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REGISTERED NUMBER: 11352505 (England and Wales)











Report of the Directors and

Financial Statements

for the Year Ended 31 May 2024

for

SPS PROPERTIES LIMITED

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


SPS PROPERTIES LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Miss S Shah
Mr M Patel
Ms C J Sexty





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: 11352505 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property investments.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Miss S Shah
Mr M Patel
Ms C J Sexty

GOING CONCERN
The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and therefore used the going concern basis in preparing the financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Miss S Shah - Director


25 February 2025

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
£    £   

TURNOVER 138,231 132,904

Cost of sales 24,849 22,379
GROSS PROFIT 113,382 110,525

Administrative expenses 62,796 68,633
50,586 41,892

Other operating income - 750
OPERATING PROFIT 50,586 42,642

Gain/loss on revaluation of investment
property

142,509

-
193,095 42,642

Interest payable and similar expenses 50,659 38,095
PROFIT BEFORE TAXATION 142,436 4,547

Tax on profit 35,587 9,852
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

106,849

(5,305

)

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 487 649
Investment property 5 1,475,000 1,332,491
1,475,487 1,333,140

CURRENT ASSETS
Debtors 6 5,704 4
Cash at bank 16,881 12,367
22,585 12,371
CREDITORS
Amounts falling due within one year 7 172,097 169,073
NET CURRENT LIABILITIES (149,512 ) (156,702 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,325,975

1,176,438

CREDITORS
Amounts falling due after more than one year 8 (998,560 ) (991,458 )

PROVISIONS FOR LIABILITIES 10 (85,338 ) (49,752 )
NET ASSETS 242,077 135,228

CAPITAL AND RESERVES
Called up share capital 11 4 4
Fair value reserve 265,379 158,457
Retained earnings (23,306 ) (23,233 )
SHAREHOLDERS' FUNDS 242,077 135,228

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 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.

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Balance Sheet - continued
31 May 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:




Miss S Shah - Director



Mr M Patel - Director


SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2022 4 (17,928 ) 158,457 140,533

Changes in equity
Total comprehensive income - (5,305 ) - (5,305 )
Balance at 31 May 2023 4 (23,233 ) 158,457 135,228

Changes in equity
Total comprehensive income - (73 ) 106,922 106,849
Balance at 31 May 2024 4 (23,306 ) 265,379 242,077

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

SPS Properties Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2023
and 31 May 2024 799
DEPRECIATION
At 1 June 2023 150
Charge for year 162
At 31 May 2024 312
NET BOOK VALUE
At 31 May 2024 487
At 31 May 2023 649

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 1,332,491
Revaluations 142,509
At 31 May 2024 1,475,000
NET BOOK VALUE
At 31 May 2024 1,475,000
At 31 May 2023 1,332,491

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2020 121,120
Valuation in 2021 77,236
Valuation in 2024 142,509
Cost 1,134,135
1,475,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 4 4
Prepayments 5,700 -
5,704 4

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Social security and other taxes 1,587 748
Other creditors 159,020 159,020
Directors' current accounts 6,822 5,908
Accrued expenses 4,668 3,397
172,097 169,073

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans more 5 yr by instal 998,560 991,458

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 998,560 991,458

SPS PROPERTIES LIMITED (REGISTERED NUMBER: 11352505)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 998,560 991,458

Bank loans are secured against the assets of the company.

10. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 85,338 49,752

Deferred
tax
£   
Balance at 1 June 2023 49,752
Provided during year 35,586
Balance at 31 May 2024 85,338

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
4 4

12. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed an amount of £6,822 (2023: £5,908) to the directors. The amount is interest free and repayable on demand.