Company registration number 06796951 (England and Wales)
Some Properties Limited
Unaudited financial statements
For the year ended 31 December 2024
Some Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Some Properties Limited
Statement of financial position
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,894,158
2,144,102
Investments
5
3
3
1,894,161
2,144,105
Current assets
Cash at bank and in hand
293,133
195,855
Creditors: amounts falling due within one year
6
(1,471,359)
(1,619,337)
Net current liabilities
(1,178,226)
(1,423,482)
Total assets less current liabilities
715,935
720,623
Provisions for liabilities
(32,500)
(31,600)
Net assets
683,435
689,023
Capital and reserves
Called up share capital
7
100
100
Fair value reserve
8
194,184
192,571
Retained earnings
489,151
496,352
Total equity
683,435
689,023
Some Properties Limited
Statement of financial position (continued)
As at 31 December 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
M J E Schorah
Director
Company registration number 06796951 (England and Wales)
Some Properties Limited
Notes to the financial statements
For the year ended 31 December 2024
- 3 -
1
Accounting policies
Company information
Some Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorgate Lodge, Hill Top Road, Newmillerdam, Wakefield, United Kingdom, WF2 6PZ.
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 at fair value. The principal accounting policies adopted are set out below.
Preparation of consolidated financial statements
The company has taken advantage of the exemption under section 399(2A) of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company is reliant on the support of M J E Schorah, director and the major shareholder, who has made atrue loan to the company. Although the loan is repayable on demand and is therefore shown in the accounts as falling due within one year, Mr Schorah has indicated that he intends to continue to support the company by not requiring repayment of amounts due to him until such time as the company's circumstances allow.
The directors have also considered the current position and budgets of the company. On the basis of these factors, the directors consider it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Rents receivable under operating leases are included within turnover on a straight-line basis over the lease term.
Rent is generated from the investment properties.
1.4
Investment property
Investment property is measured at cost on initial recognition. Thereafter, investment properties are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss for the reporting period.
1.5
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
Some Properties Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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 income statement 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.
Some Properties Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.
1.9
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
Investment property is included on the balance sheet at fair value. The fair value is arrived at on the
basis of valuations carried out by a director.
3
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Some Properties Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 January 2024
2,144,102
Disposals
(267,500)
Revaluations
17,556
At 31 December 2024
1,894,158
The valuations are arrived at by the director, M J E Schorah, using his considerable knowledge and experience of the property market and current economic conditions.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
12,737
16,122
Other creditors
1,458,622
1,603,215
1,471,359
1,619,337
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
60
60
60
60
B Ordinary shares of £1 each
40
40
40
40
100
100
100
100
Some Properties Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 7 -
8
Fair value reserve
2024
2023
£
£
At the beginning of the year
192,571
162,571
Non distributable profits in the year
1,613
30,000
At the end of the year
194,184
192,571
The fair value reserve relates to the fair value revaluations of investment properties net of deferred tax. This reserve is not distributable.
9
Related party disclosures
At the year end, the amount due to a director was £1,455,622 (2023 - £1,602,014).