6
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
63,000
63,000
1,800
1,800
61,200
6,595,643
175,642
6,771,285
6,771,285
6,595,643
xbrli:pure
xbrli:shares
iso4217:GBP
09286489
2024-01-01
2024-12-31
09286489
2024-12-31
09286489
2023-12-31
09286489
2023-01-01
2023-12-31
09286489
2023-12-31
09286489
2022-12-31
09286489
core:MotorVehicles
2024-01-01
2024-12-31
09286489
bus:Director1
2024-01-01
2024-12-31
09286489
core:MotorVehicles
2024-12-31
09286489
core:WithinOneYear
2024-12-31
09286489
core:WithinOneYear
2023-12-31
09286489
core:ShareCapital
2024-12-31
09286489
core:ShareCapital
2023-12-31
09286489
core:RetainedEarningsAccumulatedLosses
2024-12-31
09286489
core:RetainedEarningsAccumulatedLosses
2023-12-31
09286489
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
09286489
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-12-31
09286489
core:CostValuation
core:Non-currentFinancialInstruments
2024-12-31
09286489
core:Non-currentFinancialInstruments
2024-12-31
09286489
core:Non-currentFinancialInstruments
2023-12-31
09286489
core:AfterOneYear
2024-12-31
09286489
core:AfterOneYear
2023-12-31
09286489
bus:SmallEntities
2024-01-01
2024-12-31
09286489
bus:AuditExemptWithAccountantsReport
2024-01-01
2024-12-31
09286489
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
09286489
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
09286489
bus:FullAccounts
2024-01-01
2024-12-31
09286489
core:KeyManagementIndividualGroup1
2024-01-01
2024-12-31
09286489
core:KeyManagementIndividualGroup1
2023-12-31
COMPANY REGISTRATION NUMBER:
09286489
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
|
61,200 |
|
– |
Investments |
6 |
|
6,771,285 |
|
6,595,643 |
|
|
------------ |
|
------------ |
|
|
6,832,485 |
|
6,595,643 |
|
|
|
|
|
|
Current assets
Debtors |
7 |
1,938,310 |
|
2,131,952 |
|
Cash at bank and in hand |
2,996,310 |
|
3,223,448 |
|
|
------------ |
|
------------ |
|
|
4,934,620 |
|
5,355,400 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
139,653 |
|
249,713 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
4,794,967 |
|
5,105,687 |
|
|
------------- |
|
------------- |
Total assets less current liabilities |
|
11,627,452 |
|
11,701,330 |
|
|
|
|
|
|
Provisions |
|
111,632 |
|
94,920 |
|
|
------------- |
|
------------- |
Net assets |
|
11,515,820 |
|
11,606,410 |
|
|
------------- |
|
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
8,875,881 |
|
8,875,881 |
Profit and loss account |
|
2,639,939 |
|
2,730,529 |
|
|
------------- |
|
------------- |
Shareholders funds |
|
11,515,820 |
|
11,606,410 |
|
|
------------- |
|
------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
23 April 2025
, and are signed on behalf of the board by:
M Speed
Director
Company registration number:
09286489
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Slaley Hall, Slaley, Bonsall, Matlock, Derbyshire, DE4 2BB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
(c)
Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(d)
Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable net of value added tax. Revenue from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.
(e)
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(f)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles |
- |
18% straight line |
|
|
|
|
(h)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(i)
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(j)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2023:
6
).
5.
Tangible assets
|
Motor vehicles |
|
£ |
Valuation |
|
At 1 January 2024 |
– |
Additions |
63,000 |
|
-------- |
At 31 December 2024 |
63,000 |
|
-------- |
Depreciation |
|
At 1 January 2024 |
– |
Charge for the year |
1,800 |
|
-------- |
At 31 December 2024 |
1,800 |
|
-------- |
Carrying amount |
|
At 31 December 2024 |
61,200 |
|
-------- |
At 31 December 2023 |
– |
|
-------- |
|
|
6.
Investments
|
Investment Properties |
|
£ |
Valuation |
|
At 1 January 2024 |
6,595,643 |
Additions |
175,642 |
|
------------ |
At 31 December 2024 |
6,771,285 |
|
------------ |
Impairment |
|
At 1 January 2024 and 31 December 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 31 December 2024 |
6,771,285 |
|
------------ |
At 31 December 2023 |
6,595,643 |
|
------------ |
|
|
Investment properties were valued by an independent valuer in 2020 with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.
Investment properties were subsequently valued in December 2024 by the directors, who have experience in the location and category of the investment property being valued, at the same amounts as were attributed by the professional valuer in 2020.
Investments held at valuation
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Investment Properties |
|
£ |
At 31 December 2024 |
|
Aggregate cost |
7,329,316 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
7,329,316 |
|
------------ |
|
|
At 31 December 2023 |
|
Aggregate cost |
7,153,674 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
7,153,674 |
|
------------ |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
– |
100,000 |
Other debtors |
1,938,310 |
2,031,952 |
|
------------ |
------------ |
|
1,938,310 |
2,131,952 |
|
------------ |
------------ |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
46,250 |
61,250 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Corporation tax |
– |
115,823 |
Social security and other taxes |
29,208 |
21,814 |
Other creditors |
110,445 |
112,076 |
|
--------- |
--------- |
|
139,653 |
249,713 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group. During the year the company made available a loan to
a director
. T he maximum balance of the loan was £228,583 and the loan was repaid in full during the year. Interest has been paid on the loan at the HMRC approved rate. At the year end date the balance owed to the company totalled £nil
(2023 - £ 98,583
).
10.
Controlling party
The company is controlled by
Speeds Slaley Limited
, a company registered in England and Wales, whose registered office address is Slaley Hall, Slaley, Bonsall, Matlock, Derbyshire, England, DE4 2BB.