0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-15 Sage Accounts Production Advanced 2023 - FRS102_2023 15,949 15,949 3,987 3,987 11,962 xbrli:pure xbrli:shares iso4217:GBP 15073224 2023-08-15 2024-08-31 15073224 2024-08-31 15073224 2023-08-14 15073224 core:MotorVehicles 2023-08-15 2024-08-31 15073224 bus:Director1 2023-08-15 2024-08-31 15073224 core:MotorVehicles 2024-08-31 15073224 core:WithinOneYear 2024-08-31 15073224 core:AfterOneYear 2024-08-31 15073224 core:ShareCapital 2024-08-31 15073224 core:RetainedEarningsAccumulatedLosses 2024-08-31 15073224 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-08-31 15073224 bus:SmallEntities 2023-08-15 2024-08-31 15073224 bus:AuditExemptWithAccountantsReport 2023-08-15 2024-08-31 15073224 bus:SmallCompaniesRegimeForAccounts 2023-08-15 2024-08-31 15073224 bus:PrivateLimitedCompanyLtd 2023-08-15 2024-08-31 15073224 bus:FullAccounts 2023-08-15 2024-08-31
COMPANY REGISTRATION NUMBER: 15073224
SUSSEX PROPERTY SEARCH LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
SUSSEX PROPERTY SEARCH LTD
STATEMENT OF FINANCIAL POSITION
31 August 2024
31 Aug 24
Note
£
£
Fixed assets
Tangible assets
4
11,962
Current assets
Debtors
5
11,200
Cash at bank and in hand
7,157
---------
18,357
Creditors: amounts falling due within one year
6
9,440
---------
Net current assets
8,917
---------
Total assets less current liabilities
20,879
Creditors: amounts falling due after more than one year
7
11,164
Provisions
( 567)
---------
Net assets
10,282
---------
Capital and reserves
Called up share capital
1
Profit and loss account
10,281
---------
Shareholders funds
10,282
---------
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 comprehensive income has not been delivered.
For the period ending 31 August 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SUSSEX PROPERTY SEARCH LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 14 May 2025 , and are signed on behalf of the board by:
Mr P L Phillips
Director
Company registration number: 15073224
SUSSEX PROPERTY SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 15 AUGUST 2023 TO 31 AUGUST 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 168 Church Road, Hove, East Sussex, BN3 2DL.
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.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 statement of financial position 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Tangible assets
Motor vehicles
£
Cost
At 15 August 2023
Additions
15,949
---------
At 31 August 2024
15,949
---------
Depreciation
At 15 August 2023
Charge for the period
3,987
---------
At 31 August 2024
3,987
---------
Carrying amount
At 31 August 2024
11,962
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 August 2024
11,962
---------
5. Debtors
31 Aug 24
£
Trade debtors
784
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,016
Other debtors
3,400
---------
11,200
---------
6. Creditors: amounts falling due within one year
31 Aug 24
£
Trade creditors
377
Corporation tax
4,360
Other creditors
4,703
-------
9,440
-------
7. Creditors: amounts falling due after more than one year
31 Aug 24
£
Other creditors
11,164
---------
8. Director's advances, credits and guarantees
Included within creditors falling due in less than one year are director's loans totalling £13. These loans are interest free and repaybale on demand.
9. Related party transactions
The company is under the control of Mrs V Phillips. As at 31 August 2024, the company owed Harterson Ltd £7,016.
10. Controlling party
The company is a wholly-owned subsidiary of Harterson Ltd, a company registered in England and Wales. The registered office of this company is 168 Church Road, Hove, East Sussex BN3 2DL.