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Shorelark Properties Limited

Annual Report and Financial Statements
Year Ended 31 August 2024

Registration number: 11881177

 

Shorelark Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Shorelark Properties Limited

Company Information

Directors

Mr M R Davies

Mr J A Sellings

Mr S Cole

Mr D J Walsha

Company secretary

Mr S Cole

Registered office

Enterprise House
52 Holton Road
Holton Heath Trading Park
Poole
Dorset
England

Auditors

PKF Francis Clark
Statutory AuditorTowngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Shorelark Properties Limited

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,609,343

3,688,876

Current assets

 

Debtors

5

16,689

17,698

Cash at bank and in hand

 

122,806

131,187

 

139,495

148,885

Creditors: Amounts falling due within one year

6

(1,698,578)

(1,680,670)

Net current liabilities

 

(1,559,083)

(1,531,785)

Total assets less current liabilities

 

2,050,260

2,157,091

Creditors: Amounts falling due after more than one year

6

(1,745,986)

(1,905,244)

Provisions for liabilities

(30,439)

(31,103)

Net assets

 

273,835

220,744

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

273,735

220,644

Shareholders' funds

 

273,835

220,744

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mr M R Davies
Director

Company Registration Number: 11881177

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 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:
Enterprise House
52 Holton Road
Holton Heath Trading Park
Poole
Dorset
England
BH16 6LT

These financial statements were authorised for issue by the Board on 30 April 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Summary of disclosure exemptions

The company has taken advantage of the exemption in Financial Reporting Standard 102 chapter 33 "Related Party Disclosure" and has not disclosed transactions with wholly owned group undertakings or wholly owned indirectly by the ultimate controlling party.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration of rent received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within 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.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2024

Government grants

Conditional government grant income is recognised under the accrual model within the financial statements and as such are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grants are intended to compensate.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% per annum on a straight line basis.

Solar panels

4% per annum on a straight line basis.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Solar panels
£

Total
£

Cost or valuation

At 1 September 2023

3,868,062

54,300

3,922,362

At 31 August 2024

3,868,062

54,300

3,922,362

Depreciation

At 1 September 2023

232,038

1,448

233,486

Charge for the year

77,361

2,172

79,533

At 31 August 2024

309,399

3,620

313,019

Carrying amount

At 31 August 2024

3,558,663

50,680

3,609,343

At 31 August 2023

3,636,024

52,852

3,688,876

Included within the net book value of land and buildings above is £3,558,663 (2023 - £3,636,024) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Amounts owed by group undertakings

100

100

Prepayments

 

16,589

17,574

Other debtors

 

-

24

 

16,689

17,698

Details of non-current trade and other debtors

£12,006 (2023 - £13,281) of prepayments is classified as non current.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

157,596

153,508

Amounts owed to group undertakings

1,475,543

1,475,491

Taxation and social security

 

55,093

41,240

Accruals and deferred income

 

10,346

10,431

 

1,698,578

1,680,670

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,727,476

1,885,906

Deferred income

 

18,510

19,338

 

1,745,986

1,905,244

Included in creditors falling due after more than one year is a bank loan of which £1,059,495 (2023 - £1,228,252) relates to amounts due after more than five years. The loan is repayable by instalments.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,727,476

1,885,906

Current loans and borrowings

2024
£

2023
£

Bank borrowings

157,596

153,508

The bank loan is secured over the company's assets.

 

Shorelark Properties Limited

Notes to the Financial Statements

Year Ended 31 August 2024

8

Parent and ultimate parent undertaking

The company's immediate parent is Shorelark Limited, incorporated in England & Wales.

 From 29 October 2024, the ultimate parent is Electro Mechanical Systems (Holdings) Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Shorelark Limited. These financial statements are available upon request from Enterprise House, 52 Holton Road, Holton Heath Trading Park, Poole, Dorset, England, BH16 6LT

 The ultimate controlling party is M R Davies and J A Sellings.

9

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Chloe Mills FCA, who signed for and on behalf of PKF Francis Clark on 6 May 2025.