PROPERTIES LINCS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,034
7,648
Investment property
6
985,000
615,251
1,001,034
622,899
Current assets
Debtors
7
740
1,365
Cash at bank and in hand
3,577
77,198
4,317
78,563
Creditors: amounts falling due within one year
8
(134,505)
(135,548)
Net current liabilities
(130,188)
(56,985)
Total assets less current liabilities
870,846
565,914
Creditors: amounts falling due after more than one year
9
(394,468)
(264,922)
Provisions for liabilities
(113,601)
(72,110)
Net assets
362,777
228,882
Capital and reserves
Called up share capital
10
1
1
Fair value reserve
328,777
212,082
Profit and loss reserves
33,999
16,799
Total equity
362,777
228,882
SUPREME PROPERTIES LINCS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
Mr Daniel Johnson
Director
Company registration number 08491065 (England and Wales)
SUPREME PROPERTIES LINCS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1
123,989
18,276
142,266
Year ended 30 April 2023:
Profit
-
-
523
523
Other comprehensive income:
Adjustments to fair value of financial assets
-
148,469
-
148,469
Tax relating to other comprehensive income
-
(60,376)
-
0
(60,376)
Total comprehensive income
-
88,093
523
88,616
Dividends
-
-
(2,000)
(2,000)
Balance at 30 April 2023
1
212,082
16,799
228,882
Year ended 30 April 2024:
Profit
-
-
18,200
18,200
Other comprehensive income:
Adjustments to fair value of financial assets
-
155,593
-
155,593
Tax relating to other comprehensive income
-
(38,898)
-
0
(38,898)
Total comprehensive income
-
116,695
18,200
134,895
Dividends
-
-
(1,000)
(1,000)
Balance at 30 April 2024
1
328,777
33,999
362,777
SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Supreme Properties Lincs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boston Business Centre, Enterprise Way, Wyberton Fen, Boston, PE21 7TW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for residential lets provided in the normal course of business.

Revenue from the provision of residential lettings is recognised when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is [XXXX].

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures, fittings and office equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the statement of comprehensive income and accumulated in capital and reserves.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
6,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
6,000
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Tangible fixed assets
Plant and equipment
Fixtures, fittings and office equipment
Total
£
£
£
Cost
At 1 May 2023
4,151
7,314
11,465
Additions
326
10,091
10,417
At 30 April 2024
4,477
17,405
21,882
Depreciation and impairment
At 1 May 2023
1,686
2,131
3,817
Depreciation charged in the year
404
1,627
2,031
At 30 April 2024
2,090
3,758
5,848
Carrying amount
At 30 April 2024
2,387
13,647
16,034
At 30 April 2023
2,465
5,183
7,648
6
Investment property
2024
£
Fair value
At 1 May 2023
615,250
Additions
214,447
Disposals
(290)
Revaluations
155,593
At 30 April 2024
985,000

The fair value of the investment property has been carried out by the director at the end of the financial year. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The original cost of the properties was £546,631

SUPREME PROPERTIES LINCS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
596
Prepayments and accrued income
740
769
740
1,365
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,889
1,889
Taxation and social security
2,445
-
0
Other creditors
130,171
133,659
134,505
135,548
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
394,468
264,922

Total loans included in creditors of £384866 (2023-£253431) are secured on the companies investment properties, The remainder relates to a bounce back loan.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(386,912)
(257,366)
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
1
1
1
1
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