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Registration number: 13593854

SPS Property Shop Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

SPS Property Shop Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

SPS Property Shop Ltd

(Registration number: 13593854)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

400,548

400,548

Current assets

 

Cash at bank and in hand

 

24,130

28,623

Creditors: Amounts falling due within one year

5

(158,270)

(181,980)

Net current liabilities

 

(134,140)

(153,357)

Total assets less current liabilities

 

266,408

247,191

Creditors: Amounts falling due after more than one year

5

(187,500)

(187,500)

Provisions for liabilities

(9,142)

(9,142)

Net assets

 

69,766

50,549

Capital and reserves

 

Called up share capital

6

100

100

Other reserves

38,972

38,972

Retained earnings

30,694

11,477

Shareholders' funds

 

69,766

50,549

For the financial year 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 April 2025
 

.........................................
Mr Paul Sykes
Director

 

SPS Property Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
46 Henry Grove
Pudsey
Leeds
LS28 7FD

These financial statements were authorised for issue by the director on 29 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the rental income receivable in the ordinary course of the company’s activities.

Tax

The tax expense for the period comprises current 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 income 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.

Investment property

Investment property which is property held to earn rentals and/or capital appreciation is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

SPS Property Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 September

400,548

At 31 August

400,548

The property was independently valued in August 2022 for purposes of raising a mortgage

 

SPS Property Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

152,214

178,342

Taxation and social security

 

4,977

2,588

Accruals and deferred income

 

1,079

1,050

 

158,270

181,980

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

187,500

187,500

Creditors include bank loans which are secured of £187,500.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

SPS Property Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

187,500

187,500

Current loans and borrowings

2024
£

2023
£

Other borrowings

152,214

178,342

8

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr Paul Sykes

Directors loan account

178,342

(29,508)

3,380

152,214

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Paul Sykes

Directors loan account

202,357

(27,085)

3,070

178,342