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Registration number: 03789684

Sopwell Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Sopwell Properties Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 9

 

Sopwell Properties Limited

Company Information

Director

R Stephen

Registered office

New Barnes Mill
Cottonmill Lane
St Albans
Herts
AL1 2HA

Accountants

Thomas Alexander & Co Limited 590 Green Lanes
Palmers Green
London
N13 5RY

 

Sopwell Properties Limited

(Registration number: 03789684)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

13,451,936

9,961,936

Investments

5

460,625

293,125

Debtors

6

304,663

315,484

 

14,217,224

10,570,545

Current assets

 

Debtors

6

260,757

290,963

Cash at bank and in hand

 

223,344

66,280

 

484,101

357,243

Creditors: Amounts falling due within one year

7

(5,518,755)

(5,339,807)

Net current liabilities

 

(5,034,654)

(4,982,564)

Total assets less current liabilities

 

9,182,570

5,587,981

Creditors: Amounts falling due after more than one year

7

(488,327)

(574,995)

Net assets

 

8,694,243

5,012,986

Capital and reserves

 

Called up share capital

8

303,415

100

Retained earnings

8,390,828

5,012,886

Shareholders' funds

 

8,694,243

5,012,986

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 March 2025
 

.........................................
R Stephen
Director

 

Sopwell Properties Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

100

5,012,886

5,012,986

Profit for the year

-

3,705,442

3,705,442

Dividends

-

(327,500)

(327,500)

New share capital subscribed

20,882,889

-

20,882,889

Reduction in share capital by cancellation of shares

(20,579,574)

-

(20,579,574)

At 30 September 2024

303,415

8,390,828

8,694,243

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

100

4,856,664

4,856,764

Profit for the year

-

356,222

356,222

Dividends

-

(200,000)

(200,000)

At 30 September 2023

100

5,012,886

5,012,986

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
New Barnes Mill
Cottonmill Lane
St Albans
Herts
AL1 2HA

These financial statements were authorised for issue by the director on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the rent and service charges receivable on property owned by the company

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 October

9,961,936

Additions

3,490,000

At 30 September

13,451,936

The investment properties are recorded at fair value. The director has assessed the value at the balance sheet date and is of the opinion that the fair value remains reasonable

There has been no valuation of investment property by an independent valuer.

5

Investments

2024
£

2023
£

Investment in unlisted entity

460,625

293,125

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Subsidiaries

£

Cost or valuation

Additions

20,882,889

Impairment

(3,490,000)

Disposals

(17,392,889)

At 30 September 2024

-

Carrying amount

At 30 September 2024

-

Unlisted investments

£

Cost

At 1 October 2023

293,125

Additions

167,500

At 30 September 2024

460,625

Provision

Carrying amount

At 30 September 2024

460,625

At 30 September 2023

293,125

6

Debtors

Current

2024
£

2023
£

Trade debtors

232,246

42,002

Prepayments

18,217

33,667

Other debtors

10,294

215,294

 

260,757

290,963

Non-current

2024
£

2023
£

Other debtors

304,663

315,484

 

304,663

315,484

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

260,033

260,004

Trade creditors

 

10,506

55,747

Taxation and social security

 

196,261

121,941

Accruals and deferred income

 

142,884

128,089

Other creditors

 

4,909,071

4,774,026

 

5,518,755

5,339,807

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

488,327

574,995

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

303,415

303,415

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

488,327

574,995

Current loans and borrowings

2024
£

2023
£

Bank borrowings

260,004

260,004

Other borrowings

29

-

260,033

260,004

 

Sopwell Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Dividends

2024

2023

£

£

Interim dividend of £3,275.00 (2023 - £2,000.00) per ordinary share

327,500

200,000

 

 

11

Related party transactions

During the year the company received rent of £228,796 (2023: £213,543) from Hollywell Building Services Limited, a company that was a subsidiary during the year.

At the year end, the company owed £4,823,605 (2023: £4,697,590) to Hollywell Building Services Ltd.

The company also received a dividend in specie from Hollywell Building Services Ltd during the year of properties worth £3.49m.

On the 29th September 2024 the company made a disposal of its entire investment in the subsidary company, Hollywell Building Services Ltd.