Company registration number 10348982 (England and Wales)
SEVEN TWO ZERO PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SEVEN TWO ZERO PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SEVEN TWO ZERO PROPERTY LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
2,082,259
2,082,259
Current assets
Debtors
4
145,065
762,971
Investments
5
965,718
950,000
Cash at bank and in hand
781,705
539,795
1,892,488
2,252,766
Creditors: amounts falling due within one year
6
(67,756)
(203,055)
Net current assets
1,824,732
2,049,711
Net assets
3,906,991
4,131,970
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
3,906,988
4,131,967
Total equity
3,906,991
4,131,970
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 30 June 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.
The financial statements were approved by the board of directors and authorised for issue on 2 March 2025 and are signed on its behalf by:
P R Duckworth
Director
Company Registration No. 10348982
SEVEN TWO ZERO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Seven Two Zero Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 219, Afon House, Worthing Road, Horsham, RH12 1TL.
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 investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The shareholders have indicated they will continue to support the company for the forseeable future and therefore the directors truecontinue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income and management fees receivable, excluding value added tax. Rental income and management fees are recognised on an accruals basis.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, 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.
1.4
Investment properties
Investment property is included at fair value. Gains or losses are recognised in the income statement. Deferred taxation is provided on any potential gains at the corporation tax rate expected to apply when the property is sold.
The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.
If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the year would have been reduced by depreciation. However the amounts of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to depreciation of the property cannot be separately identified.
1.5
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.
SEVEN TWO ZERO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
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.
Deferred tax
Deferred tax is recognised for the amount of income tax payable in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SEVEN TWO ZERO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
8
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,082,259
The investment properties, excluding temporary buildings, were valued to £2,000,000 as at 30 June 2022 by an independent valuer based on open market value. The valuation conformed to professional standards issued by the Royal Institution of Chartered Surveyors and was based on an existing use basis. The temporary buildings are in the process of being built and have been valued at cost.
The directors believe that the net book value of the investment properties as at 30 June 2024 is still a fair reflection of their open market value at that date.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
98,030
Other debtors
145,065
664,941
145,065
762,971
5
Current asset investments
2024
2023
£
£
Other investments
965,718
950,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,781
15,414
Corporation tax
130,945
Other taxation and social security
1,988
20,698
Other creditors
48,987
35,998
67,756
203,055
SEVEN TWO ZERO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
300
300
3
3
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
118,542
198,773
9
Related party transactions
Included within other creditors are loans of £12,687 (2023 - £nil) owed to companies under common control. These loans were interest free and carry no fixed repayment terms. During the year sales of £16,000 (2023 - £924,000) were made to one of these companies.
Included within other debtors is a loan of £nil (2023 - £590,219) given to companies under common control.
At the year end, £2,679 (2023 - £29,974) was owed by the directors to the company. Interest of £337 (2023 - £27,144) has been charged during the year at a rate of 2.5%. The balance is disclosed within other debtors falling due within one year and has no fixed repayment date.