Company registration number 02882779 (England and Wales)
7 AND 8 SUSSEX SQUARE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
7 AND 8 SUSSEX SQUARE LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
7 AND 8 SUSSEX SQUARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 24 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the year ended 24 June 2024.

Principal activities

The principal activity of the company continued to be that of a residents property management company managing the property known as 7&8 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R H Dyer
A J Connolly
J M Hill
(Resigned 29 July 2024)
V Soteri
(Appointed 15 January 2024)
N Harriman
(Appointed 20 January 2024)
Profit and Loss Account

Apart from ground rents receivable the company normally has no income or expenses in its own right, all transactions in the year being related to maintenance of the common parts in accordance with the lease. Income and expenditure arising from these transactions is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. Service charges collected are held on trust for the purpose of meeting the relevent costs in relation to the property in accordance with the provisions of section 42 of the Landlord and Tenant Act 1987.

The company may from time to time grant lease extensions to leaseholders who are not shareholders of the company and in return will receive a capital payment.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A J Connolly
Director
18 March 2025
7 AND 8 SUSSEX SQUARE LIMITED
BALANCE SHEET
AS AT
24 JUNE 2024
24 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,134
7,134
Current assets
Cash at bank and in hand
31,822
28,790
Creditors: amounts falling due within one year
4
(15,805)
(12,773)
Net current assets
16,017
16,017
Net assets
23,151
23,151
Capital and reserves
Called up share capital
9
9
Other reserves
5
7,134
7,134
Profit and loss reserves
16,008
16,008
Total equity
23,151
23,151

For the financial year ended 24 June 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 profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
A J Connolly
Director
Company registration number 02882779 (England and Wales)
7 AND 8 SUSSEX SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 JUNE 2024
- 3 -
1
Accounting policies
Company information

7 and 8 Sussex Square Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chester Court, 3 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents ground rents receivable from lessees during the year.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Included at cost in tangible fixed assets is the freehold interest of 7 & 8 Sussex Square, Kemp Town, Brighton, East Sussex, BN2 1FJ which is not depreciated or revalued.

1.4
Financial instruments

The company had the following 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.

1.5

Bank account and petty cash account

At the balance sheet date the company bank account and petty cash account also contained £15,805 (2023 - £12,772) which is held on trust for the leaseholders under section 42 of the Landlords and Tenant Act 1987. This amount is shown in other creditors.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
7 AND 8 SUSSEX SQUARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 JUNE 2024
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 25 June 2023 and 24 June 2024
7,134
Depreciation and impairment
At 25 June 2023 and 24 June 2024
-
0
Carrying amount
At 24 June 2024
7,134
At 24 June 2023
7,134

Cost represents the freehold reversion in the land and buildings at 7 & 8 Sussex Square, Brighton, East Sussex, BN2 1FJ, stated at cost.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
15,805
12,773
5
Other reserves

The special reserve represents the funds introduced by the shareholders of the company to purchase the freehold interest in 7 & 8 Sussex Square, Brighton. The cost of purchasing the freehold interest has been shown in the fixed asset note.

6
Financial commitments, guarantees and contingent liabilities

The company contracts with third parties in its own name for the supply of services to the property for maintenance of the common parts in accordance with the terms of the leases. At 24 June 2024, the company had not entered into any non-cancellable contractual commitments (2023 - £nil).

7
Directors' transactions

Dividends totalling £0 (2023 - £15,590) were paid in the year in respect of shares held by the company's directors.

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