Company Registration No. 05334935 (England and Wales)
SLATE HOUSE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SLATE HOUSE PROPERTIES LTD
COMPANY INFORMATION
Directors
Mr J N Connor
Mr E M Connor
Mrs R J Connor
Company number
05334935
Registered office
Further Lee Farm
Burnley Road
Colne
BB8 8LF
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SLATE HOUSE PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SLATE HOUSE PROPERTIES LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
801,984
284,631
Investment property
4
590,000
-
0
Investments
5
2
2
1,391,986
284,633
Current assets
Debtors
6
156,885
10
Cash at bank and in hand
26,371
3,000
183,256
3,010
Creditors: amounts falling due within one year
7
(596,283)
(34,796)
Net current liabilities
(413,027)
(31,786)
Total assets less current liabilities
978,959
252,847
Creditors: amounts falling due after more than one year
8
(402,316)
-
0
Provisions for liabilities
9
(81,194)
(4,967)
Net assets
495,449
247,880
Capital and reserves
Called up share capital
10
200
200
Revaluation reserve
229,027
-
0
Profit and loss reserves
266,222
247,680
Total equity
495,449
247,880

The notes on pages 3 to 6 form part of these financial statements.

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

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

SLATE HOUSE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
Mrs R J Connor
Director
Company registration number 05334935 (England and Wales)
SLATE HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Slate House Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Further Lee Farm, Burnley Road, Colne, BB8 8LF.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents received and is accounted for on an accruals basis net of VAT.

1.3
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. Investment property rented to another group entity is measured at cost (less depreciation and impairment).

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:

Freehold land and buildings
Straight line over 50 years
Fixtures and fittings
10% on cost

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.

1.4
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 profit or loss.

1.5
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.6
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.

SLATE HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
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.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
347,110
-
0
347,110
Additions
791,184
12,000
803,184
Transfer to investment property
(347,110)
-
0
(347,110)
At 31 July 2024
791,184
12,000
803,184
Depreciation and impairment
At 1 August 2023
62,479
-
0
62,479
Depreciation charged in the year
-
0
1,200
1,200
Transfers
(62,479)
-
0
(62,479)
At 31 July 2024
-
0
1,200
1,200
Carrying amount
At 31 July 2024
791,184
10,800
801,984
At 31 July 2023
284,631
-
0
284,631
SLATE HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 August 2023
-
0
Transfers
590,000
At 31 July 2024
590,000

Investment property comprises of one commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out in September 2023 by the Vas Valuation Group, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
156,885
10
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
33,148
-
0
Amounts owed to group undertakings
505,782
13,452
Taxation and social security
15,207
19,445
Other creditors
42,146
1,899
596,283
34,796
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
402,316
-
0
SLATE HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
81,194
4,967
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
190
190
190
190
A Ordinary of £1 each
10
10
10
10
200
200
200
200
11
Secured debts

Allica Bank Limited has a charge over the company. The charge is secured by way of a fixed charge over 1 and 2 Further Lee Farm.

12
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
246,400
-
0
13
Related party transactions

During the year rent of £36,000 (2023 - £36,000) and management charges of £85,800 (2023 - £85,800) were payable by the company's subsidiary undertaking. At 31 July 2024, £505,782 (2023 - £16,552) was owing to that company.

 

NPIF VW Debt LP has debentures with JRC Roofing Distributors Limited, a subsidiary of the company, for which Slate House Properties Limited is the listed chargor. The charge is secured by way of fixed and floating charges over all the property or undertakings of the company.

At the year end the amount reflected in the subsidiary company accounts as due to NPIF VW Debt LP was £446,871 (2023 : £NIL).

SME Invoice Finance Limited has debentures with JRC Roofing Distributors Limited, a subsidiary of the company, for which Slate House Properties Limited is an additional charger. The charge is secured by way of fixed and floating charges over all the property or undertakings of the company.

At the year end the amount reflected in the subsidiary company accounts as due to SME Invoice Finance Limited was £433,876 (2023 : £NIL).

 

 

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