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SUSSEX PROPERTY DEVELOPMENT LIMITED

Registered Number
04480489
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

SUSSEX PROPERTY DEVELOPMENT LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

K Edwards

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

04480489 (England and Wales)
SUSSEX PROPERTY DEVELOPMENT LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3510,000510,000
510,000510,000
Current assets
Cash at bank and on hand6,0012,959
6,0012,959
Creditors amounts falling due within one year5(419,965)(423,389)
Net current assets (liabilities)(413,964)(420,430)
Total assets less current liabilities96,03689,570
Provisions for liabilities7(34,249)(34,249)
Net assets61,78755,321
Capital and reserves
Called up share capital150150
Profit and loss account61,63755,171
Shareholders' funds61,78755,321
The financial statements were approved and authorised for issue by the Director on 10 February 2025, and are signed on its behalf by:
K Edwards
Director
Registered Company No. 04480489
SUSSEX PROPERTY DEVELOPMENT LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Investment property is included at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 August 23510,0001,0021,634512,636
At 31 July 24510,0001,0021,634512,636
Depreciation and impairment
At 01 August 23-1,0021,6342,636
At 31 July 24-1,0021,6342,636
Net book value
At 31 July 24510,000--510,000
At 31 July 23510,000--510,000
4.Revaluation of property, plant and equipment
If property had not been revalued it would have been included at the historical cost £339,214. The property was valued on an open market basis on 19 August 2022 by an independent valuer.

2024

2023

££
Land and buildings510,000510,000
5.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts364,135364,119
Other creditors54,96458,464
Accrued liabilities and deferred income866806
Total419,965423,389
6.Secured creditors
Included in Creditors: amounts falling due within one year is a bank loan £364,135 (2023: £364,119) secured by a personal guarantee given by the director, Karen Edwards.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)34,24934,249
Total34,24934,249
8.Controlling party
The company was controlled by its director, Karen Edwards, throughout the period.