Registered number
04533077
Scroby Fayre Estates Limited
Filleted Accounts
31 May 2024
Scroby Fayre Estates Limited
Registered number: 04533077
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,435,000 3,719,696
Current assets
Debtors 4 469,154 12,700
Cash at bank and in hand 872,467 14,874
1,341,621 27,574
Creditors: amounts falling due within one year 5 (249,006) (192,154)
Net current assets/(liabilities) 1,092,615 (164,580)
Total assets less current liabilities 2,527,615 3,555,116
Creditors: amounts falling due after more than one year 6 - (1,506,709)
Provisions for liabilities (122,538) (93,582)
Net assets 2,405,077 1,954,825
Capital and reserves
Called up share capital 155,000 155,000
Share premium 240,000 240,000
Revaluation reserve 7 535,955 565,364
Profit and loss account 1,474,122 994,461
Shareholders' funds 2,405,077 1,954,825
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W.S.Fish
Director
N.I.Rushby
Director
Approved by the board on 12 May 2025
Scroby Fayre Estates Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are classified as fixed assets. Development properties held for resale are included in stocks and work in progress. Properties are so classified according to the intention of the directors.
Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. No depreciation is provided as the directors' annually revalue them.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery over 5 and 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Investment Properties Plant and machinery etc Properties in the course of construction Total
£ £ £ £
Cost
At 1 June 2023 1,435,000 18,743 2,282,312 3,736,055
Additions - - 11,393 11,393
Disposals - (18,743) (2,293,705) (2,312,448)
At 31 May 2024 1,435,000 - - 1,435,000
Depreciation
At 1 June 2023 - 16,359 - 16,359
On disposals - (16,359) - (16,359)
At 31 May 2024 - - - -
Net book value
At 31 May 2024 1,435,000 - - 1,435,000
At 31 May 2023 1,435,000 2,384 2,282,312 3,719,696
Freehold land and buildings: 2024 2023
£ £
Historical cost 836,507 3,118,820
Cumulative depreciation based on historical cost - -
836,507 3,118,820
The investment properties were revalued by Bidwells, Chartered Surveyors on a fair value basis in May 2022. The directors feel this valuation continues to be appropriate to adopt for accounting purposes
4 Debtors 2024 2023
£ £
Trade debtors 4,503 2,700
Other debtors 464,651 10,000
469,154 12,700
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9 370
Taxation and social security costs 71,832 13,349
Other creditors 177,165 178,435
249,006 192,154
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors - 1,506,709
7 Revaluation reserve 2024 2023
£ £
At 1 June 2023 565,364 565,814
Loss on revaluation of land and buildings - (450)
Deferred taxation arising on the revaluation of land and buildings (29,409) -
At 31 May 2024 535,955 565,364
8 Events after the reporting date
The company purchased shares from minority shareholders after the Balance Sheet date.
9 Related party transactions
D. R.and Mrs A Fish are directors of Scroby Fayre Limited, from whom the company transacted during the year. At the Balance Sheet date £139.321 (2023 £1,331,710) was owed to/by Scroby Fayre Estates Limited. No interest is charged on the amount outstanding.
All directors are directors of Scroby Fayre Developments Limited, with whom the company traded previously. At the Balance Sheet date £156,769 (2023 £156,769) was owed by Scroby Fayre Estates Limited
10 Controlling party
In the opinion of the directors there is no ultimate controlling party
11 Other information
Scroby Fayre Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
31 Clydesdale Rise
Bradwell
Great Yarmouth
Norfolk
NR31 9UG
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