Company Registration No. 05369296 (England and Wales)

 

 

 

 

 

 

 

 

 

 

SUREBAY PROPERTIES LIMITED

 

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED 30th SEPTEMBER 2024

 

SUREBAY PROPERTIES LIMITED

 

CONTENTS

 

 

Page

 

 

Balance sheet

3

 

 

Notes to the financial statements

4

SUREBAY PROPERTIES LIMITED

 

BALANCE SHEET

 

AS AT 30 SEPTEMBER 2024

 

 

 

2024

2023

 

Notes

£

£

£

£

 

 

 

 

 

 

Current assets

 

 

 

 

 

Stocks

5

634,247

 

625,335

 

Debtors

6

79,340

 

71,339

 

Cash at bank and in hand

 

2,216

 

1,106

 

 

 

 

 

 

 

 

 

715,803

 

697,780

 

Creditors: amounts falling due within one year

7

(353,987)

 

(340,224)

 

 

 

 

 

 

 

Net current assets

 

 

361,816

 

371,224

 

 

 

 

 

 

Creditors: amounts falling due after more than one year

 

 

(21,519)

 

(34,920)

 

 

 

 

 

 

Net assets

 

 

340,297

 

336,304

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

 

 

1

 

1

Profit and loss reserves

 

 

340,298

 

336,304

 

 

 

 

 

 

Total equity

 

 

340,297

 

336,305

 

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

 

The financial statements were approved and signed by the director and authorised for issue on 26/02/2024

 

 

 

 

K W Pullan

Director

Company Registration No. 05369296

SUREBAY PROPERTIES LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS

 

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

1     Judgements and key sources of estimation uncertainty

 

In the application of the company's accounting policies, the director is 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.

 

2     Accounting policies

 

Company information

Surebay Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Stratford Road, Sheffield, S10 3LR.

 

2.1     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.

 

2.2     Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.

SUREBAY PROPERTIES LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

 

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

2     Accounting policies (Continued)

 

2.3     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.

 

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Computer equipment

20% Reducing balance

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

2.4     Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

2.5     Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

2.6     Cash at bank and in hand

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.

SUREBAY PROPERTIES LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

 

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

2     Accounting policies (Continued)

 

2.7     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 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 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 profit and loss account, 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.

 

2.8     Leases

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

3     Employees

 

The average monthly number of persons (including directors) employed by the company during the year was 1 (2020 - 1).

 

 

2024

2023

 

Number

Number

 

 

 

Total

1

1

 

SUREBAY PROPERTIES LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

 

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

4     Tangible fixed assets

 

Plant -

Computer

Total

 

£

£

 

 

 

Cost

 

 

At 1 October 2023

13,668

1,724

Additions

Nil

16,665

 

 

 

At 30 September 2024

13,668

18,044

 

 

 

Depreciation and impairment

 

 

 

 

 

Depreciation charged in the year

3,417

4,376

 

 

 

At 30 September 2024

 

 

 

 

 

Carrying amount

 

 

At 30 September 2024

10,251

13,668

 

5     Stock

 

£

 

 

Land at Goole

120,000

Whirlow

350,000

Archer Road

85,000

Swallownest WIP

79,247

 

 

Total

634,247

 

6     Debtors

 

£

 

 

Kremer as 2023 (71,339)

 

plus 2024 (8,001)

 

(WIP addition £100,000 less

 

£91,991 bank transfer

 

Kremer to Surebay)

 

 

 

Total

79,340

 

SUREBAY PROPERTIES LIMITED

 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

 

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

7     Creditors due within one year Including Directors Loan Account

 

£

 

 

Balance 30/09/23

336,224

Add Self Employment

20,000

Drawings

(2,237)

 

 

Total

21,519