REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SHETSON PROPERTY DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SHETSON PROPERTY DEVELOPMENTS LIMITED |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SHETSON PROPERTY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
5 Jardine House |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Shetson Property Developments Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents net invoiced rents, excluding value added tax. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations | (2,558,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The investment properties were valued by the directors on an open market value basis as of 31 March 2024. |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2014 | 1,462,670 |
Valuation in 2015 | (361,400 | ) |
Valuation in 2016 | 1,803,707 |
Valuation in 2017 | 313,473 |
Valuation in 2019 | 1,439,045 |
Valuation in 2020 | (983,713 | ) |
Valuation in 2022 | (450,000 | ) |
Valuation in 2023 | 8,600,000 |
Valuation in 2024 | (2,558,000 | ) |
Cost | 12,534,218 |
21,800,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
The bank loans are secured over the company's properties and personal guarantees from the directors. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured over the company's properties and personal guarantees from the directors. |
SHETSON PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02817998) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 15,426,801 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Transfer to fair value | 2,129,047 | (2,129,047 | ) | - |
At 31 March 2024 | 13,701,804 |
10. | RELATED PARTY DISCLOSURES |
Dividends of £74,120 (2023 : £100,650) were paid to the directors. As at 31 March 2024, the company was owed £406,824 (2023 : £350,098) by the directors. At 31 March 2024, the company was owed £369,848 by Mrs Tania MacPherson and £3,079 by Mrs Triya Maicha, both shareholders in the company. Interest has been charged on the loans to the directors and shareholders. |
11. | CONTROL |
The company is controlled by the directors by virtue of their shareholdings. |