4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 5,655,000 325,000 5,330,000 5,330,000 5,655,000 506,202 19,182 487,020 xbrli:pure xbrli:shares iso4217:GBP 03410049 2023-08-01 2024-07-31 03410049 2024-07-31 03410049 2023-07-31 03410049 2022-08-01 2023-07-31 03410049 2023-07-31 03410049 2022-07-31 03410049 bus:Director1 2023-08-01 2024-07-31 03410049 bus:Director2 2023-08-01 2024-07-31 03410049 core:WithinOneYear 2024-07-31 03410049 core:WithinOneYear 2023-07-31 03410049 core:AfterOneYear 2024-07-31 03410049 core:AfterOneYear 2023-07-31 03410049 core:ShareCapital 2024-07-31 03410049 core:ShareCapital 2023-07-31 03410049 core:RetainedEarningsAccumulatedLosses 2024-07-31 03410049 core:RetainedEarningsAccumulatedLosses 2023-07-31 03410049 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 03410049 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-07-31 03410049 core:CostValuation core:Non-currentFinancialInstruments 2024-07-31 03410049 core:Non-currentFinancialInstruments 2024-07-31 03410049 core:Non-currentFinancialInstruments 2023-07-31 03410049 core:RevaluationInvestmentPropertyDeferredTax 2024-07-31 03410049 core:RevaluationInvestmentPropertyDeferredTax 2023-07-31 03410049 core:DeferredTaxation 2023-07-31 03410049 core:DeferredTaxation 2024-07-31 03410049 core:DeferredTaxation 2023-08-01 2024-07-31 03410049 bus:SmallEntities 2023-08-01 2024-07-31 03410049 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 03410049 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03410049 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03410049 bus:FullAccounts 2023-08-01 2024-07-31 03410049 core:FurnitureFittings 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 03410049
Shoreland Limited
Filleted Unaudited Financial Statements
31 July 2024
Shoreland Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Shoreland Limited
Balance Sheet
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
5,330,000
5,655,000
Current assets
Debtors
6
733,136
711,499
Cash at bank and in hand
11,557
10,281
---------
---------
744,693
721,780
Creditors: amounts falling due within one year
7
20,521
17,012
---------
---------
Net current assets
724,172
704,768
------------
------------
Total assets less current liabilities
6,054,172
6,359,768
Creditors: amounts falling due after more than one year
8
3,324,359
3,562,826
Provisions
Taxation including deferred tax
9
487,020
506,202
------------
------------
Net assets
2,242,793
2,290,740
------------
------------
Capital and reserves
Called up share capital
4
4
Profit and loss account
11
2,242,789
2,290,736
------------
------------
Shareholders funds
2,242,793
2,290,740
------------
------------
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 July 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 .
Shoreland Limited
Balance Sheet (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mr I J Collins
Mr M G Collins
Director
Director
Company registration number: 03410049
Shoreland Limited
Notes to the Financial Statements
Year ended 31 July 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 Kimberley House, 31 Burnt Oak Broadway, Edgware, HA8 5LD, Greater London.
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
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.
Revenue recognition
The rental income shown in the profit and loss account represents amounts receivable for the period, exclusive of Value Added Tax.
Deferred taxation
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.
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:
Fixtures and fittings
-
25% on a reducing balance
Equipment
-
25% on a reducing balance
Investments
Investment properties are revalued annually to their fair value and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 .
Borrowing costs
Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying capital asset form part of the cost of that asset and, therefore are capitalised. Other borrowing costs are recognised as an expense through profit and loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: Nil).
5. Investments
Investment properties
£
Cost
At 1 August 2023
5,655,000
Disposals
( 325,000)
------------
At 31 July 2024
5,330,000
------------
Impairment
At 1 August 2023 and 31 July 2024
------------
Carrying amount
At 31 July 2024
5,330,000
------------
At 31 July 2023
5,655,000
------------
The company's investment properties were valued at the reporting date by the directors on an open market basis taking into consideration valuations undertaken by RICS qualified chartered surveyors as arranged by the company's secured creditors in November 2021 and June 2023. No depreciation is provided in respect of investment properties.
In respect of certain fixed assets stated at valuations, the comparable historical cost were £2,671,433 (2023: £2,854,805).
6. Debtors
2024
2023
£
£
Other debtors
733,136
711,499
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,838
9,844
Social security and other taxes
5,326
Other creditors
5,357
7,168
--------
--------
20,521
17,012
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
3,323,797
3,536,372
Other creditors
562
26,454
------------
------------
3,324,359
3,562,826
------------
------------
The aggregate amount of creditors which are secured by a first legal charge over the company's investment properties amounted to £3,323,797 (2023: £3,536,372), of which £3,323,797 is payable after 5 years.
At the reporting date, the company owed £562 (2023: £26,454) to the directors in respect of their interest free loans.
9. Provisions
Deferred tax (note 10)
£
At 1 August 2023
506,202
Unused amounts reversed
( 19,182)
---------
At 31 July 2024
487,020
---------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 9)
487,020
506,202
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
487,020
506,202
---------
---------
11. Reserves
2024 2023
£ £
Realised profit / (loss) 71,242 (3,258)
Unrealised fair value gains 2,171,547 2,293,994
------------ ------------
2,242,789 2,290,736
------------ ------------