REGISTERED NUMBER: 00151594 (England and Wales)

SURREY INVESTMENTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K F Tipson

R L Carini

R C Jones

N R Spurrier

H J Male

SECRETARY:

K F Tipson

REGISTERED OFFICE:

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

REGISTERED NUMBER:

00151594 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stuart Bolton FCA

AUDITORS:

Atkinson Finch & Co, Statutory Auditor

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

SOLICITORS:

Maples Teesdale LLP

30 King Street

London

EC2V 8EE

FIXED ASSETS

Tangible assets

4

21,358,030

23,005,286

CURRENT ASSETS

Debtors

5

149,911

148,448

Cash at bank

1,094,427

478,315

1,244,338

626,763

CREDITORS

Amounts falling due within one year

6

710,364

687,763

NET CURRENT ASSETS/(LIABILITIES)

533,974

(61,000

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,892,004

22,944,286

CREDITORS

Amounts falling due after more than one year

7

(3,514,066

)

(3,712,438

)

PROVISIONS FOR LIABILITIES

(524

)

(176,696

)

NET ASSETS

18,377,414

19,055,152

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Share premium

3,480

3,480

Capital redemption reserve

79,940

79,940

Fair value reserve

5,471,981

6,939,362

Retained earnings

12,772,013

11,982,370

SHAREHOLDERS' FUNDS

18,377,414

19,055,152

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th February 2025 and were signed on its behalf by:

K F Tipson - Director

1.	STATUTORY INFORMATION

Surrey Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

There are no significant judgements that have a material effect on the financial statements nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period.

Turnover

This represents rents receivable from investment properties, exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Leasehold property

-

over lease term down to market value

Fixtures and fittings

-

10% on cost

Profits and losses on disposals of properties are calculated by reference to the net sales proceeds less the original costs. Any fair value adjustment is transferred back from the fair value reserve on the disposal of the property.

Investment property

Investment property is carried at fair value. Revaluation surpluses or deficits are recognised in the income statement. Deferred taxation is provided on these gains and the net of revaluation and deferred tax movement transferred to a fair value reserve.

The directors review the property portfolio each year and adjust the carrying values where they believe that there is a material adjustment to the previous year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Leasehold

and

property

property

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1st November 2023

19,961,875

3,040,845

4,851

23,007,571

Disposals

(3,350

)

-

-

(3,350

)

Revaluations

(1,606,650

)

(36,785

)

-

(1,643,435

)

At 31st October 2024

18,351,875

3,004,060

4,851

21,360,786

DEPRECIATION

At 1st November 2023

-

-

2,285

2,285

Charge for year

-

-

471

471

At 31st October 2024

-

-

2,756

2,756

NET BOOK VALUE

At 31st October 2024

18,351,875

3,004,060

2,095

21,358,030

At 31st October 2023

19,961,875

3,040,845

2,566

23,005,286

Cost or valuation at 31st October 2024 is represented by:

Fixtures

Freehold

Leasehold

and

property

property

fittings

Totals

£

£

£

£

Valuation in 2014

8,351,948

494,856

-

8,846,804

Valuation in 2015

61,339

(35,000

)

-

26,339

Valuation in 2017

1,832,284

-

-

1,832,284

Valuation in 2018

(1,387,363

)

(36,785

)

-

(1,424,148

)

Valuation in 2019

(29,548

)

(36,785

)

-

(66,333

)

Valuation in 2020

(2,064,696

)

(36,785

)

-

(2,101,481

)

Valuation in 2021

20,860

(36,785

)

-

(15,925

)

Valuation in 2022

91,446

(36,785

)

-

54,661

Valuation in 2023

-

(36,785

)

-

(36,785

)

Valuation in 2024

(1,606,650

)

(36,785

)

-

(1,643,435

)

Cost

13,082,255

2,801,699

4,851

15,888,805

18,351,875

3,004,060

4,851

21,360,786

If properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

15,883,954

15,887,304

All the properties were valued on an open market basis on 31st October 2024 by the Board of Directors .

The whole portfolio has been reviewed each year by the Board of Directors. Individual properties are revalued as and when there has been a significant movement in their valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

115,109

100,973

Prepayments

34,802

47,475

149,911

148,448

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

196,270

213,993

Trade creditors

3,457

1,802

Corporation tax payable

172,116

144,220

Social security and other taxes

47,641

48,713

Other creditors

44,126

48,519

Accrued expenses and prepaid income

246,754

230,516

710,364

687,763

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

116,000

1,739,471

Bank loans - 2-5 years

3,398,066

1,972,967

3,514,066

3,712,438

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

1,100

1,100

Between one and five years

4,400

4,400

In more than five years

1,925

3,025

7,425

8,525

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

3,710,336

3,926,431

The bank loans are secured by a legal charge and negative pledge over nine investment properties having a book value of £12,973,000, together with fixed and floating charges over the assets of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart Bolton FCA (Senior Statutory Auditor)

for and on behalf of Atkinson Finch & Co, Statutory Auditor

11.	CAPITAL REDEMPTION RESERVE

The capital redemption reserve, which is not distributable, comprises the nominal value of the issued share capital of Geo. Carter & Sons Limited at the date of winding up on 22nd October 1985 less the nominal value of the new shares in Surrey Investments Limited issued in exchange for the share capital of Geo. Carter & Sons Limited, being £99,820 and £19,880 respectively.