REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
S & C PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
S & C PROPERTY INVESTMENTS LIMITED |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
S & C PROPERTY INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
61 Queen Square |
Bristol |
BS1 4JZ |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the director and authorised for issue on |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
S & C Property Investments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of property sales completed during the year. Property sales are recognised when the sale completes and contracts of sale are duly executed. |
Work in progress |
Work in progress represents the total property purchase price and subsequent development costs incurred at the year end on sites for which sales have not completed. |
Work in progress is reported at the lower of cost and net realisable value. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments (continued) |
Interest bearing bank loans and other loans which meet the criteria of basic financial instruments are initially recorded at the present value of cash payable to the bank, usually being equivalent to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
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. |
Going concern |
At 30 April 2024 the company had net liabilities of £99,394 (2023 - £78,125). The company has made a loss in the current year. |
The director has reviewed the going concern status of the business and fully expects that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. |
The director has further confirmed his intent to provide additional financial support should this be required to enable the company to meet all of its liabilities as they fall due. The director therefore continues to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
4. | STOCKS |
2024 | 2023 |
£ | £ |
Work-in-progress |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loan (see note 8) |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 8) |
Other creditors |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
S & C PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 09289209) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 APRIL 2024 |
8. | LOANS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Security has been given by way of a first legal mortgage over the company's interest in the freehold property under development which is held as work in progress at the year-end. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 4 | 4 |
11. | ULTIMATE CONTROLLING PARTY |
The company was controlled by the director throughout the year by virtue of his 100% interest in the company's issued equity share capital. |